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Labor & Employment Securities

Read need-to-know updates, commentary, and analysis on Labor & Employment issues written by leading professionals.

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

S.D.N.Y Dismisses Dodd-Frank Whistleblower Action

On February 5, 2018, U.S. District Court for the Southern District of New York granted Defendant Khan Funds Management America, Inc.’s Rule 12(b)(6) motion to dismiss a whistleblower retaliation claim under Dodd-Frank on the...more

Hardship Provisions Will Change

by Ary Rosenbaum on

As part of the budget agreement signed By President trump on February 9, some additional provisions have been added including changes to the hardship provisions for retirement plans....more

2017 in Review: ERISA guidance and enforcement

In 2017, the principal focus in the administration of the Employee Retirement Income Security Act of 1974, as amended (ERISA), by the Department of Labor (DOL) appropriately remained one of the extraordinary developments...more

Legal Ramifications of Paying Employees with Cryptocurrency

As cryptocurrencies surge in value and enter mainstream consciousness, an increasing number of employers may consider compensating their employees with bitcoin, ether, or other cryptocurrencies. While a cryptocurrency...more

The one list of TPAs that plan sponsors should ignore

by Ary Rosenbaum on

What’s the best hamburger out there? There is a burger fad out there with so many expanding chain and franchised restaurants, so there are many choices out there. I’m sure there are thousands of places better than McDonald’s,...more

Estate planning for your business: Use an ESOP to properly address your closely held company

If a substantial portion of one’s net worth is tied up in his or her closely held business, it’s critical to have an exit strategy. This article explains why an employee stock ownership plan is one tool that offers a...more

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Plan sponsors need to Google Their TPA’s Principals

by Ary Rosenbaum on

I believe in the idea of redemption, that people who make mistakes can atone for them. Maybe that explains why Return of the Jedi is my favorite Star Wars films because Darth Vader was redeemed and brought balance to the...more

More news bout Vantage Benefits

by Ary Rosenbaum on

Since the FBI closed down Vantage Benefits on November 1, we haven’t heard much. Here is an update: MBA Engineering, Inc filed sued against Vantage Benefits, Jeff Richie and his wife, Wendy Richie, for the...more

Advisors Advantage - February 2018

by Ary Rosenbaum on

A Call For A New Standard For Financial Advisors. A higher standrad for today. Over the last 10 years, there has certainly been a revolution among 401(k) financial advisors about the need and concern of good fiduciary...more

Fidelity charging for Vanguard assets, why so surprised?

by Ary Rosenbaum on

Starting this year, Fidelity will charge all new 401(k) clients a 5 basis point (0.05%) fee on participant assets invested with Vanguard index funds. The fee won’t apply to existing Fidelity clients and will be billed to the...more

A Review of Recent Whistleblower Developments

by Foley & Lardner LLP on

Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. Recent developments...more

Final Rule on Disability Claims under Welfare and Retirement Plans Effective April 1

by McDermott Will & Emery on

After some speculation about a delay in implementation of the final rules on claims adjudication of disability claims under welfare and retirement plans (the Final Rule), the US Department of Labor (DOL) confirmed that the...more

Last call! SEC’s pay ratio rule effective for 2018 proxy statements

The long-awaited pay ratio rule (the Rule), adopted by the Securities and Exchange Commission (the SEC) on August 5, 2015, finally takes effect in 2018. The Rule, which is intended to provide shareholders with a metric to...more

Standards of Conduct for Investment Advisers, Broker-Dealers Under SEC Review

In the six months since Securities and Exchange Commission (SEC) Chairman Jay Clayton requested public comments on standards of conduct for investment advisers and broker-dealers, industry participants, investors and other...more

New California Employment Law May Impact Acquired Employees’ Compensation in the M&A Context

Effective January 1, 2018, California Labor Code Section 432.3 was amended to, among other things, prohibit any employer – public or private – from “seek[ing]” salary and compensation history from applicants for employment....more

Complacency can kill your business

by Ary Rosenbaum on

Complacency can kill a retirement plan provider and their business. Complacency is a two-fold, being complacent in the retirement plan industry and being complacent with your clients....more

Court Rejects Short-Swing Profits Claim Relating to Share Withholding to Satisfy Taxes

by Hodgson Russ LLP on

On January 26, 2018, the United States District Court for the Northern District of Oklahoma granted summary judgment to WPX Energy, Inc. (the “Company”) and its CEO and general counsel in relation to a plaintiff’s claim that...more

Key Components of DOL Fiduciary Rule Delayed Through 2019

by Womble Bond Dickinson on

On January 2, 2018, the U.S. Department of Labor postponed key provisions of its Fiduciary Rule for the next 18 months. The Fiduciary Rule was generally intended to expand the definition of who is considered a fiduciary,...more

The Rosenbaum Law Firm Review - January 2018

by Ary Rosenbaum on

The Most Avoidable Errors Of A 401(k) Plan Sponsor. So easy to avoid. There are a lot of times where you'll suffer a mishap because there are certain things beyond your control. However, there are many instances out...more

Be careful about giving referrals

by Ary Rosenbaum on

“When I introduce you, I’m gonna say, “This is a friend of mine.” That means you’re a connected guy. Now if I said instead, this is a friend of ours that would mean you a made guy. A Capiche?” – Al Pacino in Donnie...more

Certain Information Statements for ISOs and ESPPs Due by January 31, 2018

by Snell & Wilmer on

As reported in Part 3 of our 2016 End of Year Plan Sponsor “To Do” List, Section 6039 of the Code requires employers to provide a written information statement to each employee or former employee and file information returns...more

Unbundled Plans Gain Ground

by Ary Rosenbaum on

Callan has published its 2018 DC Survey, offering up an overview of the U.S. defined contribution (DC) plan industry. The survey has shown that unbundled plans have gained traction in the marketplace....more

Annual Reporting Requirements for Incentive Stock Options and Employee Stock Purchase Plans

Requirement to Report For (1) any exercise of an incentive stock option (ISO) during 2017 or (2) transfer during 2017 of a share previously purchased pursuant to a tax-qualified employee stock purchase plan (ESPP), the...more

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