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143 Matching News Items

1.  Drinker Biddle and Reath Attorneys Comment Letter to DOL on Proposed Fee Disclosure Guide (PDF)
Drinker Biddle Link to more items from this source
June 13, 2014
"We respectfully request further clarification on the following seven specific aspects of the rule: [1] Objective parameters for defining multiple or lengthy documents; [2] Objective parameters for defining a sufficiently specific locator; [3] The relationship between the Guide requirement and the change notices mandated under the 408b-2 regulation; [4] Whether the Guide requirement will apply only prospectively or also retroactively following the amendment's effective date; [5] Availability of relief for inadvertent errors or omissions within the Guide; [6] Clarification as to the requirement that the Guide be provided as a separate document; and [7] Clarification of the requirement to 'furnish' the Guide and 'disclose' changes to the Guide."
2.  Drinker Biddle Plan Sponsor Newsletter, April 2013 (PDF)
Drinker Biddle Link to more items from this source
Apr. 3, 2013
This newsletter's articles include [1] Five Practical Tips for Plan Committees to Avoid Fiduciary Liability; [2] Check Your Plan Loan Administration; [3] DOL "Tips" for Selecting Target Date Funds; [4] What Plan Sponsors Need to Know About a "Limited Scope Review"; and [5] Accountant's Audits of Retirement Plans.
3.  Drinker Biddle ERISA Newsletter for Retirement Plan Service Providers, November 2012 (PDF)
Drinker Biddle Link to more items from this source
Nov. 6, 2012
Articles include: [1] DOL Advances (and Then Retreats) on Brokerage Windows -- What May be Next? [2] 408(b)(2) Disclosures -- Now What? [3] A Ripe Opportunity for Advisers -- The Benefits of a Service Provider Agreement; [4] The DOL is Paying Attention to that Additional Compensation -- You Should Too; [5] DOL Service Provider Investigations; [6] Next Steps for Service Providers to "Open" Multiple Employer Plans.
4.  Drinker Biddle's ERISA Litigation Newsletter, April 2012 (PDF)
Drinker Biddle Link to more items from this source
Apr. 18, 2012
Articles include: Court Limits Hospital's Rights to Recover Through Assignment; Confidentiality Has Its Limits: The Fiduciary Exception to the Attorney-Client Privilege; and, The ERISA Church Plan Exception.
5.  Drinker Biddle Retirement Income Team Newsletter, October 2012 (PDF)
Faegre Drinker Link to more items from this source
Oct. 29, 2012
Articles include: Selecting an Annuity Provider; Mutual Funds and Lifetime Income Guarantees; Use of Longevity Annuity Contracts by Defined Contribution Plans; and Contingent Deferred Annuities: NAIC Update.
6.  Paid Leave for Any Reason Is Coming to Illinois
LaborSphere, a blog by Drinker Biddle Link to more items from this source
Jan. 18, 2023
"The bill ... would require nearly all employers with one or more employees working in Illinois to provide paid leave. Leave would begin to accrue on January 1, 2024 ... [C]overed employers could impose a 90-day waiting period before leave may be used. With limited exceptions, all employees would be eligible to accrue leave[.]"
7.  Michigan Court Reinstitutes More Generous Paid Sick Time Law, Effective Immediately
LaborSphere, a blog by Drinker Biddle Link to more items from this source
July 22, 2022
"Unless the Michigan Court of Appeals or Supreme Court issues a stay pending an appeal, ... [all] Michigan employees are now eligible for paid sick leave, including previously exempted part-time, executive, administrative, professional, and outside sales employees. Employers must provide 1 hour of sick leave for every 30 hours worked (instead of the prior 1:35 ratio). Employers with less than 10 workers may cap paid time off at 40 hours annually; all others must provide employees up to 72 hours of paid time off annually."
8.  COVID-19 Vaccination Questions and Issues for Employer Policy Planning
LaborSphere, a blog by Drinker Biddle Link to more items from this source
Mar. 8, 2021
"[This article provides] a list of issues organizations should consider as they set policy and communication plans regarding on-site work and COVID-19 vaccines. [It also describes] issues to consider with regard to the practical application of any such policy and the development of related communications to employees or others."
9.  Uncertainty Remains for Texas Paid Sick Leave Ordinances
LaborSphere, a blog by Drinker Biddle Link to more items from this source
Jan. 27, 2020
"Over the past two years, city councils in three of the four largest cities in Texas — Austin, San Antonio, and Dallas — each have passed ordinances requiring local employers to provide their employees with paid sick leave. In each instance, the new proposed ordinance was met with fierce resistance from local businesses, staffing agencies and professional associations. ... The ordinances in all three cities are similar and contain some of the same key features but each also has its own distinguishing characteristics[.]"
10.  2019 ACA Information Reporting: IRS Extends Deadline and Good Faith Relief
Drinker Biddle Link to more items from this source
Jan. 12, 2020
"[Notice 2019-63] extended the deadline to March 2, 2020, for employers and health insurance providers to provide individuals with 2019 Forms 1095-B and 1095-C (previous date was January 31, 2020). Nonetheless, the IRS encourages employers and other coverage providers to furnish 2019 statements as soon as possible."
11.  Congress (Finally) Passes the SECURE Act
Drinker Biddle Link to more items from this source
Dec. 19, 2019
"Key changes include: Open Multiple Employer Plans (MEPs).... Part-time employee eligibility for 401(k) plans.... Required minimum distributions (RMDs).... Increased tax credits.... Safe harbor 401(k) enhancements.... An objective fiduciary safe harbor for the selection of a lifetime income provider ... [P]articipant lifetime income disclosures illustrating the monthly payments if the participant's account balance [were to be] used to provide lifetime income in an annuity."
12.  California Enacts FSA Notice Requirement
Drinker Biddle Link to more items from this source
Dec. 17, 2019
"[E]mployees must be notified of any deadline to withdraw funds from the FSA before the end of the plan year. The requirement would apply to situations when FSA coverage terminates mid-year (such as a mid-year termination of employment) and the FSA imposes a shortened time period for submitting run-out claims.... The law does not include a specific effective date. Generally, if a statute enacted during a regular session does not have a specific effective date, it becomes effective on January 1 of the following year (January 1, 2020, in this case)."
13.  The Future of Retirement Plan Disclosures?
Drinker Biddle Link to more items from this source
Nov. 20, 2019
"Currently, plan sponsors can rely on a 2002 safe harbor for electronic delivery of documents and other information required under ERISA. However, the 2002 safe harbor is limited ... [P]lan sponsors may not rely on the proposed rule. Therefore, no changes should be made to current distribution procedures based on the new electronic disclosure rules at this time. [T]he proposed rule only applies to retirement plans -- so welfare plan disclosures (such as COBRA notices) would remain subject to the 2002 safe harbor."
14.  403(b) and 457(b) Plans Going Under the Regulatory Microscope
Drinker Biddle Link to more items from this source
Nov. 6, 2019
"It appears that the SEC has initiated a 'sweep' examination to inquire into the sales practices applicable to retirement plans for teachers and state and local government employees.... Further, the New York Department of Financial Services recently launched an investigation into the sales tactics and costs involved with 403(b) plans ... Many of these 403(b) and 457(b) plans are not subject to ERISA and its higher regulatory standards[.]"
15.  Second Circuit Revives Fiduciary Breach Claim Against NYU Plan Investment Advisor
Drinker Biddle Link to more items from this source
Oct. 17, 2019
"On October 1, 2019, the Second Circuit overturned the Southern District of New York's dismissal of the participants' lawsuit against the independent investment advisor who advised NYU on its retirement plans, even though the complaint alleged substantially the same claims against NYU in a separate lawsuit on which NYU prevailed.... This is a notable victory for plaintiffs because they ultimately lost at trial against NYU ... The Second Circuit's holding is cause for concern for ERISA plan co-fiduciaries who were not named in litigation that has been adjudicated or resolved." [Sacerdote v. Cammack LaRhette Advisors, LLC, No. 18-1558 (2d Cir. Oct. 1, 2019)]
16.  Is Your Company's Severance Arrangement Subject to ERISA?
Drinker Biddle Link to more items from this source
Oct. 14, 2019
"Instead of formal severance plans, many companies have informal guidelines that are applied when an individual's employment is involuntarily terminated. These arrangements provide more flexibility than a formal plan ... It is less likely that a company will treat an informal severance arrangement as an ERISA plan. However, ... informal severance arrangements may be subject to ERISA and failure to recognize that ERISA applies could result in significant penalties."
17.  A Look Inside the SEC's Final RIA Guidance and Its Discussion of 'Best Interest'
Drinker Biddle Link to more items from this source
Oct. 8, 2019
"The RIA Guidance is the most significant Commission pronouncement on the fiduciary duties of an investment adviser ever finalized and published by the SEC. For this reason, investment advisory firms should scrutinize and analyze the Guidance, apply it to their firm, and quickly remediate any issues with enhanced practices, policies, and procedures. Indeed, unlike Reg BI and Form CRS that have an implementation date of June 30, 2020, the RIA Guidance became effective on July 12, 2019."
18.  Participant Data as a Plan Asset: Lessons Learned from Recent Class Action
Drinker Biddle Link to more items from this source
Oct. 1, 2019
"[P]lan fiduciaries may want to ... [1] Inquire about participant data needed by the service provider.... [2] Inquire about the service provider's cross-marketing practices.... [3] Limit use of participant data for marketing non-plan products and services.... [4] Monitor the service provider's use of participant data."
19.  A Lesson in ESOP Transactions: Don't Ignore Red Flags
Drinker Biddle Link to more items from this source
Sept. 25, 2019
"Fiduciaries need to act in the sole interest of participants. In this case, the independent fiduciary testified that he wanted a fair price for both the founder and the ESOP. It is not a duty of the independent fiduciary to be fair to the founder (or seller).... Fiduciaries need to review the work product of third-party 'experts' and ask questions when something does not make sense." [Pizzella v. Vinoskey, No. 16-062 (W.D. Va. Aug. 2, 2019)]
20.  Second Circuit Challenge to Popular Withdrawal Liability Calculation Method Settles
Drinker Biddle Link to more items from this source
Sept. 18, 2019
"The withdrawal liability case of the year came to an anticlimactic end ... with a stipulation withdrawing the case with prejudice. The most-watched issue in the case was a challenge to the Segal Blend discount rate assumption used by many multiemployer pension plans to calculate employer withdrawal liability.... The court held that the discount rate assumption must represent the actuary's best estimate based on the likely returns of the plan, not the returns of a hypothetical portfolio as the Segal Blend does. The dismissal of the case means that the Southern District of New York's opinion still stands.' [The New York Times Co. v. Newspapers & Mail Deliverers'-Publishers' Pension Fund, No. 17-6178 (S.D.N.Y. Mar. 26, 2018)]
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