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Meet the Law Firms Fighting 401(k), Health Plan Class Actions

"For the second year in a row, [Morgan Lewis & Bockius LLP is] the law firm getting the most ERISA class action business.... Dorsey & Whitney LLP follows closely in number of ERISA class actions.... Skadden Arps Slate Meagher & Flom has been hired to defend eight ERISA class actions in the past year.... Proskauer Rose LLP, Alston Bird, Groom Law Group Chartered, and Reed Smith LLP are defending seven class actions, respectively.... Steptoe & Johnson LLP was hired to defend six ERISA class actions.... O'Melveny & Myers LLP and Sidley Austin LLP are defending four class actions each."

When Do Severance Payment Practices Create a Plan Subject to ERISA?

"[This article discusses] the legal standards courts apply in deciding whether an employer's past practice of providing severance pay establishes an ERISA plan, and [offers] practical suggestions for employers considering layoffs to mitigate the risk of unexpected liability for severance."

FAQs on the SEC's Prescribed Clawback Policy

"While the SEC may further postpone this deadline, listed issuers would be advised to prepare their boards now to approve compliant clawback policies by August 8, 2023, ... assuming that the SEC approves the listing standards by June 9, 2023[.]"

Ninth Circuit Opens Door to Claims by Out of Network Providers

"[The court] concluded that Bristol had standing to raise the ERISA claims alleged in the Complaint, even though it was neither a plan participant nor a medical provider with an assignment from a participant -- but instead purchased the right to raise the claims in question from the bankrupt medical provider's assets." [Bristol SL Holdings, Inc. v. Cigna Health and Life Ins. Co., No. 20-56122 (9th Cir. Jan. 14, 2022)]

When Must Employers Pay for Employee COVID-19 Tests? (PDF)

"Some employers may not want to pay for tests their employees take as a condition for continued employment, but others may wish to do so. Reasons include retaining unvaccinated workers, complying with state workplace rules, or meeting collective bargaining obligations. Providing such coverage, however, can create traps for the unwary."

DOL and IRS Provide Relief on Deadlines

"The DOL indicates it will focus on compliance assistance instead of enforcement during this time.... The relief does not require employers to issue a broad-based notice about the suspension of the deadlines or to change forms."

ERISA Plan Investment Management in a Time of Market Disruption

"[C]onsider whether now is a good time for a special meeting of your investment committee ... [C]areful documentation of decisions -- and the reasons behind them -- is critical to protecting yourself against litigation.... [C]heck in with your plan's service providers to verify how they will continue services amidst COVID-19's disruptions."

Seattle Employers: Prepare for Employee Commuter Benefits

"Employers are covered under the ordinance if they employ twenty [20] or more employees worldwide, including part-time, seasonal, and temporary employees.... [An] employer must offer its employees a pre-tax election option for transit or vanpool expenses or a partially or wholly paid transit pass. Employers need to make the offer of the pre-tax benefits within 60 calendar days of an employee commencing employment.... Despite going into effect January 1, 2020, enforcement ... will begin January 1, 2021."

SEC Examines Mutual Funds, Money Market Funds and Target Date Funds

"On November 7, 2019, the SEC's Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert highlighting the most often cited deficiencies and weaknesses observed in recent examinations of registered investment companies, including as related to national examination initiatives focusing on money market funds and target date funds."

Under New IRS Section 162(m) Guidance, Many Common Arrangements Will Lose Grandfathered Status

"[Notice 2018-68] provides a number of examples of its interpretations of the amended Code Section 162(m) that are not always intuitive.... In addition, there are a number of areas that still require future guidance, including what modifications will be permitted with respect to deferred compensation plans that require a payment delay until such payment will be fully deductible by the company, as permitted under Section 409A of the Code."