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New DOL Proposed Regulations Require Additional Disclosures for QDIAs and Target Date Retirement Funds (PDF)

4 pages. Excerpt: Part I of this Client Alert provides historical background regarding target date retirement funds and why the DOL believes additional rulemaking in this area is necessary, part II provides an overview of the proposed regulation's requirements and compares them to similar proposed regulations issued by the Securities and Exchange Commission ..., and part III recommends actions plan fiduciaries should take now in light of the proposed regulations.

DOL's Proposed New ERISA Rule to Expand the Definition of 'Fiduciary' (PDF)

5 pages. Excerpt: The Proposed Rule would re-write and expand the scope of the current 35-year old regulation ... that delineates when a person becomes a fiduciary by reason of providing 'investment advice' for a fee or other compensation with respect to plan assets.

DOL Interprets the FMLA Broadly and Expands Leave Protections for Those Who Stand In Loco Parentis to a Child (PDF)

3 pages. Excerpt: The Interpretation departs from a literal reading of the regulation's conjunctive rule. Instead, it states that either day-to-day care or financial support may establish an in loco parentis relationship.

Health Care 'Reform' Provides No Relief for Employers (PDF)

7 pages. "Those who thought that health care reform should focus on fixing this country's runaway health care cost crisis will find little 'reform' in the Patient Protection and Affordable Care Act (PPACA) just signed by President Obama. Instead, PPACA creates a vast new entitlement, significantly raises taxes on higher income individuals, and imposes much of the burden of providing the newly mandated coverage on employers. Existing health plans generally are 'grandfathered,' but grandfathered plans are exempt from only some of the new requirements."

SEC Rule Changes for 2010: Be Ready to be Held Accountable (PDF)

12 pages. Excerpt: Although the SEC's final rules made welcome improvements upon a few of the original proposals, the final rules are fairly consistent with the proposed rules. Compliance should be achievable on registrants' regular proxy schedule, provided that directors and officers start the year by establishing a time-and-responsibility schedule for ensuring a thoughtful response to the new rules.

Compliance Update for Tax-Qualified Retirement Plans (PDF)

4 pages. Excerpt: This Client Alert describes upcoming key deadlines and actions that must be taken by plan sponsors of tax-qualified retirement plans by the end of 2009 or beginning of 2010. In particular, many plansponsors that maintain qualified plans must adopt certain amendments to comply with the Pension Protection Act by December 31, 2009. In addition, plan sponsors should ensure compliance with recent regulations and guidance on plan disclosures that apply to all qualified plans.

The Employer Provisions of the Genetic Information Nondiscrimination Act Are Now Effective (PDF)

Excerpt: Title II of GINA prohibits employers from engaging in three types of conduct: (i) discrimination on the basis of genetic information, (ii) the intentional gathering of genetic information about employees orapplicants, and (iii) retaliation against employees who complain about a violation of any GINA provision. In addition, GINA creates new rules regarding the protection of genetic information to the extent it is obtained by employers. GINA covers employers with 15 or more employees, employment agencies, labor unions, and apprenticeship or training programs. It protects employees, job applicants, labor union members, and apprentices and trainees.

Compliance Update for Health and Welfare Plans, November 2009 (PDF)

5 pages. Excerpt: This Client Alert provides a broad overview of several recent statutory and regulatory changes that have a significant impact on the operation and administration of employer-provided health and welfare plans that require implementation in 2009 or 2010. Employers should examine their benefit programs closely in light of these changes and take immediate action where necessary to ensure compliance.

California Supreme Court Upholds Forfeiture of Incentive Compensation (PDF)

4 pages. Excerpt: In a closely watched case involving the Smith Barney Capital Accumulation Plan, the California Supreme Court has ruled unanimously that state law does not prohibit an employer from forfeiting an employee's incentive compensation when the employee quits or is terminated for cause before the date that the compensation vests. Schachter v. Citigroup, Inc., No. S1611385, 2009 Cal. LEXIS 11056 (Nov. 2, 2009). But in dicta, the court suggested an exception to its ruling: If an employee is terminated without cause, then the employee still may be entitled to a pro rata share of the compensation at issue. The court did not elaborate on what would constitute 'cause' in this context, whether the reason for the termination would make a difference, or whether an express provision in the incentive-compensation plan would eliminate the potential exposure. It therefore is unclear how far this exception may go.

The SEC's Proposed Proxy Access Rules, Related Delaware Law Changes, and Proposed Federal Corporate Governance Legislation (PDF)

16 pages. Excerpt: While the SEC's proposed proxy access rules are subject to comment and modification, given the recent amendments to the DGCL and the current political climate surrounding the introduction of federal corporate governance legislation, it is increasingly likely that stockholders will be afforded significantly expanded access to the proxy statements of public companies for the purpose of nominating directors. Accordingly, the remainder of this client alert provides an overview of: the SEC's proposed proxy access rules; proposed changes to the SEC's shareholder proposal rules to facilitate alternative proxy access regimes; recent amendments to the DGCL that take effect on August 10, 2009, including those relating to proxy access and reimbursement of proxy solicitation expenses and other matters; the proposed federal Shareholder Bill of Rights Act of 2009; and the proposed Shareholder Empowerment Act.