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Recordkeeping Requirements Employee Benefits

Foster Swift Collins & Smith

[Webinar] 2024 Labor & Employment Law Virtual Update - September 18th, 8:30 am - 11:00 am ET

It has been a particularly busy year on the labor and employment law front. To learn more about the major challenges employers face and developments your organization needs to address before year's end, we encourage you to...more

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

Minnesota Adopts New Rules for Parental Leave, Tips, and Recordkeeping Starting August 1, 2024

New laws in Minnesota will change how employers need to handle parental leave, tips, and recordkeeping. Most of the changes were part of the state’s omnibus bill for 2024 and are set to take effect on August 1, 2024....more

Morrison & Foerster LLP

Amendment To QPAM Exemption

The Department of Labor (DOL) recently issued a final amendment (“Final Amendment”) to Prohibited Transaction Exemption (PTE) 84-14, which is otherwise known as the “QPAM Exemption.” The QPAM Exemption is a prohibited...more

Fisher Phillips

Are You Ready for Chicago’s New Paid Leave Requirements to Take Effect July 1? 5 Things Employers Should Note

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Chicago employers have only a few weeks left to comply with new paid leave rules impacting workers in the city. The ordinance was supposed to take effect last December, but the Chicago City Council amended and delayed it...more

Latham & Watkins LLP

Raising the Bar: DOL’s Amendment Sets Higher Standards for QPAM Qualification

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The DOL’s final amendment to the QPAM Exemption sets forth more rigorous compliance requirements and expands the circumstances of ineligibility, potentially affecting the operations and compliance procedures of investment...more

Jones Day

QPAM Amendment Finalized: Prompt Action Required for Continued Reliance

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On April 3, 2024, the Department of Labor (the "DOL") published its final amendment (the "Amendment") to Prohibited Transaction Class Exemption 84-14 (the "QPAM Exemption"), which permits certain otherwise-prohibited...more

Alston & Bird

Major Changes Coming to the Qualified Professional Asset Manager Exemption

Alston & Bird on

Our Employee Benefits & Executive Compensation and Investment Funds Teams break down the increased compliance requirements – and compliance costs – qualified professional asset managers (QPAMs) face under the Department of...more

Gould + Ratner LLP

Cook County’s New Paid Sick Leave Ordinance to Replace Earned Sick Leave

Gould + Ratner LLP on

Effective December 31, 2023, Cook County’s new Paid Leave Ordinance (the Ordinance) will require employers to provide 40 hours of paid leave (i.e., leave that can be used for any reason) during a 12-month period. The...more

Jackson Lewis P.C.

Saint Paul Changes Earned Sick and Safe Time Ordinance as Second City to Align With Minnesota’s Leave Law

Jackson Lewis P.C. on

Employers in Minnesota are not the only ones gearing up for Minnesota’s earned sick and safe time (ESST) law to take effect on January 1, 2024. Cities in Minnesota are also making changes to their respective earned sick and...more

Perkins Coie

Welcome News: Chicago Amends Paid Leave Ordinance

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In welcome news for employers, the Chicago City Council passed an amendment (the Amendment) to the new Chicago Paid Leave and Paid Sick and Safe Leave Ordinance (the Ordinance), which will delay implementation of paid leave...more

Fisher Phillips

Preparing for Chicago’s New Paid Leave Requirements: Answers to Your Top 5 Questions

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Employers don’t have much time to comply with a new paid leave ordinance in Chicago — which is one of the most generous paid time off laws in the country — so you should start planning now. The ordinance will require...more

K2 Integrity

FinCEN Proposes New Regulation To Enhance Transparency In Convertible Virtual Currency Mixing And Combat Terrorist Financing

K2 Integrity on

Summary of What Has Happened and What Is Yet to Come - On 19 October 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM), pursuant to...more

Snell & Wilmer

2023 End-of-Year Plan Sponsor “To Do” Lists (Part 1) Health and Welfare

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We are pleased to present our annual End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate Employee Benefits Updates. This Part 1 covers year-end health and welfare plan issues....more

Proskauer - Employee Benefits & Executive...

Ninth Circuit: Changes to a Services Agreement Require Consideration of Indirect Compensation

A recent Ninth Circuit decision has generated considerable controversy amongst employee benefits practitioners by holding that plan fiduciaries engaged in prohibited transactions when they amended the plan’s existing...more

Fisher Phillips

Illinois Passes New Pay Transparency Law That Will Require Pay Info In Job Postings: Your Compliance Blueprint

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Illinois employers will be required to reveal salary information in job postings thanks to a new law that was just finalized by the governor. On August 11, Governor Pritzker passed into law amendments to the Illinois Equal...more

Bradley Arant Boult Cummings LLP

IRS Announces Transition Period for Roth Catch-Up Contributions

The Internal Revenue Service (IRS) has announced a two-year administrative transition period that delays until 2026 the new rule that catch-up contributions made by certain higher‑income participants in 401(k), 403(b), and...more

ArentFox Schiff

Illinois Law Changes Impact Job Postings, Obligations to Temporary Workers

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Illinois Governor J.B. Pritzker has signed amendments to the Illinois Equal Pay Act (IEPA) that will require most Illinois employers to provide pay scales and benefits in job postings, and amendments to the Illinois Day and...more

Proskauer - Law and the Workplace

Proposed Regulations Issued for New Jersey Temporary Workers’ Bill of Rights Law

As previously reported, the New Jersey Temporary Workers’ Bill of Rights Law (the “Law”) took full effect on August 5, 2023. In light of this, the New Jersey Department of Labor & Workforce Development (the “Department”) has...more

Fox Rothschild LLP

New Jersey Temporary Workers’ Bill of Rights to Take Effect August 5

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New Jersey’s far-reaching “Temporary Workers’ Bill of Rights” law is expected to take effect August 5 after the United States District Court for the District of New Jersey denied a staffing industry request for an injunction...more

McDermott Will & Emery

Just Catching Up? Payroll Challenges Plague Roth Catch-Up Contribution Implementation

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In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. The SECURE 2.0 Act requires participants who earned more than $145,000 in FICA...more

Fisher Phillips

The 9 Things Colorado Employers Should Do After Lawmakers Pass Batch of New Workplace Laws

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The Colorado legislature has been busy this season passing new employment laws, adding to your compliance obligations in a big way. We reviewed the key workplace laws that Colorado Governor Jared Polis signed into effect and...more

McGuireWoods LLP

IRS Issues Interim Guidance Under Expanded EPCRS

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Recently, the IRS released Notice 2023-43, providing interim guidance on Section 305 of the SECURE 2.0 Act of 2022, which expanded the Employee Plans Compliance Resolution System (EPCRS), the system through which plan...more

Nilan Johnson Lewis PA

Minnesota Legislature Passes Bill For Paid Family and Medical Leave

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The Minnesota Legislature passed a paid family and medical leave bill last week that is expected to be signed by Governor Walz within the next few days. The new law creates a state-administered, mandatory paid family and...more

Jackson Lewis P.C.

Bloomington Clarifies Requirements Under its Earned Sick and Safe Leave Ordinance

Jackson Lewis P.C. on

Last year the City of Bloomington, Minnesota became the fourth city in Minnesota to pass an ordinance requiring certain employers provide paid sick and safe leave to eligible employees. The City of Bloomington’s Earned Sick...more

Fisher Phillips

New Illinois Equal Pay Bill Would Require More Transparent Job Postings: 4 Things Employers Need to Know

Fisher Phillips on

The Illinois Equal Pay Act has been around for a decade, but it’s seen many changes in the past few years. The act was amended in 2021 to impose new equal pay compliance requirements and create new obligations for private...more

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