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The Ninth Circuit U.S. Court of Appeals has ruled that ERISA's hold-in-trust requirement does not necessitate the creation of a document including express words of trust. In Barboza v. California Association of Professional Firefighters, the court ruled that a...
Years ago I moved from reading fiction for fun to mostly reading non-fiction, not long after reading The Corrections and spending the whole time hearing, in style, tone and manner, echoes in the back of my head of writers as recent as Martin Amis, as old as Norman...
The IRS has released updated guidance on the reporting requirements for applicable large employers ("ALEs") under Internal Revenue Code Sections 6055 and 6056. Beginning in 2016, ALEs must file Forms 1094 and 1095 to give information to the IRS and plan participants...
DOL, HHS and IRS (the "Departments") have released FAQs About Affordable Care Act (ACA) Implementation Part XXVI ("FAQ XXVI"). FAQ XXVI provides clarification of the no-cost preventive services required under ACA for non-grandfathered group health plans. Background....
In this alert, we discuss two issues: (1) the Department of Labor's turnabout on the comment period for its proposed fiduciary regulation and (2) the Supreme Court's statute of limitations decision in the Tibble case. DOL EXTENSION OF COMMENT PERIOD ON FIDUCIARY...
One month ago, the Department of Labor ("DOL") proposed a new regulatory definition of a "fiduciary" with regard to any employee benefit plan covered by the Employee Retirement Income Security Act of 1974, as amended ("ERISA") or an Individual Retirement Account...
A federal court has found that merely posting a summary plan description ("SPD") on a company intranet did not satisfy the electronic disclosure rules under ERISA. In Thomas v. CIGNA Group Ins., the court held that posting on an intranet without additional action does...
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 Guidance Update 2015-2, "Guidance"). The Guidance identifies and discusses...
The United States Court of Appeals for the Ninth Circuit has ruled, in Prichard v. Metropolitan Life Insurance Company, that a summary plan description ("SPD") cannot give a plan administrator discretionary authority to review a claim when the formal plan document is...
The United States Court of Appeals for the Sixth Circuit has ruled that an employer breached its fiduciary duty by furnishing a participant with a misleading summary plan description ("SPD") In Stiso v. International Steel Group, a participant sued his employer,...