The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act of 2022 brings considerable alterations to the legal and compliance environment for U.S. retirement plans. Foley & Lardner LLP is producing a sequence of articles that probe extensively into the crucial SECURE 2.0 provisions that will impact how companies arrange and manage their 401(k)…
<p>According to a recent report, nearly three-fourths of plan participants want tailored financial guidance. In an <a href=”https://www.jdsupra.com/legalnews/almost-75-of-plan-participants-want-6892322/” target=”_blank”>annual survey</a> conducted by Charles Schwab Corp., about 73% of 401(k) savers expressed a desire for personalized investment advice for their retirement savings. This statistic points toward an increasing trend amongst employees who value expert financial advice…
In a move that supports employers who have exempt employees, the Third Circuit decided earlier this year — in a question of first impression — that paid time off (PTO) does not constitute part of the salary of an exempt employee according to the federal Fair Labor Standards Act (FLSA). Hence, despite the potential monetary…
In a recent development concerning corporate employers, the question of whether there is a seven-year statute of limitations in company pension provision has gained traction. The debate delves into whether claims from a direct insurance or pension fund are time-barred, permitting certain beneficiaries to require direct payments from the employer. This issue’s complexity underlies the…
In a significant development for corporations and law firms involved in 401(k) plan fees disputes, the Tenth Circuit has introduced a new pleading standard. In a case of first impression, the Court mandated that a 401(k) plan participant alleging excessive investment management or recordkeeping fees must assert a “meaningful benchmark” to survive a motion to…
The Benefits Forum 2023, scheduled for October 12th in Richmond, VA, is shaping up to be an event of genuine significance in the realm of employee benefits law. As featured in the announcement on JDSupra, the forum will offer an interactive exploration of SECURE 2.0 and SECURE Act for both in-person attendees and webinar participants….
The Ontario Ministry of Labour, Immigration, Training and Skills Development is currently seeking comments and feedback on two Occupational Health and Safety proposals, including one pertaining to heat stress. The initiative is seeking to understand the potential impact of these proposed amendments and encourages stakeholders to voice their thoughts and concerns. This information was recently…
On August 15, 2023, the U.S. Court of Appeals for the Tenth Circuit spoke on a significant development concerning Patient’s Right to Pharmacy Choice Act Title 36 § 6958 et seq of 2019 from Oklahoma. The verdict was laid out in Pharmaceutical Care Management Association v. Glen Mulready, where the official capacity of Glen Mulready…
Corporate and legal professionals overseeing 401(k) retirement or welfare plan decisions are likely familiar with the weight carried by the plan document, often the primary reference for guidance when difficult administration questions arise. However, even those experienced in this arena are subject to fallibility when those very terms are neglected, as recent proceedings in the…
The Internal Revenue Service (IRS) has announced an update via Rev. Proc. 2023-29 that pertains specifically to measures of employer-sponsored coverage affordability. The newly released data reveals inflation adjusted amounts for 2024 that will help determine whether such coverage remains “affordable.” This is particularly relevant under the framework of the Affordable Care Act (ACA)’s employer…
The impending open enrollment season for employee benefits in 2024, assisted by the recently published IRS guidance, signals a caution for employers worldwide. They are advised to ensure that the health plan offered to their employees is deemed affordable. As stated in the IRS Rev. Proc. 2023-29, there is a decrease in the new affordability…
Recent actions of District of Columbia’s Attorney General, Brian Schwalb, suggest a heightened focus on wage theft issues across the jurisdiction. Most recently, AG Schwalb has secured a settlement with Prestige Drywall LLC, a construction company accused of misclassifying its employees as independent contractors. This misclassification allegedly led to workers not receiving their rightful overtime…
Illinois is taking a significant step in expanding rights and protections for employees. Governor JB Pritzker is dedicated to making these changes, which will put substantial compliance obligations on employers. The price of non-compliance is high, with employers facing the potential for substantial penalties. The Family Bereavement Leave Act, for instance, took effect in January…
In a significant move by the Israeli legislative body, new enrollees in managers’ insurance plans are facing potential restrictions. The changes, given clearance by the Knesset Finance Committee, see an amendment made to the existing regulations, setting new guidelines for the insurance sector. According to a report by JDSupra, the changes are set to take…
The UK pension landscape is set to experience several shifts and turns this week, as outlined in a recent publication from Allen & Overy Pensions team. With the demand for pension transparency ever-growing, legal professionals are expected to adapt rapidly to these alterations in regulatory requirements. These changes influence the pension strategy of large corporations…
The Occupational Safety and Health Administration (OSHA) has implemented a new standard, forcing employers in high-risk industries to turn over more detailed reports regarding on-site injuries and illness instances. Specifically, this regulation demands certain employers to electronically submit not only 300A data but also 300 log and 301 information for some locations, thereby expanding the…