The Delaware Court of Chancery invalidated a $55.8-billion payout by Tesla, Inc., to its founder and controlling stockholder, Elon Musk. In a 200-page post-trial decision, Chancellor McCormick stated Musk was required to...more
To encourage participation in 401(k) plans, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) requires employers who sponsor 401(k) plans with eligibility service requirements that exclude...more
The IRS issued guidance on Friday, August 25, 2023, under Section 603 of the SECURE 2.0 Act of 2022, which requires age-based catch-up contributions by high-paid employees to a 401(k), 403(b), or governmental 457(b) plan to...more
President Biden has urged Congress to increase the Federal Deposit Insurance Corporation’s ability to hold accountable executives whose mismanagement contributed to the failure of small and midsized banks like Silicon Valley...more
The U.S. Treasury Department issued proposed regulations regarding the treatment of forfeited amounts in tax-qualified defined benefit and defined contribution retirement plans. The February 27, 2023 proposed regulations, if...more
Summary -
On December 29, 2022, President Biden signed into law the SECURE 2.0 Act of 2022 (the Act) as part of the Consolidated Appropriations Act, 2023. SECURE 2.0 features more than 350 pages of new laws affecting...more
In a new set of Frequently Asked Questions, the U.S. Departments of Labor, Health and Human Services, and the Treasury provide significant relief to health plan sponsors and insurers seeking to report on expenditures for...more
Summary -
The U.S. Supreme Court this week unanimously decided an ERISA fiduciary duty case, Hughes v. Northwestern University, which will impact dozens of similar cases currently pending against fiduciaries of section...more
1/27/2022
/ 401k ,
403(b) Plans ,
Breach of Duty ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Hughes v. Northwestern University ,
Plan Participants ,
Retirement Plan ,
SCOTUS ,
Tibble v Edison Int
Summary -
The U.S. Department of Labor (DOL) has issued a temporary enforcement policy to address frequently asked questions about the requirement for certain service providers to disclose direct and indirect compensation...more
Summary -
Throughout 2020 and 2021, employers sponsoring health and welfare plans have needed to respond to a myriad of legislative and regulatory changes arising from the COVID-19 pandemic and new health legislation. To...more
Summary -
The U.S. Department of Labor (DOL) released Proposed Regulations for plan fiduciaries on the role Environmental, Social, and Governance (ESG) considerations should play in investment decisions....more
10/18/2021
/ Climate Change ,
Comment Period ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary ,
Investment Adviser ,
Investment Management ,
Regulatory Agenda ,
Regulatory Reform ,
Rulemaking Process
The IRS (with the concurrence of the DOL and HHS) has issued new guidance explaining how the extension of the deadline for paying COBRA premiums will be applied. ...more
Summary -
Two sets of rules were issued last month by federal agencies as part of the No Surprises Act....more
In a 7-2 decision, the Supreme Court rebuffed a challenge to the constitutionality of the Affordable Care Act, finding that the plaintiffs who challenged the ACA lacked standing to bring the lawsuit....more
This is a reminder that a COBRA notice deadline is approaching. It applies to employers that are subject to the federal COBRA rules....more
The United States Department of Labor has issued much anticipated guidance and model forms under the COBRA subsidy rules introduced by the American Rescue Plan (ARP). The FAQ guidance and forms clarify some issues that...more
The American Rescue Plan (ARP) will have significant and immediate impacts on employee benefit plans, employers, and other plan sponsors and plan administrators. ...more
Summary -
The United States Department of Labor (DOL) issued guidance to assist plan fiduciaries in fulfilling their ongoing obligation of locating missing or nonresponsive participants and distributing benefits to such...more
Summary -
The Equal Employment Opportunity Commission (EEOC) announced it will issue much-anticipated guidance that revises its nondiscrimination rules for wellness programs under the Americans with Disabilities Act (ADA)...more
Congress passed additional COVID-19 relief legislation (H.R. 133) on Monday evening, December 21, 2020. Today, President Trump is expected to sign the deal, which includes a $900 billion economic stimulus package that will...more
12/23/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Eviction ,
Families First Coronavirus Response Act (FFCRA) ,
Foreclosure ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SNAP Program ,
Unemployment Benefits
Summary The U.S. Supreme Court unanimously upheld an Arkansas statute that regulates the price that pharmacy benefit managers (PBMs) pay retail pharmacies for prescription drugs. ...more
12/15/2020
/ Drug Pricing ,
Employee Retirement Income Security Act (ERISA) ,
Health Insurance ,
Pharmaceutical Industry ,
Pharmacies ,
Pharmacy Benefit Manager (PBM) ,
Preemption ,
Prescription Drug Coverage ,
Prescription Drugs ,
Rutledge v Pharmaceutical Care Management Association ,
SCOTUS
The U.S. District Court for the Eastern District of New York blocked federal rules seeking to remove nondiscrimination protections for health care patients. The blocked rules would have removed protections against...more
8/21/2020
/ Affordable Care Act ,
Bostock v Clayton County Georgia ,
Civil Rights Act ,
Department of Health and Human Services (HHS) ,
Gender Identity ,
Health Care Providers ,
Health Insurance ,
Healthcare Reform ,
New Rules ,
Non-Discrimination Rules ,
Sexual Orientation Discrimination ,
Sexual Stereotyping ,
Title IX ,
Title VII
The United States Department of Labor (DOL) has issued a new set of proposed regulations providing guidance to plan fiduciaries about investing plan assets in investment vehicles that have environmental, social, and/or...more
6/26/2020
/ 401k ,
Corporate Social Responsibility ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment Management ,
New Guidance ,
Proposed Regulation ,
Retirement Plan
The IRS has released Notice 2020-50, which provides guidance to employers that have amended their retirement plans to take advantage of provisions under the CARES Act that provide access to special plan distributions, known...more
6/26/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Distribution Rules ,
Employee Benefits ,
Federal Loans ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Retirement Plan ,
Safe Harbors ,
SBA Lending Programs
The Internal Revenue Service (IRS) issued Notice 2020-46 providing guidance to employers whose employees forgo sick, vacation, or personal leave to aid victims of COVID-19....more