Labor & Employment Finance & Banking

Read need-to-know updates, commentary, and analysis on Labor & Employment issues written by leading professionals.
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Employer Commits Willful Violation of Fair Credit Reporting Act By Including Waiver In Statutorily Mandated Disclosure

In Syed v. M-I, LLC, the Ninth Circuit held that including waiver of potential claims language in the same document as the statutorily required Fair Credit and Reporting Act disclosure was a violation of FCRA. In sum, the...more

Bank Whistleblower Suits Highlight Limits of Employee Confidentiality Agreements

Employers increasingly face the difficult scenario of employees who misappropriate company data in the pursuit of whistleblower claims alleging misconduct by the employer. Such cases can present a complex mix of regulatory,...more

Sometimes Plan Sponsors just want to throw you off their “scent”

When you meet retirement plan sponsors just at different networking events and they find out that you’re a retirement plan provider, they may volunteer that their retirement plan is in perfect shape. As we know as retirement...more

USDOL Prevails in Kansas in Another Decision on Fiduciary Rule

On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows...more

The Trump Administration’s (De)Regulatory Program: What It Means for Business

The Trump Administration has, through executive action, sought to bring far-reaching changes to the nation’s regulatory infrastructure. These efforts may be cheered by those who view the country as being over-regulated, and...more

President Trump Issues Presidential Memorandum Mandating Reconsideration of the Fiduciary Rule

President Trump issued a Presidential Memorandum requiring the US Department of Labor to reconsider its proposed “fiduciary rule,” which subjects many of the investment recommendations from financial advisors to retail...more

Read the plan document

Being an ERISA attorney for a couple of third party administration (TPA) firms when I first started helps you develop a sense of humor because there are too many people I was associated with who had absolutely zero training...more

Chris Lazarini Examines Employee v. Independent Contractor Issue

Bass, Berry & Sims attorney Chris Lazarini examined a case in which the plaintiff claimed to be an employee of Northwestern Mutual and therefore protected under New York's minimum wage and overtime laws; Northwestern argued...more

REVOKED: New York Appeals Board Invalidates Payroll Debit Card and Direct Deposit Regulations

On February 16, 2017, the New York State Industrial Board of Appeals (“Board”) revoked the payroll debit card and direct deposit regulations (“Regulations”) that were adopted by the New York State Department of Labor...more

New York Industrial Board of Appeals Rescinds Payroll Debit Card and Direct Deposit Regulations

Seyfarth Synopsis: Regulations that would have restricted New York employers’ ability to pay employees via payroll debit cards have been struck down by an administrative review tribunal within the State Department of Labor....more

Why you have nothing to fear about government being in the retirement plan business

As a retirement plan provider, competition is a big thing and the last thing you want is a competitor with unlimited pockets. So you’d be fearing state government being in the auto-IRA business and then eventually, the...more

D.C. Circuit Grants En Banc Review on the Constitutionality of the CFPB Leadership Structure

CFPB Director Richard Cordray has a little more job security this week than last week. On February 16, 2017, the U.S. Court of Appeals for the District of Columbia granted the CFPB’s request for an en banc review of its...more

Ask the TPA about their administrators’ training

If I want to get a new doctor or an attorney, I certainly want to know their background. Same with a financial advisor, I don’t want the next Bernie Madoff. When you hire a professional, you want to know their credentials....more

New York State Industrial Board of Appeals Revokes Regulations on Methods of Wage Payments Set to Take Effect on March 7

On February 16, 2017, the New York State Industrial Board of Appeals (IBA) issued a Resolution of Decision invalidating and revoking the regulations regarding methods of payment of wages. The IBA decided that the regulations...more

DC Fair Credit in Employment Amendment Act of 2016

DC mayor signs act prohibiting employer use of an employee’s credit information. On February 16, the mayor of the District of Columbia signed the DC Fair Credit in Employment Amendment Act of 2016 (the Act). The Act...more

As a plan provider, make sure there are security processes in place

As a retirement plan provider, you have something to do with the retirement plan assets and may have some access to it as a third party administrator (TPA) or financial advisor...more

Multiemployer Pension Plans: Section 1405 – Limitation on Withdrawal Liability

In a recent decision involving a withdrawal liability assessment by a multiemployer pension plan, an arbitrator reduced the assessment by approximately 50 percent and ruled in favor of the employer on several significant...more

It’s Time For 401(k) Plan Sponsors To Get A Grip

As an ERISA attorney with a national retirement plan practice, I often feel like a flight attendant giving the safety discussion on a commercial airplane. When I talk about retirement plans and fiduciary liability, I think...more

Education is an important part of the fiduciary process

Advisors ask me all the time of the role of education in participant directed 401(k) plans. Participant directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors liability protection based on a...more

New York State Regulations Governing Payroll Debit Cards (Scheduled to Become Effective March 7) Held Invalid and Revoked

The NYSDOL issued final regulations in September 2016, significantly restricting the use of payroll debit cards and imposing disclosure and consent requirements for direct deposit. The regulations were to become effective on...more

Structuring Private Equity Deals in 2017: Considerations for Buyers While They Wait for the Sun Capital Appeals to Play Out

Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund has been analyzed extensively over the past four years, as it has made its way from the US District Court for the District of...more

New York State Industrial Board of Appeals Invalidates New Regulation Governing Payment of Wages by Direct Deposit or Debit Card

On February 16, 2017, the New York State Industrial Board of Appeals (“IBA”) issued an order revoking changes to New York State’s regulation governing employers that pay their employees by direct deposit or debit card. This...more

New York Pay Card Regulations Revoked, March 7, 2017 Implementation Halted

New regulations governing the use of payroll debit cards (also known as “pay cards”) in New York will not go into effect as planned on March 7, 2017. Yesterday, the New York Industrial Board of Appeals granted the petition of...more

Who is a “parent” in the Ontario pension world? And why does it matter?

Any person who is the “spouse” of a member of a registered pension plan in Canada has rights regarding the pension entitlement of his or her partner. That important policy has been entrenched in pension legislation for...more

The Problem With Loans

When I draft a new 401(k) plan for a client, I’ll recommend a loan provision even though it can be an administrative headache. The reason that I add it because I think participants need to have access to money if in their...more

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