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CalPERS Paid Lawyers $7 Million in Bankruptcies

"CalPERS has paid two law firms more than $7 million in the Vallejo, Stockton and San Bernardino bankruptcies, even though a federal judge doubts that it has the legal standing to object to city pension cuts.... In the Vallejo bankruptcy, CalPERS from 2008 to 2012 paid $526,356 to the law firm of Felderstein Fitzgerald Willoughby & Pascuzzi. Then CalPERS switched law firms and from 2012 through last November paid K&L Gates $3.2 million for the Stockton bankruptcy and $3.3 million for the San Bernardino bankruptcy. Peter Mixon, the CalPERS general counsel for 11 years, left CalPERS in 2013 and became a partner in K&L Gates last October."

Impact of QPAM Amendments on CITs: What Banks and Their Advisers Need to Know

"This article analyzes the origins and purposes of the Sole Responsibility Requirement and how it applies in the context of arrangements between banks and investment advisers with respect to CITs. It suggests that, provided certain basic guidelines are followed, the Sole Responsibility Requirement can be reconciled and be consistent with the Bank Maintained Requirement. Consequently, banks and their advisers that adhere to certain basic guidelines consistent with the intent and purposes of the Exemption generally should be entitled to rely on the Exemption for transactions with parties in interest of plans participating in their CITs."

DOL's Fiduciary Rule: The Latest Developments

"Because of the court orders, the current standard for determining whether a financial professional is acting as a fiduciary under ERISA and the Internal Revenue Code in connection with providing nondiscretionary advice remains the five-part test from the DOL's 1975 regulation."

QPAM Exemption Amendment: Key Takeaways and Action Steps for Advisors and Other Stakeholders

"The Amendment will make the QPAM Exemption more difficult to rely upon, and, as a result, fewer asset managers may be able to qualify as QPAMs ... A one-time notice to DOL may not be a difficult condition, but overlooking this condition or failing to update the notice in a timely manner when an entity changes its name could result in the QPAM Exemption not being available. The notice requirement effectively eliminates the ability of advisers to rely on the QPAM exemption retroactively[.]"

Illinois Guarantees One Week of Paid Leave for All Workers

"[E]mployees are entitled to start using their paid leave 90 days following the commencement of their employment or 31 March 2024, whichever is later. The employee may use the paid leave for any purpose without fear of retaliation; the employee does not need to provide a reason to the employer, nor does the employee need to provide documentation or support for the paid leave."

Consolidated Appropriations Act of 2023 Extends Telehealth Waivers

"The Act extends the following current telehealth flexibilities until 31 December 2024: [1] Expanding the definition of originating and geographic sites to include anywhere the patient is located, including the patient's home. [2] Expanding the types of practitioners eligible to furnish telehealth services ... [3] Delaying the in-person requirements under Medicare for mental health services through telehealth ... [4] Extending reimbursement for audio-only telehealth services.... [5] Extending the safe harbor exceptions under health savings account-eligible, high-deductible health plans for telehealth services."

Start the New Year on the Right Foot: File Your ISO and ESPP Returns and Statements on Time

"Deadlines for these annual reporting requirements are quickly approaching: 31 January 2023 or corporations to furnish annual information statements to employees. 28 February 2023 (if filing by paper) or 31 March 2023 (if filing electronically) for corporations to file information returns with the IRS."

Confidentiality of Substance Use Disorder Records: Long-Awaited NPRM Proposes Aligning Part 2 with HIPAA

"[T]he NPRM includes: ... [1] New requirements for patient consent to the redisclosure of Part 2 records. [2] New patient rights to obtain an accounting of disclosures made with consent and to request restrictions on disclosures. [3] Greater restrictions against the use and disclosure of Part 2 records in civil, criminal, administrative, and legislative proceedings against patients.... [4] New breach notification requirements."

Investment Managers Beware: DOL Proposes Major Changes to QPAM Exemption

"The [DOL's] proposed amendment to the QPAM Exemption would impose stricter conditions and make it more difficult for managers to avail themselves of one of the most commonly utilized ERISA exemptions."

When the Federal No Surprises Act's Dispute Resolution Process Does Not Apply: No 'Surprise Billing'

"Although the federal IDR process has established an alternative method for resolving some [out-of-network (OON)] payment disputes, many are still subject to litigation in federal courts. Determining which OON payment disputes fall under the federal IDR process is a source of some confusion. Even for OON patients, there are circumstances in which disputes remain subject to litigation because no 'surprise bill' occurs."