News & Analysis as of

Health and Welfare Plans Retirement Plan

Holland & Hart - The Benefits Dial

Both Sides Now… Must Be Alert to Cybersecurity

by Becky Achten New guidance from the Employee Benefits Security Administration (EBSA) affirms that both sides—retirement plans and welfare plans—must take steps to secure participant data from cybercrime. In 2021 the...more

McAfee & Taft

DOL confirms cybersecurity guidance applies to health and welfare plans

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On Friday, September 6, 2024, the U.S. Department of Labor confirmed that its cybersecurity guidance applies to all employee benefit plans, including health and welfare plans. In 2021, the DOL issued guidance providing best...more

McDermott Will & Emery

The Case for the Welfare Plan Fiduciary Committee

Recent lawsuits filed against the group health plans of two large US employers underscore the importance of implementing formal welfare benefit plan governance structures that include fiduciary committees comparable to the...more

Lowenstein Sandler LLP

How the Structure of Your M&A May Impact Your Workforce

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On the latest episode of Just Compensation, Lowenstein’s Darren Goodman, Megan Monson, and Jessica Kriegsfeld of the Executive Compensation, Employment and Benefits practice discuss how the structure of an M&A transaction...more

Jackson Lewis P.C.

Health Plan Hygiene Part 2: ERISA Fiduciaries – That May Mean You!

Jackson Lewis P.C. on

The Employee Retirement Income Security Act of 1974 (ERISA) regulates most private employee benefit retirement and welfare plans. This statute’s purview is vast; it governs employer-sponsored defined benefit and defined...more

Verrill

Health and Welfare Benefit Plan Fiduciary Governance in the Wake of the Johnson & Johnson Lawsuit

Verrill on

For the past few years, we have encouraged plan sponsors to focus on matters of fiduciary governance for their health and welfare benefit plans (see our 2021 blog post). Yet many plan sponsors overlook the fact that the...more

Bass, Berry & Sims PLC

Welfare Plan Class Action Litigation Underscores Importance of Minding Your Fiduciary Duties

Bass, Berry & Sims PLC on

As mentioned in our recent blog post, the recently filed class action lawsuit against Johnson & Johnson (Lewandowski v. Johnson & Johnson et. al., D.N.J., No. 1:24-cv-00671 (Feb. 5, 2024)) over alleged excessive prescription...more

Jackson Lewis P.C.

Don’t Set It & Forget It: Keeping up Your Fiduciary Committee

Jackson Lewis P.C. on

It’s hard to believe that 2024 is well underway! That means it’s a perfect time to think about an issue that might get lost in the summertime and (dare I already say) year-end shuffles: fiduciary committees. ERISA imposes...more

Seyfarth Shaw LLP

Drugmaker Sued for…Overpaying for Drugs? Lawsuit Ushers in Expected Wave of Welfare Fiduciary Litigation

Seyfarth Shaw LLP on

The first complaint was filed in what is expected to be a wave of litigation alleging breach of fiduciary duty in selecting and monitoring welfare plan vendors. While the facts of this particular case may make it somewhat...more

Bricker Graydon LLP

2024 Inflation Adjustment to DOL Penalties

Bricker Graydon LLP on

The Department of Labor recently announced the 2024 inflation adjustments for ERISA-related penalties applicable to health and welfare and retirement plans. Applicable penalties increased for 2024 as follows...more

Troutman Pepper

Employee Benefits and Executive Compensation: Getting Ready for 2024 - Health and Welfare Plan Developments — Special Edition...

Troutman Pepper on

In the second episode of our three-part Employee Benefits and Executive Compensation podcast miniseries, hosts Lynne Wakefield and Lydia Parker discuss key health and welfare plan developments as we close out 2023 and head...more

Quarles & Brady LLP

2023 Year-End Employee Benefits Updates

Quarles & Brady LLP on

This newsletter provides updates employers should be aware of heading into 2024, including an outline of the updated 2024 retirement and welfare plan limits, instructions related to the “gag order” attestation requirements...more

Davis Wright Tremaine LLP

IRS Releases 2024 Cost-of-Living Adjusted Limits for Benefit Plans

The Internal Revenue Service recently announced 2024 dollar limits for qualified retirement plans (including 401(k) plans), deferred compensation plans, and health and welfare plans. Adjustments to certain limits are based on...more

McDermott Will & Emery

IRS Announces 2024 Employee Benefit Plan Limits

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The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Certain health and welfare plan limits...more

Holland & Hart - The Benefits Dial

The Time Has Come, A Fact’s A Fact: Consider Adding a Welfare Plan Committee

The time may have come to add a welfare plan committee to your company’s governance of employee benefit plans. New legal obligations and other developments impose fiduciary risks for welfare plans similar to what already...more

Groom Law Group, Chartered

Seventh Circuit Affirms Plan Sponsor’s Discretion for Severance Benefits

A recent opinion out of the U.S. Court of Appeals for the Seventh Circuit provides additional support for ERISA-governed severance plans to incorporate a “discretionary component” as a factor in determining eligibility for...more

Lowenstein Sandler LLP

Acquiring a Company with a PEO? What Buyers Need to Know

Lowenstein Sandler LLP on

The latest “Just Compensation” podcast features Megan Monson, Taryn E. Cannataro, and Jessica Kriegsfeld of Lowenstein’s Employee Benefits & Executive Compensation group describing some of the benefits-related considerations...more

McDermott Will & Emery

From Clinic to Courtroom: Legislation and Litigation Limiting Prescription Practices

McDermott Will & Emery on

On April 20, 2023, McDermott’s Alden Bianchi was a speaker at the ERISA Industry Committee’s 2023 Annual Spring Policy Conference, which was held at the National Press Club in Washington, D.C. The panel in which he...more

Morgan Lewis - ML Benefits

ERISA Cybersecurity Compliance: SEC Proposed Rule May Provide Metrics for Evaluating Certain SEC-Regulated Plan Service Providers

In 2021, the US Department of Labor (DOL) issued cybersecurity guidance (the DOL Guidance) that sets out the DOL’s views on what processes fiduciaries of benefit plans regulated by the Employee Retirement Income Security Act...more

Haynsworth Sinkler Boyd, P.A.

The SECURE Act 2.0 Makes Major Changes to Retirement Plan Law

In late December of 2022, the Consolidated Appropriations Act of 2023 (the “Act”), which was part of the larger Securing a Strong Retirement Act, became law. Approximately ninety provisions in the Act affect qualified...more

Davis Wright Tremaine LLP

[Event] Annual Employee Benefits and Employment Law Seminar - March 8th, Seattle, WA

Join us for our Annual Employee Benefits and Employment Law Seminar, covering the latest updates and practical insights on benefits, labor, and employment issues. Topics include: - SECURE 2.0 - ERISA Litigation...more

Bass, Berry & Sims PLC

SECURE 2.0 + 1: Retirement Plan Changes and One Notable Health Plan Change

Bass, Berry & Sims PLC on

As widely reported, the president recently signed into law the Consolidated Appropriations Act of 2023 (CAA 2023), a $1.7 trillion omnibus spending bill, which contains significant provisions affecting employer-sponsored...more

McDermott Will & Emery

[Webinar] SECURE 2.0 Takes Second Bite at Retirement Security - January 25th, 12:00 pm - 1:00 pm CST

McDermott Will & Emery on

Join partners from McDermott’s Employee Benefits team as they discuss the impact of the recently passed SECURE 2.0 Act of 2022. With over 90 changes to retirement plans and individual retirement accounts (IRAs), this webinar...more

Williams Mullen

2022 Annual Employee Benefits Compliance Checklist for Plan Administrators

Williams Mullen on

Plan administrators should review actions to be taken before the end of 2022 and focus on what to expect for 2023. This checklist addresses plan amendments, notices and other considerations for qualified retirement plans,...more

Faegre Drinker Biddle & Reath LLP

The Annual Form 5500 Audit: DOL Broadens Criteria for Independent Qualified Public Accountants

The Department of Labor (DOL) recently removed one regulatory hurdle for public companies that maintain employee benefit plans subject to the Form 5500 requirement. Specifically, the DOL has relaxed the criteria for who...more

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