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McGuireWoods Comment Letter to SEC on Proposed Pay Ratio Rules (PDF)

"Registrants should be allowed to identify the median employee by using statistical sampling based on a definition of compensation other than 'annual total compensation' under Item 402.... We recommend that the final rule follow the proposed rule by not including leased employees, independent contractors or other individuals who are not statutory employees of the registrant in the determination of the median employee.... We recommend that the final rule give companies the flexibility to choose a date other than the last day of the company's most recent completed fiscal year for identifying the company's employees for purposes of calculating the pay ratio."

McGuireWoods Healthcare Reform Guide Updates

This edition covers: Postponed Deadline for Insured Group Health Plans to Comply with Nondiscrimination Rules; Virginia Seeks Direct Review of PPACA; Florida District Court Grants Justice Department Stay on Ruling Declaring PPACA Unconstitutional; and, Progress Made Toward Repeal of New 1099 Reporting Rules, But Future Still Uncertain.

McGuireWoods Comments on Proposed Rules for Shareholder Approval ofExecutive Compensation and Golden Parachute Compensation (PDF)

5 pages. "Our comments focus on to the interplay of several of the proposed rules with common executive compensation practices."

McGuireWoods Healthcare Reform Guide: Grandfathered Health Plans

Excerpt: The statutory language allows the following events to occur without changing grandfathered status: Participants in a grandfathered plan may renew their coverage (for example, during the next open enrollment) after the date of enactment. Participants may enroll their dependents for coverage, including dependents who were not covered at the date of enactment. New employees and their dependents may be enrolled in a grandfathered plan.'

Comparison of Health Reimbursement Accounts to Flexible Spending Accounts (PDF)

3-page chart prepared by McGuireWoods LLP; thanks to Jeffrey R. Capwell of the firm for this contribution!

IRS Final Regs on Catch-Up Contributions: What Plan Sponsors Should Know

"Plan sponsors should review their plan documents to: [1] implement a 'deemed Roth election' that automatically treats high-earner catch-ups as Roth, [1] specify whether wages from multiple employers in a controlled group or from a common paymaster will be aggregated when determining high-earner status, [3] describe any super catch-up opportunity for individuals aged 60 to 63 and [4] describe any in-plan rollover feature that it may consider as a method of correction."

The Thoughtful Fiduciary's Guide to Alternative Assets for 401(k) Investors

"The order does not: [1] Change ERISA fiduciary standards ... [2] Require inclusion of alternative assets in retirement plans ... [3] Provide guidance or safe harbors ... [C]ompanies should ... [1] Update fiduciaries ... [2] Monitor forthcoming guidance ... [3] Understand alternative asset classes ... [4] Understand investment requirements ... [5] Tread carefully."

DOL Issues Guidance Implementing SECURE Act Changes to Defined Benefit Plan Annual Funding Notices

"Congress revised the statutory framework for AFNs through SECURE 2.0, prompting new compliance challenges for plan sponsors. [FAB 2025-02] is intended to clarify the act's compliance expectations for AFNs beginning this year."

HHS Proposed Rule May Enhance HIPAA Security But Leaves AI Questions Open

"While the proposed rule is an important component of HHS’ ongoing effort to enhance cybersecurity requirements, many of the proposals raise significant new questions regarding HHS’ expectations. If adopted, the sweeping changes could have a significant impact on the way covered entities and business associates conduct business, including with each other.... While OCR had the opportunity to set new ground rules for the use of artificial intelligence and machine learning (AI/ML) in the proposed rule, the agency instead chose to request additional input on their use. "

Are You Providing Free Translators for Individuals with Limited English Proficiency?

"A covered entity must take reasonable steps to provide meaningful access and communication to everyone with LEP. This includes providing, for free and to the extent required, language assistance, qualified interpreters and translators, and other services such as translation of patient notices and forms."