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282 Matching News Items

1.  Aon and Willis Towers Watson Mutually Agree to Terminate Combination Agreement
Aon Link to more items from this source
July 26, 2021
"Aon plc and Willis Towers Watson announced today that the firms have agreed to terminate their business combination agreement and end litigation with the U.S. Department of Justice (DOJ). The proposed combination was first announced on March 9, 2020.... In connection with the termination of the business combination agreement, Aon will pay the $1 billion termination fee to Willis Towers Watson, Willis Towers Watson's proposed scheme of arrangement has now lapsed, and both organizations will move forward independently."
2.  Justice Department Sues to Block Aon's Acquisition of Willis Towers Watson
Antitrust Division, U.S. Department of Justice Link to more items from this source
June 17, 2021
"The merger between Aon and Willis Towers Watson would combine two of the 'Big Three' insurance brokers who, as alleged in the complaint, can offer global service, sophisticated data and analytics, and a breadth and depth of knowledge and expertise that other brokers do not offer. As alleged in the complaint, Aon and Wills Towers Watson operate 'in an oligopoly' and 'will have even more [leverage] when [the] Willis deal is closed.' If permitted to merge, Aon and Willis Towers Watson could use their increased leverage to raise prices and reduce the quality of products relied on by thousands of American businesses -- and their customers, employees, and retirees." [U.S. v. Aon and Willis Towers Watson, No. 21-1633 (D.D.C. complaint filed Jun. 16, 2021)]
3.  Aon Sues Willis Towers Watson, New CFO Over Breaking Non-Compete Agreement
Pensions & Investments Link to more items from this source
Oct. 2, 2017
"Willis Towers Watson and its new Chief Financial Officer Michael Burwell, who is scheduled to start Oct. 2, are being sued by rival Aon over allegations that Mr. Burwell violated a two-year non-compete agreement because he had access to Aon trade secrets in his role as a consultant helping restructure the company. The lawsuit ... seeks to prevent Mr. Burwell from working for Willis Towers Watson for two years and is seeking $75 million in damages. It accuses both Willis Towers Watson and Mr. Burwell of violating the Illinois trade secrets act. It also accuses Mr. Burwell of breaching his fiduciary duty and Willis Towers Watson of unfair competition."
4.  Cambridge Retirement System Sues Willis Towers Watson Over Merger
Pensions & Investments Link to more items from this source
Dec. 3, 2017
"Cambridge (Mass.) Retirement System filed a class-action lawsuit against Willis Towers Watson and other defendants for allegedly violating provisions of the Exchange Act in connection to the merger between Towers Watson & Co. and Willis Group Holdings. The suit alleges that defendants issued false and misleading statements in proxy materials filed with the U.S. [SEC] prior to the merger, which closed on Jan. 4, 2016."
5.  Aon Buys Willis Towers Watson: Another Waypoint in the Demise of Employer Pensions
Elizabeth Bauer, via Forbes; subscription may be required Link to more items from this source
Mar. 9, 2020
"[T]he reporting on this merger doesn't even mention these firms' actuarial practices as a relevant part of their businesses, nor does the company's presentation on the merger mention the relevance of its actuarial practice except as a part of general expertise in retirement.... [It's] just another sign of the times: employer-sponsored pensions are so much on the decline that they're virtually irrelevant, as far as the business of actuarial valuations is concerned."
6.  Willis Acquires Towers Watson -- Is There More to This Story?
Joe Markland Link to more items from this source
July 5, 2015
"Back in 2011 Aetna CEO Mark Bertolini made the comment, 'Not too far away from now -- in the next 6-7 years -- 75 million Americans will be retail buyers of healthcare. And they'll come to the marketplace with their own money and either a subsidy from their employer or a subsidy from their government. And it doesn't much matter -- they'll be spending their money.' Since then Aetna has been acquiring technology companies including bswift that has built 'exchange' capabilities. Bertolini thinks healthcare will be individually purchased. Aetna buys exchange technology. Towers Watson buys exchange technology. Willis buys Towers Watson. Are these events part of the same story?"
7.  District Court Narrows Focus of Antitrust Suit Over $30 Billion Aon-Willis Merger
Reuters; free registration may be required Link to more items from this source
July 21, 2021
"A federal judge has narrowed the scope of a [DOJ] lawsuit blocking the proposed $30 billion merger of insurance brokers Aon PLC and Willis Towers Watson PLC, allowing the companies to finalize remedies for three of five issues raised by the antitrust regulator. The impending trial on the remaining issues, set to start in November, will focus on whether large U.S. businesses would face diminished competition when seeking two categories of insurance: property, casualty and financial risk coverage; and health-and-benefit coverage for employees[.]" [U.S. v. Aon and Willis Towers Watson, No. 21-1633 (D.D.C. Jul. 20, 2021)]
8.  Deferral of Health Care Means COVID-19 Could Reduce Employer Costs in 2020
Willis Towers Watson Link to more items from this source
May 1, 2020
"COVID-19 could reduce employer health care costs by as much as 4% in 2020, as medical care for noninfected patients has declined during the pandemic, according to a new Willis Towers Watson analysis of large, self-funded employers. The analysis updates a similar study conducted last month that projected employer costs could rise by as much as 7% due to COVID-19-related costs."
9.  Don't Jump the Gun on Post-Merger Compensation Arrangements
Winston & Strawn LLP Link to more items from this source
Oct. 28, 2019
"[P]laintiffs' lawyers file lawsuits following the announcement of every public company merger or acquisition (so-called 'strike suits'). Occasionally, the allegations in one of these lawsuits involve potential conflicts of interest created by compensation arrangements proposed or negotiated before the stockholder vote -- and not disclosed to stockholders. Earlier this year, a federal appellate court decided such a case[.]" [Regents of the University of California v. Willis Towers Watson PLC (In Re: Willis Towers Watson PLC Proxy Litigation), No. 18-1874 (4th Cir. Aug. 30, 2019)]
10.  Pension Finance Watch, May 2017
Willis Towers Watson Link to more items from this source
June 5, 2017
"Driven by decreasing bond yields, the Willis Towers Watson Pension Index declined by slightly less than a full percent. Investment returns were generally positive, but liability growth had greater influence. The index measures 74.1 after May's -0.9% change."
11.  Year-End 2016 Funding Status, Discount Rates, Asset Allocations and Contributions for WTW 100 Plans
Willis Towers Watson Link to more items from this source
Apr. 26, 2017
"For the third year running, average funded status for the [Willis Towers Watson] Pension 100 was 82.4%. Most of these companies contributed more to their pensions in 2016 than in 2015. Two developments will be key in 2017: whether interest rates rise as they did toward year-end 2016, and whether tax reform will occur."
12.  Fiscal 2025 Budget Proposal Outlines Health, Retirement and Comp Changes
Willis Towers Watson Link to more items from this source
Mar. 25, 2024
"The budget proposal ... would require that all health plans cover mental health and substance use disorder benefits and require plans to have an adequate network of mental healthcare providers. It also proposes to expand enforcement of the Mental Health Parity and Addiction Equity Act (MHPAEA).... The budget also proposes that health plans cover three primary care visits and three behavioral health visits without cost sharing.... The budget proposes a $10 million aggregate cap on accumulations in defined contribution (DC) plans and individual retirement accounts (IRAs).... The budget would also prohibit Roth rollovers and conversions by high-income taxpayers.... The budget proposes a national paid family and medical leave program that would be administered by the Social Security Administration.... Mental health parity, paid leave and prescription drug costs are among those that were in President Biden's campaign proposals in 2020 and could see additional campaign discussion this year."
13.  Change Healthcare Cyber Incident and Potential Customer Impacts
Willis Towers Watson Link to more items from this source
Mar. 10, 2024
"For organizations with potential exposures arising from the Change Healthcare cyber incident, it's imperative to connect with your internal stakeholders to proactively identify possible financial impacts.... [O]rganizations who have been impacted should strongly consider putting their cyber insurers on notice. Further, organizations that use UnitedHealthcare, Optum or Change Healthcare, but are not yet sure they have been impacted by this incident, should ... determine whether proactively issuing a notice of circumstance is the right course of action."
14.  Key Considerations for Tax-Efficient Employee Benefits in a Sustainable World
Willis Towers Watson Link to more items from this source
Mar. 6, 2024
"[1] Prioritise holistic wellbeing ... [2] Embrace eco-friendly benefits ... [3] Create a supportive and inclusive environment ... [4] Governance and compliance ... [5] Invest in employee engagement and development."
15.  How Companies Will Claw Back Executive Incentive Compensation
Willis Towers Watson Link to more items from this source
Mar. 6, 2024
"Determining the source of funds to execute a clawback for current employees is straightforward: A ready source of funds exists based on future pay. The [SEC] has said that, after a restatement, companies must act 'reasonably promptly' to recoup funds, and that directors and officers who are charged with safeguarding the company's assets will pursue the most appropriate balance of cost and speed when deciding the right way to recover funds."
16.  Steps for Executing Clawbacks After Your Restatement
Willis Towers Watson Link to more items from this source
Mar. 6, 2024
"[1] Make key process decisions up front ... [2] Perform the calculations ... [3] Determine the source of clawback funds ... [4] Document calculations and processes."
17.  Expose Your Executive Pay Plan's Clawback Vulnerabilities
Willis Towers Watson Link to more items from this source
Mar. 6, 2024
"Now that they are mandatory, it may be tempting to assume that identifying which parts of your executive compensation plan are vulnerable to clawbacks will be a straightforward endeavor. However, you may be surprised by the places where executive pay elements are hidden among other plan documents and written communications. [This article provides a] list of places where clawback triggers may be hiding to avoid being caught off-guard in the event of a restatement."
18.  Puerto Rico 2024 Retirement Plan Limits
Willis Towers Watson Link to more items from this source
Feb. 28, 2024
"Sponsors of retirement plans dual-qualified in the U.S. and Puerto Rico and plans qualified solely in Puerto Rico should update their administrative processes and systems to reflect the 2024 limits."
19.  CMS Releases Revised RxDC Reporting Instructions for 2023
Willis Towers Watson Link to more items from this source
Feb. 20, 2024
"[CMS] has issued revised instructions and templates for prescription drug data collection (RxDC) reporting for 2023 ... The RxDC reporting deadline for the 2023 reference year is June 1, 2024.... [I]nsurance companies and employer-sponsored group health plans must annually submit information about prescription drugs and healthcare spending to CMS."
20.  Key Considerations for Implementing a Spousal Incentive HRA
Willis Towers Watson Link to more items from this source
Feb. 20, 2024
"[T]he SIHRA will need to be 'integrated' with group health plan coverage that is ACA-compliant. This can include a spouse's employer-sponsored plan ... When an employee (or spouse) is covered by a general purpose HRA, the employee is not eligible to contribute to an HSA ... A SIHRA would only be offered to working spouses with coverage through their own employer.... Employers should consider whether using a SIHRA will bring actual savings as well as employee relations issues."
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