Healthcare continues to be a significant expense for corporate entities and law firms alike, and recent trends suggest that these costs are predicted to rise dramatically in the coming years. Most notably, healthcare renewal costs are anticipated to see significant increases come 2024 – some estimates putting the hike at an alarming 20% or more….
The U.S. Department of Health & Human Services Office of the Inspector General (OIG) recently shared Advisory Opinion No. 23-07, demonstrating a positive response to a specific proposal. The Requestor, an unnamed entity, proposed to pay bonuses to its employed physicians based on the net profits earned from certain procedures conducted at ambulatory surgery centers…
The dynamics of the college sports arena are changing. An emergent solution to the demanding push to transform collegiate student-athletes into employees appears be on the horizon. With the disparity and lack of uniformity in state name, image, and likeness (NIL) laws causing an uneven playing field, sports bodies and universities are being forced to…
In a recent move by the Massachusetts Department of Family and Medical Leave (the “Department”), two major updates to the Massachusetts Paid Family and Medical Leave (“MA PFML”) program have been implemented. These changes are set to greatly impact how both employees and employers approach paid leave. The first update, effective as of November 1,…
In a significant legislative change, the Massachusetts Paid Family and Medical Leave Law (PFML) has been amended to permit employees to enhance their PFML benefits with accumulated paid leave. This encompasses vacation, sick time, among other forms of Paid Time Off (PTO). The changes, presented by Morgan, Brown & Joy, LLP, will come into effect…
Ogletree Deakins recently added Carly Grey as a shareholder in their Washington offices, according to a recent announcement from the law firm. Grey, who is an experienced attorney in employee benefits and executive compensation matters, is transitioning from her prior role as a partner at Morgan Lewis. Grey’s expertise spans across various areas of employee…
Open Enrollment Season – the period that wakes employers from their slumbers and plunges them into lengthy decision-making on employee benefits. The year of 2024 is no different and holds its own set of unique challenges. In light of recent developments and the upcoming enrollment season, employers too need to consider several significant issues. The…
The Commonwealth of Massachusetts has officially amended provisions of its Paid Family and Medical Leave Act (PFMLA), a move set to create rippling effects across workplaces. Changes to the rules, initially enacted on January 1, 2021, come as further adjustment after careful observation and analysis since the act’s enforcement. In its founding layout, The PFMLA…
JDSupra has recently released their annual End of Year Plan Sponsor “To Do” Lists. This report has been designed specifically for plan sponsors needing to address year-end issues, with a particular focus on health and welfare plan topics. In an effort to provide comprehensive advice for these sponsors, the content is broken into four distinct…
In a recent elaboration by Elizabeth Nedrow, employers are seen to add value to their team’s life not only through traditional benefits such as 401(k) matches, medical and dental insurance, but also, increasingly, through student loan assistance programs. These programs are being established in response to employees’ requests, demonstrating employers’ step towards understanding and addressing…
According to an announcement made by Polsinelli PC, executive compensation expert George Tsai has recently joined the firm as a shareholder in the employee benefits and executive compensation practice, based in Denver, Colorado. The news was made public last Thursday. Tsai is recognized in the legal industry for his expertise in advising on executive and…
In an important development for employers in the Golden State, California Governor Gavin Newsom has signed into law SB 616, a statue amending California’s Healthy Workplaces, Healthy Families Act of 2014. This new law seeks to bolster employee benefits by increasing paid sick leave entitlements for eligible employees in California. As further details of the…
Multinational investment bank Citigroup Inc has developed a unique approach for using its own employee retirement plans to meet racial diversity goals without violating stringent federal benefits laws. Recently, the Biden administration’s primary worker benefits regulator granted Citi a rarely provided advisory opinion (Advisory Op. 2023-01A), the first one since January 2020. This advisory trails…
As we transition into the final quarter of 2023, the realm of employee benefits, particularly with respect to Employee Stock Ownership Plans (ESOPs), continues to witness significant developments. Over the past few months, a myriad of updates have unfolded, shaping the future of employee benefits and ESOPs in profound ways. On a parallel track, regulatory…
In today’s competitive legal landscape, the importance of individual and firm branding has never been more pronounced. A recent episode of “Real Talk,” shared by partner Megan Monson, Diane Moss and Lynda A. Bennett of Lowenstein Sandler LLP, underscores the significance of this trend. The trio candidly discusses not just the relevance but also the…
In a notable development, the Massachusetts Paid Family and Medical Leave (PFML) law has undergone an essential modification. Starting November 1, 2023, it will permit employees to supplement their benefits received from the Commonwealth of Massachusetts using any accrued paid leave they may have. This can include sick time, vacation time, personal time off (PTO),…
On October 4, 2023, Governor Gavin Newsom of California made a significant decision that is bound to send ripples through corporations and law firms across the state. He approved Senate Bill No. 616 (SB 616). This decision does not simply modify, but rather significantly increases, the amount of paid sick leave mandated by California’s existing…
The sphere of executive compensation and, in particular, matters concerning the recovery of such compensation form the crux of some of the most vital discussions in corporate law. Specifically, recent developments attributable to new compensation recovery policies or ‘clawback’ provisions have raised a series of potent issues and considerations. These policies are mandated to be…
The fiduciary standards of ERISA and applicable tax rules have, for a long time, presented a challenging spectrum for benefit plan administrators. Given the complexity of the responsibilities, sourcing for formidable best practices has emerged as a common concern for plan sponsors aiming to enhance their compliance, regardless of the plan type involved. Following our…
As the COVID-19 pandemic relief suspending loan payments and interest accruals on federal student loans comes to an end, a significant number of borrowers are faced with the impending resumption of student loan repayments. The cessation of benefits, with interest accruals having resumed September 1, and loan payments set to resume in October, calls for…
In a move that continues to illustrate the dynamic nature of employment law, the New York Paid Family Leave (“Paid Family Leave”) program is set to experience further changes. Autumn ushers in more than a change in weather for employers with New York-based employees; it ensures that they must keep abreast of continual evolutions in…
Corporations and law firms alike should seriously consider augmenting their current employee benefits plans governance structures with the addition of a welfare plan committee, primarily due to sweeping changes in the legal landscape. As new legal obligations take shape, there are fiduciary risks for welfare plans that are quite similar to those existing for retirement…
In the professional world, an efficient and well-executed employee onboarding process can be instrumental. It allows companies to not only recruit and retain top talent, but also fulfill legal obligations, secure necessary protections, and prevent expensive errors. Furthermore, staying updated on recent legal changes that could potentially influence how organizations onboard is crucial. The recent…
In this third part of our series on employee benefit plans, we will discuss some of the more unnoticed yet potentially consequential health and welfare issues that can arise within staff benefit structures. With an understanding of these common faults, plan sponsors can optimise their benefits offerings, mitigate problems, and ensure compliance with the Employee…
In a recent court ruling which is causing ripples in the legal sector of employee benefits, the Ninth Circuit Court concluded that plan fiduciaries were engaged in prohibited transactions following the modification of an existing recordkeeping contract, including the addition of brokerage and investment advisory services. This legal development is covered in detail by JDSupra….