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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."

Lost and Not Yet Found: Plan Sponsors' Duties Regarding Missing or Unresponsive Plan Participants (PDF)

"[A] variety of reasons [may] lead to a participant's being deemed missing, such as a participant's failing to update contact information after moving, switching phone providers, changing their name due to a marriage or divorce, or passing away with their beneficiaries unaware of their benefits. This article summarizes a plan sponsor's duties regarding missing or unresponsive plan participants and alternative methods for disposition of related plan amounts."

DOL Confirms That Lifetime Income Can Be Part of a Qualified Default Investment Alternative

"While it is helpful to have the DOL clarify this conclusion, many lawyers in the industry have already determined that including lifetime income in an investment option that otherwise meets the definition of QDIA will not impact its qualification as a QDIA. It is also helpful to have the DOL confirm that a fiduciary that meets one of the safe harbors applicable to selecting an insurance company to provide annuities in a defined contribution plan will satisfy such fiduciary's duties under ERISA."

Time to Catch Up with 2025 Year-End Action Items for Your Tax-Qualified Plan

"Action Items for Plan Sponsors: [1] Ensure that the plan has processes in place to (i) identify participants who may be high earners subject to the Roth catch-up requirement and (ii) track FICA wages. [2] If the plan allows for Roth contributions, ensure that the plan has a system to implement deemed Roth catch-up elections for participants who are subject to the Roth catch-up requirement. [3] If the plan does not provide for Roth contributions, ensure that the plan does not allow participants subject to the Roth catch-up requirement to make catch-up contributions, or consider amending the plan to allow for Roth contributions."

83(b) Goes Digital: Two Quirks Founders Should Know Before You Click 'Submit'

"Each online filing currently accepts a maximum of 999,999 securities per submission. Very large founder grants and early-exercise option exercises can exceed this.... The online form only allows two decimal places for the fair market value per security and the amount paid per security. This could be a problem for many typical startup early common stock prices (e.g., US$0.0001 per share) and a source of rounding noise in the form's auto-calculated totals."

Big Changes and Big Opportunities: Navigating the Employee Benefits Provisions of the One Big Beautiful Bill Act

"What [employers] need to do [1] Determine which changes apply to your employee benefit plan and when they need to be implemented.... [2] Review employee and board of directors communications that discuss affected items ... [3] Consider plan document amendments or written plan requirements and whether policy changes are needed.... [4] Have conversations both internally (i.e., with payroll, accounting) and externally (i.e., with nondiscrimination testing providers, third-party administrators) to discuss administrative practices that these changes may affect."

SEC Evaluating Executive Compensation Disclosures Through Roundtable Discussion

"The conversation largely focused on the effectiveness of the current executive compensation disclosure rules, whether the rules achieve the goals of the underlying legislation, and areas where the rules can be improved.... [A] few areas of agreement emerged: [1] The benefits of some disclosures do not justify the costs.... [2] Current disclosure rules encourage overly long and complex disclosures ... [3] Perquisite requirements have unintended consequences."

CMS Sets Stage for 2028 Medicare Drug Price Negotiations: First Look at Negotiations for Part B

"This Draft Guidance introduces several developments affecting manufacturers of drugs covered under both Medicare Part B and Part D, as 2028 is the first negotiation cycle that will include Medicare Part B drugs.... CMS provided new commentary that may alter its treatment of fixed combination products as well as initial guidance on implementation of the renegotiation provisions of the Inflation Reduction Act."

Mandatory Catch-Up Contribution 'Rothification': Actions Plan Sponsors Should Take Now

"Plan sponsors should develop processes to [1] identify participants who will be subject to the new Rothification requirement, [2] track FICA wages, and [3] implement the deemed Roth catch-up elections; and work with counsel to ensure plan documents, employee communications, and summary plan descriptions reflect these new Rothification requirements."

The Latest in a Long Line of Long-Term, Part-Time U.S. Employee Guidance

"The IRS stated that it anticipates issuing proposed regulations with respect to Section 403(b) plans that are expected to be similar to the final regulations regarding 401(k) plan LTPTEs. The Notice also confirms that the forthcoming final regulations regarding LTPTEs participating in Section 401(k) plans will apply only to plan years beginning on or after January 1, 2026."