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Revised QPAM Exemption Takes Effect June 17, 2024

"The amendment requires each QPAM that relies upon the QPAM Exemption to provide a one-time notice to the DOL ... listing the QPAM's legal name (and any name the QPAM may be operating under). Notice is required only once, unless the legal or operating name of the QPAM is changed ... The amendment also significantly increases the assets under management (AUM) and shareholders' or partners' equity requirements."

Effective July 1: Chicago Paid Leave and Paid Sick and Safe Leave Ordinance

"[T]he Chicago Ordinance requires employers to provide Chicago employees with up to forty hours of paid leave and forty hours of paid sick leave every twelve months. That leave accrues under the Chicago Ordinance at a different rate than leave available under the [Illinois] PLFAW Act and the Cook County Ordinance.... [C]omplying with the Chicago Ordinance will be complex for multi‑jurisdictional employers. "

Managers of Plan Asset Funds: Important December 1, 2023 Deadline for DOL's Proxy Voting Rule

"Existing ERISA investors in plan asset vehicles [should] review, confirm and document that the Plan Asset Manager's investment policy statement and proxy voting policies are consistent with Title I of ERISA. To the extent the Plan Asset Manager retains a proxy voting service for the voting of proxies, it must undergo a similar review and document that such proxy voting service's voting policies are consistent with Title I of ERISA."

Bulletin Describes SEC Staff's Expectations Regarding Investment Advisers' and Broker-Dealers' Conflicts of Interest

"While the SEC staff's guidance acknowledges that the specific measures to be taken or factors to be considered by a firm depend on its particular facts and circumstances ... the bulletin includes important reminders regarding the core obligations of firms that engage retail investors and offers insight on the SEC staff's broad view of potential sources of conflicts."

Seventh Circuit Holds USERRA May Require Paid Leave to Reservists

"The Seventh Circuit refrained from actually determining whether sick and jury duty leave are comparable to military leave, however, remanding that determination to the trial court. The White court emphasized the importance of evaluating comparability with the DOL's three-factor test: considering the duration of the leave together with its purpose, and the reservist's ability to choose when to take leave." [White v. United Airlines, Inc., No. 19-2546 (7th Cir. Feb. 3, 2021)]

Paid Sick and EFMLA Leave Provisions in the American Rescue Plan Act of 2021

"[E]mployers cannot prevent employees from taking the maximum allowable EPSL or EFMLA leave provided by the Rescue Plan or restrict usage of the leave to specific months. Such 'picking and choosing' may cause the employer to lose tax credit eligibility."

New California Law Expands Supplemental Paid Sick Leave Requirements

"AB 1867 ... expands California's supplemental paid sick leave requirement to all private employers with 500 or more employees in the United States, and public and private employers of health care providers or emergency responders who were previously excluded from federal emergency paid sick leave requirements.... This provision went into effect on September 19, 2020. It is currently set to expire on December 31, 2020, or upon the expiration of the Emergency Paid Sick Leave Act, whichever is later. The Emergency Paid Sick Leave Act is currently set to expire on December 31, 2020, although this may be extended as the new year approaches."

New ACA Marketplace Notices to Employers Require Action

"This article provides an overview of this new chapter in the ACA's implementation, the nature of the new Marketplace notices being sent to employers, why an employer may want to appeal a determination, how to file an appeal, the relationship between this process and the IRS process for the assessment of employer shared responsibility penalties, and how to reduce the risk of liability for retaliation claims by employees purchasing Marketplace coverage."

EEOC Releases Final Wellness Regs Under the ADA and GINA

"Certain portions of these final EEOC regulations (namely provisions relating to a notice requirement, the 30 percent limit on incentives for participation in a wellness plan, and the GINA rules that apply to spousal Health Risk Assessments (HRAs)) are effective for plan years beginning on and after January 1, 2017. However, the EEOC's position is that the remainder of these final regulations merely clarify and reinforce existing statutory obligations under the ADA and GINA, and apply both before and after May 17, 2016. Thus, these regulations require immediate attention."

Health Care Reform: Employer Reporting and Other Upcoming Key Dates

"[This list] is based upon dates for plans that are operated on a calendar-year basis. Certain dates listed will be different for non-calendar-year plans." [The list contains action items from October 2015 through July 2016.]