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Final Roth Catch-Up Regs: Key Takeaways for Plan Sponsors

"[P]lan sponsors will need to consider the available options for compliance, make necessary plan design decisions such as whether to use a separate election and/or deemed election approach and whether to aggregate FICA wages if the employer is part of a controlled group or uses a common paymaster arrangement, and begin operating the plan in accordance with those decisions by January 1, 2026."

Mental Health Parity Final Rule Imposes Year-End Action Items on Group Health Plan Sponsors

"[T]he final rule does the following: [1] Updates and revises certain definitions pertaining to MH/SUD benefits. [2] Establishes a 'meaningful benefits standard' ... [3] Requires plans to conduct comparative analysis of NQTLs to ensure MHPAEA compliance. [4] Requires collection and evaluation of data pertaining to MH/SUD benefits. [5] Increases scrutiny of the adequacy of the network for MH/SUD benefits. [6] Requires certification by plan fiduciaries that they are using prudent processes to follow the requirements of the MHPAEA."

Action Items for Health Plan Sponsors as a Result of HIPAA Privacy Rule Modifications

"Action Items by December 23, 2024: [1] Revise the health plan's HIPAA privacy policies and procedures ... [2] Be prepared to require requestors' attestations when reproductive health care-related PHI is requested for a non-prohibited purpose. [3] Train applicable workforce members ... [4] Update business associate agreements ... [5] Review forms and templates used in communications or otherwise ... Action Item by February 16, 2026: Update Notice of Privacy Practices to include the newly enacted protections."

No Consensus in Sight: Enforceability of ERISA Plan Arbitration Provisions at the Close of 2023 (PDF)

"Following denial of motions to enforce arbitration provisions, defendants in cases pending in the Tenth and Third Circuits petitioned for review by the Supreme Court in 2023. The Supreme Court declined to certify either petition, leaving enforceability in flux."

Call for Vacatur of Massachusetts' Fiduciary Duty Standard for Broker/Dealers

"The Massachusetts Supreme Judicial Court upheld the fiduciary duty standard of care imposed on broker/dealers by the Commonwealth of Massachusetts on August 25, 2023. [This article explains] the practical implications of the recent court opinion and highlight why the United States Supreme Court should grant a Writ of Certiorari and vacate the Massachusetts' fiduciary duty standard." [Robinhood Financial, LLC v. Secretary of the Commonwealth, No. SJC-13381 (Mass. Aug. 25, 2023)]

Now Is the Time to Review and Correct Retirement Plan Compliance: IRS Notice 2023-43

"Until the IRS issues new guidance, plan sponsors may rely on a 'good faith, reasonable interpretation' regarding self-correction, and thoroughly document the self-correction process in the event of future IRS examination. This pause in regulation presents an exceptional opportunity for plan sponsors to review their plans in detail and make all eligible corrections without engaging in a Voluntary Correction Program (VCP) or other IRS intervention."

NYSE and Nasdaq Release Their Proposed Clawback Rule for Listed Companies

"Each listed company must adopt the recovery policy required by the proposed rule within 60 days after approval of the final rule by the SEC. Each listed company must comply with its Recovery Policy for all incentive-based compensation received by executive officers on or after the Effective Date that results from attainment of a financial reporting measure based on or derived from financial information for any fiscal period ending on or after the Effective Date."

New York State and City Employers Should Prepare to Provide Retirement Plan Options for Their Employees

"The [New York State Secure Choice Savings Program] is a state-run, payroll deduction based individual retirement account ('Secure Choice IRA') administered by the Secure Choice Savings Program Board (the 'Board'), which is responsible for designing and implementing the Program.... The NYC Retirement Program creates a retirement saving program with mandatory auto-enrollment, payroll deduction individual retirement accounts for employees of private sector employers who do not offer a retirement plan."

DOL Issues FFCRA Guidance Regarding School Reopening Plans

"[T]he DOL did not discuss whether an employee will have a qualifying reason for leave if the school is open each day, but is open for fewer hours than normal ... Nor did the Q&A address the currently open question of whether employees may take FFCRA leave for child care purposes on an intermittent basis without employer approval. It would appear, however, based on the new Q&A, that the DOL would likely support an employee's right to take FFCRA leave even for shorter periods than a single, full workday if the child's school is unavailable during times when it would normally be available."

New York Federal Court Invalidates Several Provisions of FFCRA Regs

"With the work-availability requirement no longer in place, it is unclear how FFCRA leave will apply going forward with respect to various employer responses to work slowdowns or closure orders ... [T]he question remains as to whether a 'health care provider' for purposes of exclusion from FFCRA leave is limited to those individuals who satisfy the FMLA's limited definition ... [In] those situations where intermittent FFCRA leave is generally permitted under the regulations, employers must permit employees to take such leave intermittently.... [E]mployers should not require the submission of documentation as a precondition to taking FFCRA leave.... [T]he full extent of Monday's ruling -- and its geographic reach -- are as yet unknown[.]" [New York v. U.S. Dept. of Labor, No. 20-3020 (S.D.N.Y. Aug. 3, 2020)]