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48 Matching News Items

1.  Goodwin Procter ERISA Litigation Update, March 28, 2013 (PDF)
Goodwin Procter Link to more items from this source
Apr. 5, 2013
Articles include: [1] Ninth Circuit Addresses Numerous ERISA Issues in Affirming District Court's Rulings in Tibble Case; [2] Fourth Circuit Affirms Dismissal of Claims and Summary Judgment in Case Challenging Financial Services Company's Use of Proprietary Products in Its Retirement Plans; and [3] Second Circuit Vacates Dismissal of Stock Drop Claim As to Plan That Neither Required Nor Encouraged Holding of Employer Stock.
2.  Rushing to Chaos: The DOL's Well-Intentioned, Yet Unworkable Proposal to Redefine Fiduciary Investment Advice
Goodwin Procter Link to more items from this source
Dec. 29, 2023
"Select issues with the proposal: [1] Proposal will likely result in continued regulatory uncertainty ... [2] No carve-out for transactions with sophisticated institutional investors ... [3] Fiduciary adviser status may result from others' discretion over unrelated assets ... [4] Fiduciary adviser status may result from one time advice ... [5] Fund sponsors and other investment product providers may be deemed fiduciaries by virtue of selling activities or even recommendations by third parties ... [6] Lawyers, accountants, and consultants may be deemed fiduciaries based on regular provision of investment-related legal, tax and other advice traditionally viewed as non-fiduciary.'  
3.  A Step Towards Guidance Instead of Regulation by Litigation in the ESOP Space
Goodwin Procter Link to more items from this source
Apr. 19, 2023
"[The DOL] has committed to move forward with public notice-and-comment rulemaking to establish a clear definition regarding the 'adequate consideration' requirement for ESOP acquisitions ... The absence of formal valuation guidance has proved challenging not just for plan fiduciaries but even for the DOL itself."
4.  What Are 'Double-Vest' RSUs and Why Are They Making Headlines?
Goodwin Procter Link to more items from this source
Feb. 16, 2023
"[T]he expiration date of older Double-Vest RSU awards is approaching at the same time that many companies may be confronted with less access to capital markets, coupled with pent-up desire for liquidity by employees. This alert ... describes the mechanics and applicable tax considerations underlying Double-Vest RSUs."
5.  Benefit Plan Considerations for Employers in a Market Downturn
Goodwin Procter Link to more items from this source
Oct. 11, 2022
"Benefits continuation during layoffs, furloughs and other leaves of absences ... Employer contribution holidays for defined contribution retirement plans ... Loans and hardship distributions ... Investment and plan fiduciary considerations."
6.  Public Companies: Time to Consider Repricing Underwater Stock Options?
Goodwin Procter Link to more items from this source
Sept. 28, 2022
"In determining whether to proceed with a stock option repricing, and determine which method is most suitable, publicly-traded companies should evaluate [certain] key considerations ... There are multiple methods that companies may employ when implementing a stock option repricing program. The key features and considerations of each stock option repricing method are summarized [in this article]."
7.  Private Companies: Time to Consider Repricing Underwater Stock Options?
Goodwin Procter Link to more items from this source
Sept. 19, 2022
"Given recent market trends, many private companies have seen valuations decline significantly, resulting in an increasing number of service providers holding 'underwater' or 'out of the money' stock options. As a result, companies may be considering repricing their stock options to help retain and appropriately incentivize employees and other service providers by reducing the exercise price of stock options that are above the current fair market value of the underlying stock. This article answers frequently asked questions from private companies that are contemplating a stock option repricing."
8.  DOL Issues Proposed Amendment to QPAM Exemption
Goodwin Procter Link to more items from this source
Aug. 2, 2022
"[T]he proposed rule contains no grandfathering provision for existing QPAMs ... [E]xisting QPAMs that meet the current capital and/or AUM requirement, but which may not meet the amended requirements, may need to consider alternatives to the QPAM Exemption ... The costs, in time and money, to effect these changes, which could conceivably affect millions of discretionary investment management agreements, will be significant."
9.  American Rescue Plan: How to Navigate New Continuation Coverage Standards for COBRA
Goodwin Procter Link to more items from this source
Apr. 26, 2021
"In order to prepare for implementation of these requirements, employers should ensure that their records are able to identify assistance eligible individuals and confirm whether their group health plan providers will be facilitating ARPA compliance and distribution of applicable notices.... COBRA compliance is ultimately the responsibility of the Plan sponsor, even if third party service providers have been engaged."
10.  DOL Announces Non-Enforcement Policy for Regulation Requiring Fiduciary Investment Decisions to Be Based Solely on Pecuniary Factors
Goodwin Procter Link to more items from this source
Mar. 14, 2021
"While the non-enforcement policy offers real, welcome relief for investment fiduciaries ... it does not extend to private litigation risk. Until the DOL formally changes the amended rule, it will remain the law and will govern fiduciary investment decisions under ERISA."
11.  Second Circuit Affirms Dismissal of ERISA Claims Challenging Inclusion of Company Stock in 401(k) Plan
Goodwin Procter Link to more items from this source
Feb. 8, 2021
"The complaint had alleged the company violated ERISA by offering GE stock as an investment option for its 401(k) plan participants despite purportedly under-reserving for the liabilities of insurance subsidiaries by approximately $15 billion. The court rejected the plaintiff's argument that her allegations satisfied the standard for pleading a breach of the duty of prudence in this context[.]" [Varga v. General Electric Co., No. 20-1144 (2d Cir. Feb. 4, 2021; unpub.)]
12.  Many Massachusetts Employers with Private Plans Must Renew MAPFML Exemptions by December 31, 2020
Goodwin Procter Link to more items from this source
Dec. 28, 2020
"Many employers that applied for an exemption were approved for an initial one year period beginning on October 1, 2019 and ending on September 30, 2020. The Massachusetts Department of Paid Family and Medical Leave then extended that initial year of the Private Plan exemption until December 31, 2020.... If an employer does not renew the exemption on or before December 31, 2020, the employer will be responsible for remitting contributions to the Trust Fund retroactive to October, 2019."
13.  Massive Healthcare Fraud Takedown Focused on Fraudulent Telemedicine Schemes
Goodwin Procter Link to more items from this source
Nov. 2, 2020
"[T]he Department of Justice (DOJ), along with the [FBI], [HHS] Office of Inspector General, and the Drug Enforcement Administration (DEA) announced enforcement actions involving 345 individuals across 51 districts in what the U.S. government described as the 'largest healthcare fraud takedown in the agency's history.' Collectively, the cases announced in this nationwide enforcement operation alleged more than $6 billion in false and fraudulent claims to private insurers and federal healthcare programs."
14.  DOL Formalizes Reinstatement of 'Five-Part Test' for Fiduciary Investment Advice and Proposes Relief for Investment Advice Fiduciaries
Goodwin Procter Link to more items from this source
July 28, 2020
"Similar to the now vacated Best Interest Contract (BIC) Exemption from the 2016 package, the proposed exemption requires IRA advice fiduciaries to comply with duties of prudence and loyalty as a condition for relief ... [T]he proposed exemption does not create a private right of action for failure to meet the terms of the exemption. Instead, a failure to meet the exemption's conditions will result in a non-exempt prohibited transaction to which excise taxes will apply under Section 4975 of the Code until corrected."
15.  DOL Issues Proposed Regs on Environmental, Social and Governance Investing
Goodwin Procter Link to more items from this source
June 30, 2020
"The effect of the proposal, if finalized as is, would likely suppress investment by ERISA plans in ESG strategies, without regard to their ability to help maximize retirement assets. Perhaps unintentionally, the proposal could also adversely impact investment in actively managed strategies and closed-architecture individual account plan menus, due to the breadth of its language."
16.  Compensation and Benefits Issues for Employers in Light of the COVID-19 Pandemic
Goodwin Procter Link to more items from this source
Apr. 8, 2020
"[1] Cash conservation, salary reductions and deferral arrangements ... [2] Stock option repricing programs ... [3] Impact on performance-based compensation arrangements ... [4] Furloughs, layoffs, and benefits continuation ... [5] Section 125 plan election changes ... [6] Retirement plans and relief provisions in the CARES act ... [7] Suspending employer contributions to retirement plans ... [8] RIFs and partial plan terminations  ... [9] Plan terminations  ... [10] Plan fiduciary considerations."
17.  Federal Government Advocates Industry-Friendly Position in ESOP Stock Drop Supreme Court Case
Goodwin Procter Link to more items from this source
Aug. 26, 2019
"[T]he Solicitor General argued that the Court should hold that ESOP fiduciaries are required to disclose non-public information only when required by federal securities laws. If the Supreme Court accepts that view, ... plaintiffs will face a high bar to plead a fiduciary breach in ESOP stock-drop cases where they cannot plausibly allege a violation of the securities laws[.]" [Jander v. Retirement Plans Committee of IBM, No. 17-3518 (2d Cir. Dec. 10, 2018; cert. pet. granted Jun. 3, 2019)]
18.  A Close Look at the SEC's New Regulation Best Interest and Related Rules and Guidance
Goodwin Procter Link to more items from this source
June 18, 2019
"Although the components of the broker's duty to retail customers is similar to and to some extent based on the Financial Industry Regulatory Authority's suitability rule, ... Regulation BI provides a greater level of detail around avoiding or remediating conflicts of interest, as well as other elements of the duty.... Existing brokers must file Form CRS through Web CRD by June 30, 2020, and deliver a copy to retail investors no later than July 30, 2020."
19.  SEC Adopts Final Hedging Policy Disclosure Rules
Goodwin Procter Link to more items from this source
Jan. 3, 2019
"The final rules require companies to disclose certain hedging policies or practices, but do not require companies to adopt any new hedging policies or to amend any existing hedging policies. Many companies had already adopted some form of hedging policy when the SEC published the proposed rules in 2015 ... and have been voluntarily disclosing their hedging policies as part of their corporate governance disclosure. SEC proxy rules ... have also required some hedging disclosure in the Compensation Disclosure and Analysis (CD&A) section."
20.  Preparing for New York State's Paid Family Leave Benefits Law
Goodwin Procter Link to more items from this source
July 30, 2017
"Starting January 1, 2018, eligible employees may take job-protected leave and receive PFLL wage-replacement benefits for any of the following 'family leave' purposes: [1] To bond with a new child within the first 12 months after birth, adoption or foster care placement; [2] To care for a family member with a serious health condition; [3] For qualifying exigencies arising when the employee's family member is on, or called to, active duty in the U.S. Armed Forces. Leave for an employee's own illness, however, does not qualify as a basis for paid family leave under the PFLL."
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