Recent Laws Reduce Employer Reporting and Disclosure Requirements - Marcia Wagner, 401(k) Advisor, February, 2025
Articles
The Unclean Hands and In Pari Delicto Doctrines
The Unclean Hands and In Pari Delicto Doctrines - Barry Salkin, Wolters Kluwer Benefits Law Journal, Spring 2025, Volume 38, No. 1
Election 2024: ERISA and the Proposed New Labor Secretary: Look(ing) for the Union Label?
Election 2024: ERISA and the Proposed New Labor Secretary: Look(ing) for the Union Label? - Marcia Wagner, Andrew Oringer, Mark Greenstein, Stephen Wilkes and Susan Rees, 401(k) Advisor, January,...
Report on Recommendations of the New York State Bar Association Committee on Attorney Professionalism
How an Attorney’s Professional Activities Affect Consideration of the Attorney for Judicial and Political Positions: A Framework for Citizens - Andrew Origner, co-author, Report and Recommendations...
Best Practices in Legal Practice
Best Practices in Legal Practice - Andrew Oringer, Practical Law - The Journal, 2024
Recent Developments in Forfeiture Cases - Marcia Wagner and Michael A. Schloss, 401(k) Advisor, November-December, 2024
District Courts Decide Motions to Dismiss Forfeiture Complaints
District Courts Decide Motions to Dismiss Forfeiture Complaints - Michael Schloss, New York University Review of Employee Benefits and Executive Compensation 2024 Update, November 2024
Proceeding With a Pseudonym Under ERISA
Proceeding With a Pseudonym Under ERISA - Barry Salkin, New York University Review of Employee Benefits and Executive Compensation 2024 Update, November 2024
IRS Issues Interim Guidance on Matching Contributions Made on Account of Qualified Student Loan Repayments
IRS Issues Interim Guidance on Matching Contributions Made on Account of Qualified Student Loan Repayments - Marcia Wagner, Barry Salkin and Jon Schultze, 401(k) Advisor, October 2024
Surprise—You Just Missed a PBGC Reportable Events Deadline!
Surprise—You Just Missed a PBGC Reportable Events Deadline! - Harold Ashner, Wolters Kluwer Journal of Pension & Benefits, Vol. 31, No. 4, Summer 2024
Inferences and Specificity in Committee Meetings
Inferences and Specificity in Committee Meetings - Marcia Wagner and Barry Salkin, 401(k) Advisor, September 2024
Directed Trustees
Directed Trustees - Barry Salkin, Wolters Kluwer Benefits Law Journal, Vol. 37, No. 3, Autumn 2024
How Employee Benefits Rules May Fare in the Post-‘Chevron’ World
How Employee Benefits Rules May Fare in the Post-‘Chevron’ World - Israel Goldowitz, Bloomberg Tax, August 15, 2024 (PDF)
District Court Denies Motion to Dismiss Complaint for Misapplication of Plan Forfeitures
District Court Denies Motion to Dismiss Complaint for Misapplication of Plan Forfeitures - Marcia Wagner and Michael Schloss, 401(k) Advisor, July/August 2024
Undue Influence Claims Under ERISA
Undue Influence Claims Under ERISA - Barry Salkin, Benefits Law Journal, Volume 37, No. 2, Summer 2024
Employer May Be Liable for Misrepresenting Life Insurance Conversion Information
Employer May Be Liable for Misrepresenting Life Insurance Conversion Information - Marcia Wagner, 401(k) Advisor, May 2024
Longstanding Internal Revenue Service Position on Forfeitures Called Into Question
Longstanding Internal Revenue Service Position on Forfeitures Called Into Question - Marcia Wagner, 401(k) Advisor, April, 2024
Mutual Mistake Under ERISA
Mutual Mistake Under ERISA - Barry Salkin, Benefits Law Journal, Vol. 37, No. 1, Spring 2024
Exhaustion – NYU Review of Employee Benefits
Exhaustion - Barry Salkin, NYU Review of Employee Benefits, October 2023
If You Cross-Trade Securities, Make Sure Not to Cross ERISA
If You Cross-Trade Securities, Make Sure Not to Cross ERISA - Michael Schloss, Bloomberg Tax, March 8, 2023 (PDF)
The SEC Fires All Guns Against a Crypto Platform Plan Fiduciaries Should Take Note
The SEC Fires All Guns Against a Crypto Platform Plan Fiduciaries Should Take Note - Marcia Wagner, 401(k) Advisor, March, 2024
DOL Streamlines PTE Application Rule With New Requirements
DOL Streamlines PTE Application Rule With New Requirements - Michael Schloss and Stephen Wilkes, Bloomberg Law, February 29, 2024 (PDF)
Case Law Survey – ERISA Section 3(21)(A) and Discretion – Part 3
Case Law Survey - ERISA Section 3(21)(A) and Discretion – Part 3 - Marcia Wagner, 401(k) Advisor, February, 2024
Case Law Survey – ERISA Section 3(21)(A) and Discretion – Part 2
Case Law Survey - ERISA Section 3(21)(A) and Discretion – Part 2 - Marcia Wagner, 401(k) Advisor, January, 2024
Case Law Survey–ERISA Section 3(21)(A) and Discretion—Part 1
Case Law Survey–ERISA Section 3(21)(A) and Discretion—Part 1 - Marcia Wagner, 401(k) Advisor, Volume 30, No. 10, November/December 2023
Plan Penalized for Failure to Follow Its Own Provisions
Plan Penalized for Failure to Follow Its Own Provisions - Marcia Wagner, 401(k) Advisor, Volume 30, No. 9, October 2023
ERISA Section 3(21)(A) and Discretion
ERISA Section 3(21)(A) and Discretion - Barry Salkin, Benefits Law Journal, Vol. 36 No. 3, Autumn 2023 (PDF)
The Future Is Now for ERISA Fiduciary Duties Around Plan Data
The Future Is Now for ERISA Fiduciary Duties Around Plan Data - Michael Schloss, Bloomberg Law, September, 27. 2023 (PDF)
IRS Issues Transitional Guidance for Required Minimum Distributions
IRS Issues Transitional Guidance for Required Minimum Distributions - Marcia Wagner, 401(k) Advisor, Volume 30, No. 8, September 2023
Claims Appeals Procedures Must be in Formal Plan Documents
Claims Appeals Procedures Must be in Formal Plan Documents - Marcia Wagner, 401(k) Advisor, Volume 30, No. 7, July/August 2023
ERISA Allows Plan Fiduciaries to Pursue More Than Just Money
ERISA Allows Plan Fiduciaries to Pursue More Than Just Money - Michael Schloss, Bloomberg Tax, July 10, 2023 (PDF)
Financial Aspects of Divorce in Massachusetts: Division of Retirement Assets in Divorce
Financial Aspects of Divorce in Massachusetts: Division of Retirement Assets in Divorce - Marcia Wagner and Ari Sonneberg, MCLE New England, 2nd Edition, 2023
IRS Issues Advice on Nonfungible Tokens (NFTs) in IRS and Tax Qualified Individual Account Plans
IRS Issues Advice on Nonfungible Tokens (NFTs) in IRS and Tax Qualified Individual Account Plans - Marcia Wagner, 401(k) Advisor, May 2023
The Who, When and Why of Independent Fiduciaries
The Who, When and Why of Independent Fiduciaries - John Sohn and Stephen Wilkes, Benefits Magazine, May/June 2023
DOL Rule Permits Consideration of Climate and ESG Factors and Codifies Proxy Voting Responsibilities [Continued]
DOL Rule Permits Consideration of Climate and ESG Factors and Codifies Proxy Voting Responsibilities [Continued] - Marcia Wagner, 401(k) Advisor, April 2023
Code Section 457(f) Conundrum: How to Handle Past Year Mistakes (from Vesting)
Code Section 457(f) Conundrum: How to Handle Past Year Mistakes (from Vesting) - Mark Poerio and Barry Salkin, LexisNexis Practical Guidance, March 31, 2023
IRS Requires Most Employee Benefit Plans to File Forms Electronically
IRS Requires Most Employee Benefit Plans to File Forms Electronically - The Wagner Law Group, LexisNexis Practical Guidance, April 2023
Withdrawal Liability Interest Rate Assumptions: The Battle Continues
Withdrawal Liability Interest Rate Assumptions: The Battle Continues - Israel Goldowitz, Bloomberg Tax Management Compensation Planning Journal, April 7, 2023
The Duty of Impartiality
The Duty of Impartiality - Bary Salkin, author, Benefits Law Journal, Vol 36, No. 1, Spring 2023
DOL Rule Permits Consideration of Climate and ESG Factors and Codifies Proxy Voting Responsibilities
DOL Rule Permits Consideration of Climate and ESG Factors and Codifies Proxy Voting Responsibilities - Marcia Wagner, 401(k) Advisor, March 2023
Defined Benefits Plans: Underfunded Plans
Defined Benefits Plans: Underfunded Plans - Harold Ashner and Linda Rosenzweig, contributing authors, Bloomberg Law Guide to Retirement Plan Designs. March 2023
Notes from ALM’s Complex Claims & Litigation Forum 2023
Notes from ALM's Complex Claims & Litigation Forum 2023 - Stephen Rosenberg, ALM Property Casualty 360, March 14, 2023 (PDF)
DOL Rule Permits Consideration of Climate and ESG Factors and Codifies Proxy Voting Responsibilities
DOL Rule Permits Consideration of Climate and ESG Factors and Codifies Proxy Voting Responsibilities – Marcia Wagner, 401(k) Advisor, February, 2023
DOL “Clarifies” Guidance on the Bonding Requirements to PEPs and their Pooled Plan Providers
DOL "Clarifies" Guidance on the Bonding Requirements to PEPs and their Pooled Plan Providers - Marcia Wagner, 401(k) Advisor, Vol. 30, No. 1, January 2023
First Circuit Illustrates the Importance of the Fiduciary Responsibilities of Health and Welfare Plan Sponsors and Severance Providers Under ERISA
First Circuit Illustrates the Importance of the Fiduciary Responsibilities of Health and Welfare Plan Sponsors and Severance Providers Under ERISA - Dannae Delano, Barry Salkin and Roberta Casper...
Superseding Cause Under ERISA
Superseding Cause Under ERISA - Barry Salkin, Benefits Law Journal, Vol. 35, No. 4, Winter 2022
IRS Issues Important Guidance with Respect to Required Minimum Distribution Regulations
IRS Issues Important Guidance with Respect to Required Minimum Distribution Regulations – Marcia Wagner, 401(k) Advisor, November-December, 2022
Arbitration of ERISA Plan Disputes
Arbitration of ERISA Plan Disputes - Jordan Mamorsky and Barry Salkin, Lexis Nexis Practical Guidance® Practice Note, November 2022
If You Give Rollover Advice to IRA Owners Act Now: The Compliance Deadline Has Passed
If You Give Rollover Advice to IRA Owners Act Now: The Compliance Deadline Has Passed - Marcia S. Wagner and Kim Shaw Elliott, Investment & Wealth Institute, September/October 2022
Recent Successful Challenges to IRS Actions and Positions
Recent Successful Challenges to IRS Actions and Positions - Barry Salkin, New York University 2022 Review of Employee Benefits and Executive Compensation
RS Announces New Pre-Audit Compliance Pilot Program
IRS Announces New Pre-Audit Compliance Pilot Program - Marcia Wagner, 401(k) Advisor, September 2022
Some Nonfiduciary Liabilty Issues After Harris Trust
Some Nonfiduciary Liabilty Issues After Harris Trust - Barry Salkin, Bloomberg Tax, Tax Management Compensation Planning Journal, September 2022
Interaction Between FMLA and Mental Health Conditions
Interaction Between FMLA and Mental Health Conditions - Marcia Wagner, 401(k) Advisor, July/August 2022
Employer Responses to Overturning of Roe v. Wade
Employer Responses to Overturning of Roe v. Wade - Roberta Casper Watson and Dannae Delano, LexisNexis Practical Guidance, July 11, 2022
Cryptocurrency Trading Risks and Risk Mitigation Strategies for ERISA Plan Investors
Cryptocurrency Trading Risks and Risk Mitigation Strategies for ERISA Plan Investors - Marcia S. Wagner, Mark Greenstein and John Sohn, Bloomberg Law Compensation Planning Journal, July 1, 2022 (PDF)
ERISA Considerations in Using Brokerage Window Investing
ERISA Considerations in Using Brokerage Window Investing - Marcia Wagner, 401(k) Advisor, May/June 2022
IRS Announces ‘Pre-Audit’ Retirement Plan Pilot Program
IRS Announces ‘Pre-Audit’ Retirement Plan Pilot Program - Dannae Delano, 401(k) Specialist, June 7, 2022 (PDF)
DOL Proposes Tougher Prohibited Transaction Exemption Procedures
DOL Proposes Tougher Prohibited Transaction Exemption Procedures - Stephen Wilkes and Mark Greenstein, Bloomberg Tax, June 6, 2022 (PDF)
Accident and the Presumption Against Suicide Under ERISA; Benefits Law Journal
Accident and the Presumption Against Suicide Under ERISA - Barry Salkin, Benefits Law Journal, Summer 2022, Vol. 35, No. 2 (PDF)
Work Product in ERISA Context
Work Product in ERISA Context – Barry Salkin, Benefits Law Journal, Spring 2022, Vol. 35, No. 1 (PDF)
Plain, Ordinary Meaning v. Literal Meaning
Plain, Ordinary Meaning v. Literal Meaning – Barry Salkin, Journal of Deferred Compensation and Benefits: Nonqualified Plans and Deferred Compensation, Vol. 27, n0. 3, Spring 2022 (PDF)
ERISA Considerations In Using Brokerage Window Investing – LAW360
ERISA Considerations In Using Brokerage Window Investing - Law360, March 10, 2022 (PDF)
Alternative Investments in Participant Directed Individual Account Plans: The Treatment of Private Equity Sleeves
Alternative Investments in Participant Directed Individual Account Plans: The Treatment of Private Equity Sleeves - Co-author, Bloomberg Tax Management Compensation Planning Journal, 50 CPJ Issue...
Retirement Plans: 2022 Opportunities
Retirement Plans: 2022 Opportunities – Marcia Wagner, 401(k) Advisor, February 2022
Cybersecurity A Major SEC Focus in 2022
Cybersecurity A Major SEC Focus in 2022 - Seth Gadreau and Stephen Wilkes, 401(k) Specialist, January 26, 2022 (PDF)
DOL ‘Clarifies’ Guidance on the Bonding Requirements to PEPS and Their Pooled Plan Providers
DOL ‘Clarifies’ Guidance on the Bonding Requirements to PEPS and Their Pooled Plan Providers – Marcia Wagner, 401(k) Advisor, January, 2023
HHS Reaffirms That Discrimination on Basis of Sex Under ACA Section 1557 Includes Discrimination Based on Sexual Orientation and Gender Identity
By Roberta Casper Watson, Dannae Delano and Barry Salkin New guidance from the Department of Health and Human Services (“HHS”) affirms that Section 1557 of the Affordable Care Act (the “ACA”), by...
PCORI Fee Announced
IRS has released Notice 2022-4, which provides the “applicable dollar amount” for the Patient-Centered Outcomes Research Institute (“ PCORI” ) fee for plan years ending before October 1, 2022....
Insurer Need Not Defer to Participant’s Physician or Government Agency Decisions
The Seventh Circuit Court of Appeals has ruled, in Feeney v. Unum Life Insurance, that an insurance company need not defer to either a participant’s treating physician or governmental agencies when...
Prepare for Shot-or-Test Mandate Inspections
Earlier this week a Federal Court panel revived the Covid-19 emergency temporary standard (ETS). Now, litigation challenging the emergency shot-or-test mandate is making its way to the United States...
Agencies Issue Interim Final Regulations on Prescription Drug and Health Care Spending Data Submission by Group Health Plans and Health Insurance Issuers
Section 204 of Title II of Division BB (“Section 204”) the Consolidated Appropriations Act, 2021 (the “Act”) requires group health plans and health insurance issuers offering group health insurance...
2021 ERISA/EMPLOYEE BENEFITS LEGAL COMPLIANCE CHECKLIST
Tax Qualified Plans Plan document: Required amendments 401(k) and 403(b) plans – Amendments to comply with the IRS final hardship distribution regulations must be adopted by December 31, 2021...
Is PBGC Adding “Early Warning” and “Follow-On” to its Toolbox for Multiemployer Plans?
By Israel Goldowitz Corporate sponsors of defined benefit pension plans may be familiar with the Pension Benefit Guaranty Corporation’s (PBGC) Early Warning program and its Follow-on policy. Under...
Retirement Plan Post-2021 Opportunities
By Jon Schultze Employers and plan sponsors of retirement plans need to be aware of some responsibilities and opportunities that are available as we head into 2022. Adopting a New Plan – Employers...
CMS Announces Medicare Part A Deductibles and Part B Premiums for 2022
The Centers for Medicare & Medicaid Services (“CMS”) has announced the 2022 premiums, deductibles and coinsurance amounts for the Medicare Part A and Part B programs. Medicare Part A covers...
Agencies Issue Two Rounds of No Surprise Billing Guidance
By Roberta Casper Watson, Dannae Delano and Barry Salkin The No Surprises Act (“Act”), part of the Consolidated Appropriations Act, 2021, enhances the ACA’s consumer protections by prohibiting...
Year End Reminders for Retirement Plans 2021 Edition
As the end of 2021 approaches, employers and plan sponsors of retirement plans need to be aware of their year-end responsibilities and some of the issues they will need to consider going into 2022....
Multiple Employer Welfare Arrangement in California Allowed to Continue Large Employer Rating for Small Employers Per New California State Legislation
Biocom, an employer association for employers in the biotech life sciences based in San Diego, established a health plan for its member employers in 2012. The Beyond Benefits Life Science...
IRS Releases 2022 Welfare Benefit Plan Limits
The IRS has released Revenue Procedures 2021-25, and 2021-45 which set forth the 2022 inflation-adjusted limits for certain employee welfare benefit plans and the dollar amounts used for certain...
Insurer Not Bound By Employer’s Errors
The Fifth Circuit Court of Appeals has ruled, in Talasek v. National Oilwell Varco, L.P., that an insurer was not required to pay a supplemental life insurance claim merely because of...
Retirement Plans in Bankruptcy
Retirement Plans in Bankruptcy - Thomas Clark, Jr., Israel Goldowitz and Jordan Mamorsky, Thomson Reuters Practical Law, November 5, 2021
Employer May Terminate Employee Because It Corrected FMLA Irregularities
The U.S. Court of Appeals for the Third Circuit has ruled, in Watson v. Drexel University, that an employer may terminate an employee for taking unauthorized leave because it had previously...
IRS Announces Cost-of-Living Adjustments Affecting Retirement Plans for 2022
The Internal Revenue Service announced cost-of-living adjustments affecting certain dollar limitations for pension plans and other retirement-related limitations for 2022 in Notice 2021-61. The...
Misuse of Participant Confidential Data
As we explained in our recent Law Alert, the Department of Labor (“DOL”) has become highly focused on the cybersecurity practices of plan sponsors and their service providers and has begun asking...
DOL Drops ‘Bomb’ On Advisors Who Give Advice To IRA Owners
DOL Drops ‘Bomb’ On Advisors Who Give Advice To IRA Owners - Km Shaw Elliott, InsuranceNewsNet, October 22, 2021
What Mandatory Auto-Enrollment IRAs Actually Mean
What Mandatory Auto-Enrollment IRAs Actually Mean - Izzy Goldowitz, Mark Greenstein and Jon Schultze, 401(k) Specialist, October 16, 2021 (PDF)
Pooled Employer Plans
What Employers Need to Know About Biden’s COVID-19 Action Plan and Vaccine Mandate
President Biden recently issued a six-pronged action plan that requires vaccines for employees of federal contractors and employers with 100 or more employees, and an executive order requiring all...
Do You Have Questions About How To Comply With The New DOL Fiduciary “Investment Advice” Prohibited Transaction Exemption? Part 2
Do You Have Questions About How To Comply With The New DOL Fiduciary “Investment Advice” Prohibited Transaction Exemption? Part 1
IRS Updates Guidance Regarding Correction of Tax-Qualified Plan Errors under the Employee Plans Compliance Resolution System (EPCRS)
Mistakes happen, even with respect to tax-qualified plans and 403(b) plans that have implemented internal controls designed to reduce, if not eliminate, the likelihood of plan failures. Under the...
Some Additional Standing Issues Under ERISA
Primer on the Code’s Required Minimum Distribution Rules: Post-SECURE Act
Do You Have Questions About How To Comply With The New DOL Fiduciary “Investment Advice” Prohibited Transaction Exemption? Part 2
Liability-Driven Investing and Other De-risking Strategies for Pension Plans
View Printable PDF This practice note discusses defined benefit plan de-risking techniques that defined benefit plan sponsors can use to manage the volatility inherent in defined benefit plan...
US Department of Labor Announces New Cybersecurity Guidance for Plan Sponsors, Plan Fiduciaries, Record-Keepers and Plan Participants
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COVID-19 Resource Center
Below is a collection of vital COVID-19 resources that we have assembled to assist during this difficult time: ANNOUNCEMENTS The Wagner Law Group Creates COVID-19 Rapid Response Team and Resource...
Disclosure to Welfare Plan Participants: A Fiduciary Duty
View Printable PDF Introduction When ERISA was enacted in 1974, its primary focus was on employee pension plans, which is understandable since its enactment was a response to highly publicized...
Update to Connecticut Paid Family Medical Leave Act
Our January 6, 2021 law alert, An Overview of New Laws Impacting Employers in 2021, indicated that the Connecticut Paid Family Medical Leave Act (PFMLA) is effective July 1, 2021. The Connecticut...
Significant Changes to Payroll Protection Program Made Under Consolidated Appropriations Act, 2021
One of the significant components of last year’s Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was the Payroll Protection Program (“PPP”) which was intended to provide relief for...
An Overview of New Laws Impacting Employers in 2021
As we usher in 2021, we should be mindful of new laws impacting the employer-employee relationship. Changes include increases to state minimum wage rates, the end of mandated FFCRA leave,...
Benefits Plan Sponsors Face A Tough Year On Compliance
View Printable PDF Given the chaos of 2020, many ushered in the new year with open arms. The pandemic, remote work and changing needs have created unique and novel challenges that have necessarily...
Equal Employment Opportunity Commission Issues Guidance Regarding COVID-19 Vaccinations
On December 16, 2020, the Equal Employment Opportunity Commission (the “EEOC”) updated and expanded its technical assistance publication by adding a new section about how required COVID-19...
PEPs Will be Up and Running by January 1, 2021
View Printable PDF On November 16, 2020, the U.S. Department of Labor (DOL) issued a final rule at 85 Federal Register 72934, providing an electronic filing procedure for interested entities to meet...
Federal Contractors and Diversity and Inclusion Training
On September 22, 2020, President Trump issued an Executive Order (the “Order”) stating that companies doing business with the federal government (“Federal Contractors”) are barred from promoting...
IRS Issues Guidance on Qualified Birth or Adoption Distributions
View Printable PDF By Barry Salkin and Livia Quan Aber In 2020, most of the IRS guidance with respect to employee benefit plans has addressed issues arising under the CARES Act, but in recently...
Divorce in the Age of Corona, Part 1: Parenting Plans
Parents who were in the midst of the divorce process when the pandemic began, or who have only recently decided to separate, recognize that the parenting arrangements they develop for today may not...
Do Employers Need COVID-19 Waivers?
Employers who are considering resuming their operations (or employers who have already resumed operations) should consider the benefits of putting in place a COVID-19 waiver for employees and...
Independent Analysis of EEO-1 Component 2 Pay Data
On July 16, 2020, the U.S. Equal Employment Opportunity Commission (EEOC) announced that it is funding an in-depth statistical analysis on the EEO-1 Component 2 pay data collected for FY 2017 and...
What You Need to Know About the SEC’s New Form CRS
On June 30, 2020, the Securities and Exchange Commission’s (“SEC”) new “relationship summary,” known as Form CRS, took effect. Form CRS — which broker-dealers and SEC-registered investment advisers...
Silver Lining: Advisors Can Urge Clients to Give More to Charity
Remote Online Notarization Becomes Law in Massachusetts During COVID-19 Emergency
On April 27, 2020, the Virtual Notarization Act (the “Act”) was signed into law by Massachusetts Governor, Charlie Baker, and was effective immediately. The Act allows Massachusetts notaries, using...
REG BI Compliance Deadline; Financial Relief Considerations for RIA Firms
By Stephen Wilkes, Livia Quan Aber and Seth Gaudreau I. The SEC Will Not Delay Reg BI and Form CRS Compliance Date Last week, the U.S. Securities and Exchange Commission (“SEC”) Chairman, Jay...
Managing From Afar: Effectively Adapting to Telework
One of the realities created by the COVID-19 pandemic is that more employees are working remotely than ever before. This change raises legal and business issues that have caught many companies off...
The Families First Coronavirus Response Act Updated to Include Coronavirus Aid, Relief, and Economic Security Act Provisions
by Roberta Watson, Barry Salkin and Virginia Peabody This Law Alert serves as an update to the Law Alert sent out on March 19, 2020 concerning the paid leave and group health plan provisions of The...
Withdrawals and Loans from Defined Contribution Retirement Plans
View Printable PDF In reaction to the current volatility in the economy due to the coronavirus pandemic, we have been receiving a large number of questions from defined contribution plan sponsors...
PANDEMIC and Broker-Dealer/Recordkeepers and Advisors… Chances Are, Your Business Continuity Plan Did Not Fully Address This…
By Stephen Wilkes, Kimberly Shaw Elliot and Seth Gaudreau In uncertain times like these where the novel coronavirus or COVID-19 seems to be impacting everything, broker-dealers, investment advisory...
Planning and Implementing a Temporary Layoff in the Age of COVID-19
During these uncertain times, layoffs, both long term and temporary, are on the rise. Naturally, it is very important for employers to plan layoffs carefully, even when they must be implemented...
The Families First Coronavirus Response Act
by Roberta Watson, Barry Salkin and Virginia Peabody Effective no later than April 2, 2020, the Emergency Paid Sick Leave Act (the “Sick Leave Act”) and the Emergency Family and Medical Leave...
Five Steps to Help Avoid Mistakes in Light of COVID-19
Allowing employees to telecommute is an excellent accommodation. While this option supports continued business productivity, be sure to properly track the time worked so that you do not expose your...
SEC Proposed Amendments to Advertising and Solicitation Rules
In early November 2019, the Securities and Exchange Commission ("SEC") released proposed amendments to the advertising rule and solicitation rule under the Investment Advisers Act of 1940 ("Advisers...
The Impact of the SECURE Act on Estate Planning and Administration
Just before the end of 2019, the "SECURE Act," a bill that includes many changes to the federal tax code that apply to qualified retirement plans, such as a 401(k) or IRA, ("retirement assets") was...
Massachusetts Advances Regulations Imposing Fiduciary Duty on Broker-Dealers
In November 2019, the Commonwealth of Massachusetts issued revised regulations imposing a fiduciary standard upon broker-dealers, although the regulations would not apply to a broker-dealer who is a...
The Change in the Equal Pay Landscape and its Impact on Employers
On December 6, 2019, the Second Circuit held that an employee does not have to show that she received less pay for equal work in order to prevail in an unequal pay claim. Instead, she only has to...
EEO-1 Component 2 Data Collection Reinstated, Again
In yet another turn of events in the ongoing EEO-1 Component 2 data collection saga, the EEOC’s self-declared cessation to collect the Component 2 data has been overturned by Judge Tanya Chutkan of...
DOL Finalizes Overtime Rule
The U.S. Department of Labor finalized its overtime rule which will become effective on January 1, 2020. Notably, the DOL increased the threshold for the FLSA overtime exemption from $23,660 to...
EEO-1 Report Update – Component 2 Data Filing Deadline Quickly Approaching
Earlier this year the EEOC announced it would reinstate the collection of EEO-1 Component 2 data, thus requiring employers to submit pay data broken own by job category, sex, race, and ethnicity....
Sweeping Changes to Connecticut’s Sexual Harassment Laws Will Have a National Impact
Connecticut recently made several noteworthy changes to its sexual harassment laws designed to help eliminate harassment, prevent retaliation against claimants and expand protection when claims are...
Follow-up on SEC Guidance Regarding Broker-Dealers and Investment Advisors
On June 5th, the SEC issued a four-part package of guidance with respect to the activities of broker-dealers and investment advisors. We prepared an Investment Management Law Alert focusing on one...
Dramatic Changes to New York’s Harassment Prevention Law
It is now much easier for employees in New York to assert claims of workplace harassment. In the past, in order to bring a claim of workplace harassment in New York, employees were required to...
SEC Issues Final Regulation BI
The SEC, by a 3-1 party line vote, issued in a timely fashion its final regulations with respect to broker-dealer conduct, referred to as Regulation Best Interest ("Regulation BI"). The SEC's...
IRS Releases Round Two of Proposed Regulations for Qualified Opportunity Funds
On April 17, 2019, the Internal Revenue Service ("IRS") issued the second round of proposed regulations with respect to qualified opportunity funds ("QOFs"). While the first round of proposed...
Update on Requirement to Report EEO-1 Wage and Hour Data
As previously reported in our Alert published on March 7, 2019, a federal judge has ordered the EEOC to provide guidance regarding the collection of wage and hour data ("Component 2 data"). On...
Massachusetts Issues Proposed Regulations and Toolkit for Paid Family and Medical Leave Act
On March 29, 2019, the Massachusetts Department of Family and Medical Leave (“DFML”) re-issued draft regulations on the Massachusetts Paid Family and Medical Leave Act (“PFML”). DFML will hold at...
EEO-1 Pay Data Collection Requirement Reinstated – OMB’s Stay Vacated
In September 2016, the Equal Employment Opportunity Commission ("EEOC") expanded its collection efforts to include summary W-2 pay data and total hours worked by race, ethnicity, and gender from...
New York State’s New Employment Discrimination Law: GENDA
On February 24, 2019, New York state's Gender Expression Non-Discrimination Act ("GENDA") went into effect. GENDA prohibits all employers with four or more employees from discriminating against...
Reminder for Massachusetts Employers: If You Care about your Noncompete…
There is generally a gnashing of teeth when a key employee leaves for a competitor, and that gnashing may evolve into weeping when an employer finds that its noncompetition protections are...
Using Required Minimum Distributions to Make Charitable Contributions – Some Things That You Need to Know
If you are 70½ years of age or older, have a standard IRA and are interested in making qualified charitable distributions, the following will be of interest to you. By making donations directly...
EEOC Delays Filing Due Date
The Equal Employment Opportunity Commission ("EEOC") announced that it has delayed the filing due date for the EEO-1 Report. The EEO-1 Report is a compliance survey mandated by federal statute and...
Nevada Issues Proposed Regulations Regarding Fiduciary Standards
While the SEC works on finalizing its proposed Regulation Best Interest, there continues to be significant activity at the state level that will cover, in varying degrees, the same subject matter....
Is the Partial Government Shutdown Affecting Your Company?
As the partial federal government shutdown continues, more companies are being affected, directly and indirectly, and business owners, executives and human resources professionals need to be very...
The Pendulum Has Swung in Response To #MeToo
Much has been written about the #MeToo movement over the past several months, and, justifiably, this will continue to be the case until such time as sexual harassment is no longer plaguing our...
Duty Of Loyalty
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A Penny Wise And a Pound Foolish: Lessons Learned from the Sixth Circuit Court of Appeals
Equal Employment Opportunity Commission v. Dolgencorp, LLC, d/b/a Dollar General Corporation serves as a critical lesson of what can happen when managers are not properly prepared. The Sixth Circuit...
Court Rejects Severance Pay Claim of Employee Terminated for Refusing Transfer
The D.C. Circuit Court of Appeals (the "D.C. Circuit"), in Peck. v. SELEX Systems Integration, Inc., has affirmed a district court's judgment that a terminated employee was not eligible for...
Don’t Overlook Age Discrimination: Lessons Learned from the EEOC’s Report
The Equal Employment Opportunity Commission ("EEOC") recently issued a report about age discrimination that reads like a wake-up call. Essentially, 50 years have passed since the passage of the Age...
Workplace Sexual Harassment: New York Sets The Standard That Others Should Follow
Accounts of workplace harassment involving employees, entertainers, athletes, and students has been well-publicized in 2018. This publicity has led to the widely-known "#MeToo movement." Some states...
OCIE Identifies Common Deficiencies Relating to Best Execution
On July 11, 2018, the Office of Compliance Inspections and Examinations ("OCIE") of the Securities and Exchange Commission published a Risk Alert relating to best execution deficiencies on the part...
“Grand Bargain” Minimum Wage Increase in Massachusetts
Massachusetts has enacted a "grand bargain" minimum wage law that will gradually increase the state's minimum wage from $11 per hour to $15 over the next five years. Simultaneously, it will phase...
Recent DOL Settlement Agreements with ESOP Trustees
The spate of recent settlements between the U.S. Department of Labor ("DOL") and trustees of employee stock ownership plans ("ESOP") is a signal that trustees and other fiduciaries should reassess...
Fiduciary Implications Of Flexible Retirement Income Solutions With Fiduciary Checklist and Q&A
View Printable PDF Executive Summary Although comprehensive retirement income solutions may be top of mind, partial solutions used on their own, or in combination with other retirement income...
Recent FINRA Notices Seek Comment on Proposed Amendment to Quantitative Suitability and Efficacy of Supervision Rule
On the heels of the Security and Exchange Commission's (the "Commission") April 18, 2018 release of the proposed Regulation Best Interest rule package ("Regulation BI") (which was covered in our...
DOL Issues Temporary Enforcement Policy with Respect to Investment Advice Fiduciaries
Today, the Department of Labor ("DOL") issued Field Assistance Bulletin 2018-02 (the "FAB"), which indicates that both the DOL and the IRS will continue to rely upon its previously announced...
Another Win for the Plan Fiduciary – Fifth Circuit Follows Dudenhoeffer Standards in RadioShack Case
On February 6, 2018, the Court of Appeals for the Fifth Circuit in Singh v. RadioShack Corp. aligned with the Second Circuit and affirmed the dismissal of Plaintiffs' proposed class action. The...
SEC Proposes Three Related Releases on Retail Investor Matters
I. Introduction After a delay of almost eight years from the date that the SEC is authorized under the Dodd-Frank Act to provide for fiduciary standards for broker-dealers and investment advisers,...
Department of Labor to Pilot Self-Reporting Wage Violation Program
The Department of Labor's Wage and Hour Division (WHD) has announced a new program that seeks to improve the often lengthy and difficult resolution process following an employer's violation of the...
Tax Cuts and Jobs Act; The New Federal Divorce Law
This article, authored by Regina Mandl, Esq. and quoting Barry Salkin, Esq., was published in the February 26, 2018 issue of Massachusetts Lawyers Weekly. I never have had a client who has said that...
FINRA Rules Going into Effect in 2018
There are a host of new and amended rules promulgated by the Financial Industry Regulatory Authority ("FINRA") that will be going into effect throughout 2018. This Alert summarizes these impending...
Massachusetts Securities Division Files Suit to Enforce Fiduciary Rule
In a recent Alert, we discussed how several states are charting their own course while the U.S. Department of Labor ("DOL") proceeds with its review of the Fiduciary Rule, the Best Interest Contract...
SEC Offers Amnesty Under Share Class Selection Disclosure Initiative
In our January 18, 2018 Law Alert on share class selection, we expressed our opinion that share class selection is likely to remain an enforcement focus for the Security and Exchange Commission (the...
Tax Reform: Unintended Consequences for Broker-Dealers
The "Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018" (the "Tax Act") - formerly known as The Tax Cuts and Jobs Act -...
Recent Developments – States Proceed with Their Own Fiduciary or “Best Interest” Standards
States Proceed with Their Own Fiduciary or "Best Interest" Standards While the U.S. Department of Labor ("DOL") continues with its mandated review of the Fiduciary Rule and related exemptions,...
Regulatory Focus on Share Class Selection in 2018
In recent years, the Office of Compliance Inspections and Examinations ("OCIE") of the Security and Exchange Commission ("Commission") has increasingly scrutinized share class selection by...
FINRA Shares Examination Findings
The Financial Industry Regulatory Authority (FINRA) recently released the results of its exam program to assess compliance with securities rules and regulations. FINRA conducts cyclical examinations...
FINRA’s New Qualification and Registration Rules Effective October 1, 2018
Last month, the Securities and Exchange Commission (SEC) approved a new set of rules proposed by the Financial Industry Regulatory Authority (FINRA) intending to consolidate and simplify...
Calculating Regulatory Assets Under Management
A question we frequently receive from our advisory firm clients is whether they are accurately calculating and reporting regulatory assets under management ("RAUM"). RAUM, as a metric, was first...
BICE and Related Exemptions: Limiting Your Liability Until Full Implementation
Background - Transition Period May be Extended Until July 1, 2019 The DOL recently proposed to extend the transition period by 18 months (i.e., from January 1, 2018 to July 1, 2019) for the full...
Retirement Plan Governance: Understanding the Role of a Benefit Plan Committee
Retirement Plan Governance: Understanding the Role of a Benefit Plan Committee - Legg Mason, January 2017
Cybersecurity Guidance Update from SEC
On April 28, 2015, the SEC Division of Investment Management issued guidance with regard to cybersecurity issues for both registered investment companies and registered investment advisers. (IM...
Tactical Asset Allocation & ERISA Plans: Best Practices for Finding the Right Strategy for Plan Participants
View Printable PDF I. Introduction – Plan Fiduciaries and Tactical Asset Allocation Looking for ways to stabilize returns and manage downside risk, plan sponsor and investment advisor interest in...
Promoting And Evaluating The Success Of Your Plan
View Printable PDF Introduction 401(k) plans and other similar tax-qualified retirement plans (“Plans”) are important long-term savings vehicles that employers can establish for the exclusive...
Separating Fact from Fiction: The Potential Risks and Rewards of Hiring 3(16) Fiduciaries
Separating Fact from Fiction: The Potential Risks and Rewards of Hiring 3(16) Fiduciaries, Sentinel Benefits & Financial Group, April 29, 2013
Broader “Fiduciary” Definition: Legal Update
Broader “Fiduciary” Definition: Legal Update, byallaccounts, February 2013
A Plan Sponsor’s Fiduciary Calling to Improve the Retirement Readiness of Plan Participants
View Printable PDF Executive Summary Plan sponsors and other fiduciaries have good reason to help plan participants with their retirement readiness. The U.S. Department of Labor’s “404a-5...
What Trustees in Bankruptcy Need to Know About Pension Plans
View Printable PDF On September 18, 2013, PenChecks Trust hosted “What Trustees in Bankruptcy Need to Know About Pension Plans,” an online seminar as part of its 2013 Expert Series. The session...
Family Partnership Liquidation Presents Tax Issues
An Overview of Health Care Reform With Recommended Action Steps to Take
Are Your 401(k) Plan Assets Safe?
View Printable PDF The steady drumbeat of bad financial news in 2008 has increased concerns about the security of company 401(k) plans and other retirement savings. Fear caused by bankruptcy or...