Employee Benefits

News & Analysis as of

Employee Benefits Developments - April 2016

Stock Drop Case Update: Settlement Reached in Dudenhoeffer Case; Dismissal of Lehman Brothers Lawsuit Upheld. Two recent developments in stock drop litigation are worth noting: Dudenhoeffer Settlement. In Fifth Third...more

Ontario Retirement Pension Plan: a guide

Media coverage about the Ontario Retirement Pension Plan (ORPP) has been unrelenting for the past two years. The Ontario government has made many announcements setting out its vision for its new, government-run defined...more

New York State Increases Minimum Wage and Enacts Paid Family Leave

For employers with employees in New York State, the cost of doing business in the state is going to go up due to recent legislation. New York State recently passed the following two important changes in the law which will...more

Cadillac Tax: A Levy in Limbo

The future of the Cadillac tax, a key cost-control mechanism and federal revenue source enacted as part of the Patient Protection and Affordable Care Act (ACA), is unclear. Though initially set to take effect in 2018,...more

What Employers Need To Know About the DOL Fiduciary Regulations

By now, you may have heard that the Department of Labor (DOL) has expanded fiduciary status for certain investment advisers to retirement plans or IRAs. Some of your providers are already fiduciaries, but some will now be...more

New Treasury Regulations Impose Heightened Standards for Retirement Fund Advisors

Financial advisors and financial services firms are facing new scrutiny, as indicated by a recent rule change by the U.S. Labor Department. In early April 2016, the U.S. Labor Department issued new regulations requiring that...more

DOL Finalizes The ERISA Fiduciary Regulation -- What It Means For Your Business

In the face of controversy and following thousands of comments from market participants and lawmakers, the Department of Labor (“DOL”) has finalized sweeping changes to the definition of “fiduciary” under the Employee...more

Big Bucks for Baby-Bonding: San Francisco Passes Employer-Paid Parental Leave Ordinance

Staying true to form, earlier this month San Francisco passed the nation’s first fully-paid parental leave law known as the Paid Parental Leave for Bonding with New Child Ordinance (“Paid Parental Leave Ordinance”). ...more

The ERISA Litigation Newsletter - April 2016

Editor's Overview - This month we feature three key developments. First, we review the U.S. Supreme Court's decision in Gobeille v. Liberty Mut. Ins. Co., 136 S. Ct. 936, 947 (2016) wherein the Supreme Court held that a...more

Cybersecurity and Employee Benefit Plan Fiduciary Duties: Going Beyond HIPAA

It seems as though we hear about new cybersecurity issues every day — from traditional hacking incidents to the increasingly sophisticated phishing, malicious apps and websites, social engineering, and ransomware attacks. ...more

District Court Rules Johnson Controls Retirees Not Entitled to Lifetime Health Benefits

A district court in the Middle District of Pennsylvania held that, notwithstanding the Supreme Court’s decision in M & G Polymers USA, LLC v. Tackett, 135 S. Ct. 926 (2015), the Third Circuit’s rule that clear and express...more

News Alert – Employer Action Required Following Issuance of Final Rule

On April 8, 2016, the Department of Labor (DOL) released the much anticipated final regulation to broaden the scope of fiduciary status under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal...more

Bonding by the Bay: San Francisco Mandates Paid Parental Leave

On April 21, 2016, Mayor Ed Lee signed an ordinance (File No. 160065) making San Francisco the first municipality to require private employers to compensate employees while on parental bonding leave. Under the law, dubbed the...more

Don’t Roll Back Your Employee Benefits: Consider Walmart’s Fixed Shifts

One sign of a successful business is happy employees. So how do you keep employees happy? Providing good benefits for them is one top method. For an example of this, we can look at Walmart and how they are working to make...more

That's Just Sick: Paid Sick Days May Increase in Los Angeles

Tuesday, the Los Angeles City Council voted to require employers to offer employees at least six days of paid sick leave per year, twice the minimum amount required under California law. If finally approved, Los Angeles will...more

Department Of Labor Audits Are Focusing On Plan Procedures For Locating Missing Vested Participants

The U.S. Department of Labor (DOL) has increased its examinations of the procedures of defined benefit and defined contribution retirement plans for locating and paying out benefits to terminated vested participants whom the...more

Much-Anticipated Fiduciary Rule Presents New Challenges to Financial Services Industry

The U.S. Department of Labor released its long anticipated "fiduciary rule" on April 6, 2016. The rule requires brokers and financial advisers to put their clients' interests ahead of their own when recommending retirement...more

House Bill 2: What It Does and Does Not Do (A Private Sector Business Perspective)

H.B. 2 does not preclude private sector businesses or employers from adopting policies that prohibit discrimination on the basis of sexual orientation or gender identity nor regulate their decisions with regard to employee or...more

Employers in Chicago Take Note: Impending City Ordinance to Require Paid Sick Leave

Chicago is likely to become the next municipality to require employers to provide paid sick leave. On April 13, 2016, the Chicago City Council proposed an amendment to the Chicago Minimum Wage Ordinance that would require...more

Investment Management Update - April 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

New Fiduciary Duty Rule: What You Need to Do Now

On April 6, 2016, the U.S. Department of Labor (DOL) released its Final Fiduciary Duty Rule. The effective date for the rule is June 7, 2016, which is 60 days after its Federal Register publish date of April 8. The rule takes...more

Collective Investment Trusts as Retirement Plan Investment Options: Important Tax and ERISA Considerations [Video]

Nexsen Pruet tax and employee benefits attorney Sue Odom says retirement plan fees and expenses have been the “hot topic” for the past several years. We’ve seen increased regulation through disclosure requirements and...more

Sabbaticals Aren’t Just for Academics Anymore

Sabbaticals have been traditionally used in the academic setting to give university teachers one year of paid leave to study or travel for every seven years worked. Now some private, nonacademic employers—particularly in the...more

Department of Labor Publishes Final Rule to Define Fiduciary of an Employee Benefit Plan

On April 7, the Department of Labor issued a final rule defining who is a fiduciary investment advisor of an employee benefit plan under the Employee Retirement Income Security Act of 1974. The Final Rule requires financial...more

Reflecting on the Final Fiduciary Rule - Protection for Retirement Investors

The highly anticipated fiduciary rule intended to provide significant protection for retirement investors was issued on April 6. Although the final rule contains concessions that appease investment professionals, most agree...more

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