News & Analysis as of

Employee Retirement Income Security Act (ERISA) Proposed Regulation

Ogletree, Deakins, Nash, Smoak & Stewart,...

New Jersey Federal Court Denies Bid to Block Temporary Workers Bill of Rights Law

On August 30, 2024, a judge of the U.S. District Court of New Jersey denied a motion to partially enjoin the New Jersey Temporary Workers Bill of Rights based on Employee Retirement Income Security Act (ERISA) preemption....more

Faegre Drinker Biddle & Reath LLP

IRS Proposed Regulations for Plan Forfeitures

Today, employees are more likely than ever to seek new employment opportunities and change jobs. These employees may leave a company before becoming fully vested in their qualified retirement plan benefits – which may result...more

McDermott Will & Emery

Lessons from Ryan S. v. UnitedHealth Group for the 2023 MHPAEA Proposed Rule

McDermott Will & Emery on

A recently decided US Court of Appeals for the Ninth Circuit case, Ryan S. v. UnitedHealth Group, Inc., offers some useful insights on the enforcement by private litigants of the Mental Health Parity and Addiction Equity Act...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (25): Robo Advice and Robo Conflicts

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Manatt, Phelps & Phillips, LLP

[Webinar] Mental Health Parity Update 2024: The Latest Regulatory and Litigation Trends - March 26th, 1:00 pm - 2:00 pm ET

The Mental Health Parity and Addiction Equity Act (MHPAEA) requires health plans and insurers to offer mental health coverage in “parity” with a plan’s medical or surgical coverage. In 2024, as the post-COVID era brings a...more

Davis Wright Tremaine LLP

New IRS Guidance on Long-Term, Part-Time Employee Retirement Plan Participation

New proposed regulations clarify how employers should implement retirement plan eligibility rules for long-term, part-time ("LTPT") employees. While some questions remain, the proposed regulations provide a number of welcome...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (10): What is An Investment? (Part 2)

The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Verrill

Use of Retirement Plan Forfeitures: The IRS Proposed Regulations, Recent Litigation, and the DOL’s Position

Verrill on

In five recently filed class action lawsuits, 401(k) plan participants allege that plan fiduciaries violated ERISA by using plan forfeitures to offset employer contributions instead of paying plan expenses. The use of...more

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Rule 4.0 proposal

On October 31, 2023, following its announcement by President Biden, the US Department of Labor (DOL or Department) released its Proposal 4.0 regarding ERISA fiduciary investment advice, including amended exemptions for...more

Proskauer - Employee Benefits & Executive...

TRICK-or-TREAT? DOL Proposes Spooky New “Retirement Security Rule” That Would Expand the Scope of Fiduciary “Investment Advice”

Responding to the “terrifying” reality that conflicted investment advice is costing retirement savers billions of dollars each year, on October 31, 2023, the Department of Labor (“DOL”) issued proposed rules representing its...more

Akin Gump Strauss Hauer & Feld LLP

Update - DOL’s Final ESG Investing and Proxy Voting Regulation – Impact on ERISA Fiduciaries and Private Fund Managers

Certain portions of the Department of Labor's ESG regulation concerning investment and proxy voting decisions for ERISA fiduciaries will become effective on December 1, 2023 (our alert describing the regulation can be found...more

Davis Wright Tremaine LLP

New Mental Health Parity Guidance Creates More Work, Cost, and Risk for Plan Sponsors

Guidance on the Mental Health Parity and Addiction Equity Act (the "MHPAEA") recently released by the Departments of Health and Human Services, Labor, and Treasury (the "Departments") proposes significant requirements for...more

McDermott Will & Emery

Code § 4980D and Violations of the NQTL Analysis Requirement Under the Proposed MHPAEA Regulations

McDermott Will & Emery on

This post continues our investigation of proposed regulations under the Mental Health Parity and Addiction Equity Act (MHPAEA) issued by the US Departments of Labor, Health and Human Services and the Treasury (the...more

Groom Law Group, Chartered

Proposed Regulations Limit Green Energy Tax Credits for ERISA Plan Investors

The Inflation Reduction Act of 2022 (“IRA”) provides generous tax credits for certain clean energy investments (e.g., 50% of the applicable basis in wind and solar farm projects). However, Treasury’s proposed regulations...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - March 2023

The March Monthly Minute highlights new proposed deadlines for use of retirement plan forfeitures, unsuccessful efforts to overturn the final ESG rule, and ACA penalty increases for 2024. Sorry Not Sorry: Biden Vetoes...more

Holland & Hart - The Benefits Dial

One Way or Another … Forfeitures Will Have to Be Administered Under Your Retirement Plan, and the IRS Just Proposed New...

On February 27, 2023, the Treasury issued proposed regulations intended to simplify and clarify the rules relating to forfeitures within qualified retirement plans. Defined Benefit Plans - Similar to defined...more

Faegre Drinker Biddle & Reath LLP

The DOL’s New Fiduciary Rule: What We Can Expect

The current DOL fiduciary rule says that a broker-dealer and its registered representatives (advisors) are fiduciaries to a plan under ERISA if a functional 5-part test is satisfied. This same 5-part test applies to...more

Morgan Lewis - ML Benefits

The New Year May Bring New Restrictions on Department of Labor Prohibited Transaction Exemptions

While the Department of Labor’s environmental, social, and governance rule garnered a lot of attention in 2022, there are two other developments simmering that could have significant implications for ERISA plans and financial...more

Dechert LLP

Something to Get ESGcited About?

Dechert LLP on

The U.S. Department of Labor (the “DOL”) on December 1, 2022, released a new final regulation (the “Final Regulation”) generally relating to certain aspects of the prudence and loyalty duties under the fiduciary rules of the...more

Groom Law Group, Chartered

PBGC Issues Proposed Regulation for Multiemployer Plan Withdrawal Liability Assumptions

On October 14, 2022 the Pension Benefit Guaranty Corporation (“PBGC”) published a proposed regulation regarding the interest rates that multiemployer pension plan actuaries use when calculating the present value of plans’...more

Morgan Lewis

Digesting the New Proposed Exception to the ‘One-Bad-Apple Rule’ for MEPs and PEPs

Morgan Lewis on

In late March 2022, the US Internal Revenue Service withdrew regulations proposed in 2019 and issued new proposed regulations under sections 413(c) and (e) of the Internal Revenue Code, which provide for an exception to...more

McDermott Will & Emery

Proposed IRS RMD Regulations Present Challenges, Risks for 403(b) Plans

McDermott Will & Emery on

The Internal Revenue Service (IRS) is strategically working to execute the statutory changes that were outlined by the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019. However, the IRS’s efforts...more

Proskauer - Employee Benefits & Executive...

DOL’s Latest ESG Proposal: The More Things Change, the More They Stay the Same

On October 14, 2021, the U.S. Department of Labor’s Employee Benefits Security Administration (the “DOL”) published in the Federal Register a new proposed regulation (the “Proposed Rules”) on fiduciary responsibility in...more

Dechert LLP

More ESGcitement From the DOL – New Proposed Investment/Proxy ERISA Regulations

Dechert LLP on

The U.S. Department of Labor (the “DOL”) on October 14, 2021, released a new Proposed Regulation (the “Proposed Regulation”) generally relating to the prudence and loyalty duties under the fiduciary rules of the Employee...more

Verrill

Using a Non-Compete to Create a Substantial Risk of Forfeiture Under a Section 457(f) Plan: Limited (But Meaningful) Opportunities

Verrill on

The Treasury Department’s proposed regulations regarding the income tax treatment of “ineligible plans” of tax-exempt employers under Code Section 457(f), published in June 2016, were greeted with much fanfare. (You can...more

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