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14 Matching News Items

1.  DOL Rescinds Independent Contractor Classification Regs, Eyes Adoption of 'ABC' Standard
Schiff Hardin Link to more items from this source
May 23, 2021
"[T]he DOL decided its previous multifactor test better met the text, purpose, and current interpretation of the FLSA.... The ABC test, which has been applied by state courts in California and Massachusetts, among others, is seen as more likely to classify workers as employees rather than independent contractors."
2.  DOL Issues Final Rule and Additional Guidance on FFCRA Leave and Pay Requirements
Schiff Hardin Link to more items from this source
Apr. 7, 2020
"The Final Rule clarifies ... that, while a quarantine or isolation order referred to in FFCRA does include a quarantine, isolation, containment, shelter-in-place, or stay-at-home order issued by any Federal, State, or local government authority, employees impacted by such orders 'may not take Paid Sick Leave where the Employer does not have work for the Employee as a result of the order or other circumstances.' "
3.  Updated Guidance for Employers on Paid Leave Requirements of the FFCRA
Schiff Hardin Link to more items from this source
Mar. 31, 2020
"[1] Who counts as an 'employee' for paid sick and family leave under the FFCRA? ... [2] Who is eligible for paid FFCRA leave in the event of a furlough, plant closure, or hours reduction? ... [3] Interaction between FFCRA paid leave and other paid leave ... [4] Interaction between paid FFCRA leave and FMLA leave ... [5] Can employees take intermittent paid leave under the FFCRA? ... [6] What documentation is required related to FFCRA leave? ... [7] When will employers be entitled to a tax credit for paid FFCRA leave?"
4.  How the SECURE Act Affects Retirement and Estate Planning
Schiff Hardin Link to more items from this source
Feb. 25, 2020
"[C]lients in lower income tax brackets relative to their beneficiaries might consider Roth conversions. Although Roth accounts are also subject to the new rules, the distributions are income tax-free to those beneficiaries. Clients in lower income tax brackets relative to their beneficiaries might also consider spending down their retirement accounts and bequeathing taxable assets instead.... [A] client who is charitably inclined might make qualified charitable donations from his IRA or leave the assets to a charitable remainder trust."
5.  Don't Leave This for Later: Advice for Employers on New Illinois and Chicago Bereavement and Sick Time Laws
Schiff Hardin Link to more items from this source
Aug. 22, 2016
"Two recent laws in Illinois and Chicago provide employees with unpaid leave for the death of a child or paid leave for an illness. On June 22, 2016, the Chicago City Council passed an ordinance guaranteeing paid sick leave to private sector and City of Chicago employees. On July 29, Governor Bruce Rauner signed the Child Bereavement Leave Act (CBLA) into law, which provides unpaid leave to employees who lose a child. The CBLA became effective at the time of its signing, and the Sick Leave Ordinance becomes effective on July 1, 2017."
6.  Salvaging the Benefits of a Spousal Rollover When the Beneficiary Designation Is Wrong
Schiff Hardin Link to more items from this source
Aug. 10, 2015
"Two recent private rulings confirm ... that a spousal rollover often can be salvaged even when the decedent did not properly designate the spouse as beneficiary. The IRS will still allow a rollover if the spouse can dictate all the actions necessary to cause the account to be paid to him or her."
7.  After a Few Years Afloat, Public Pension Plans Start Sinking Again
Governing Link to more items from this source
Aug. 5, 2015
"[W]hat's shaping up to be a poor year for pension plans could provide ammunition to those who want to change them. That's because last year, new accounting changes took effect that now take investment returns into account when calculating pension plans' funded status.... 'This is going to further call attention to the fragility of these underfunded [plans],' said Peter Kiernan, a public finance lawyer at Schiff Hardin. 'States and cities are saying they're restoring their plans to health and that they've made it through the Great Recession [but] they're being proven wrong.' "
8.  ACA Creates Additional Complication for Flow-through Entities (PDF)
Schiff Hardin LLP Link to more items from this source
July 26, 2013
"[It] is common to have some interests in flow-through entities held by 'active' participants, i.e., equity holders who materially participate in the conduct of the business, while other interests are held by passive investors, i.e., individuals who own equity but play little or no role in the conduct of the business. The income of the flow-through entity allocated to active participants will not constitute [net investment income (NII)] and will not be subject to the Medicare surtax. Conversely, the income of the flow-through entity allocated to passive investors will be NII and may be subject to the Medicare surtax depending on the investor's other tax attributes."
9.  DOL's Focus on Brokerage Windows Implicates Hecker v. Deere Precedent
Schiff Hardin LLP Link to more items from this source
Aug. 26, 2012
"While the position taken in Q&A 30 may have surprised many, it is consistent with positions DOL has taken in its amicus program. Hecker, et al. v. Deere & Co., et al., was one of the first 'excess fee' cases to reach judgment, and provided a significant early boost to the defense bar facing such cases."
10.  Single-Property Transaction May Not Be Considered a Prohibited Transaction
Schiff Hardin LLP Link to more items from this source
Aug. 22, 2012
"[DOL] Advisory Opinion 2012-05A [concludes] that the contribution by a plan sponsor or affiliate of a single parcel of property to a pension fund master trust (or the sale of a single parcel by the trust to the sponsor or affiliate) could qualify for the prohibited transaction exemption in ERISA Section 408(e) ... While the conclusion ... is consistent with previous guidance, it clarifies DOL's limitation of its own previous 'single parcel' guidance."
11.  Fourth Circuit Expands Equitable Relief Under ERISA Section 502(a)(3)
Schiff Hardin LLP Link to more items from this source
July 30, 2012
"The McCravy court's decision adopted the position argued repeatedly (and largely unsuccessfully) by the Secretary of Labor's amicus program since the Supreme Court's 2002 Great-West v. Knudson decision. If adopted by other circuits, the McCravy decision would authorize much greater relief, including monetary relief, against those violating numerous provisions of ERISA."
12.  Why You Should Care about DOL's Re-Proposal of Fiduciary Guidelines
PLANSPONSOR; free registration required Link to more items from this source
Dec. 28, 2011
The far-reaching original proposal faced lots of opposition. It 'would fundamentally change the entire body of law that governs $6 trillion of ERISA assets,' says Bradford Campbell, who is Of Counsel at law firm Schiff Hardin LLP in Washington.
13.  Former EBSA Secretary Raises Questions on Fiduciary Definition Change
PLANSPONSOR; free registration may be required Link to more items from this source
Oct. 22, 2010
Excerpt: Calling the proposal a 'bull-in-a-china-shop' approach, Bradford P. Campbell, now an attorney with Schiff Hardin LLP, told PLANSPONSOR: 'The undisclosed conflicts DoL cites as justification for the proposal already are prohibited by the new 408(b)(2) regulation. It seems premature to turn a sweeping new class of service providers into ERISA fiduciaries when the new disclosure rules addressing the root of the problem haven't even had a chance to go into effect yet.'
14.  Podcast: Discussion on the Investment Advice Regulations Recently Thrown Out by the Department of Labor
PLANSPONSOR; free registration may be required Link to more items from this source
Dec. 6, 2009
Interview with Bradford Campbell, the former assistant secretary of labor for Employee Benefits and now of counsel at Schiff Hardin.

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