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|U.S. Supreme Court Issues Important Decision Affecting Fiduciaries of ESOPs|
Emily A. Hayes; Wilson Elser Moskowitz Edelman & Dicker LLP;
August 19, 2014, previously published on August 12, 2014In a recent decision, Fifth Third Bankcorp v. Dudenhoeffer, 189 L.Ed. 2d 457 (2014), the U.S. Supreme Court vacated the “presumption of prudence” previously given to fiduciaries of employee-owned stock ownership plans (ESOPs) by many circuits, including the Second Circuit in In re...
|Unpaid Overtime: Finding Overtime Violations|
Jeffrey H. Rasansky; Rasansky Law Firm;
August 14, 2014Employees are being forced to work longer hours without the benefit of additional compensation. Even though it is against labor law, many employers are managing to get by with it. They find ways to bypass the laws, so it’s essential for employees to know their rights and to keep track of the...
|Health Care Reform: Employers Should Prepare Now for 2015 to Avoid Penalties|
Jackson Lewis P.C.;
August 12, 2014, previously published on August 8, 2014Under the Patient Protection and Affordable Care Act, beginning in 2015, certain large employers who do not offer affordable health insurance that provides minimum value to their full-time employees may be subject to significant penalties. These penalties are explained below.
|Second Circuit Finds State Insurance Laws Prohibiting Insurer From Seeking Reimbursement For Medical Benefits Paid In Tort Settlements Not Preempted By ERISA|
Sutherland Asbill Brennan LLP;
August 8, 2014, previously published on August 4, 2014The Second Circuit held that ERISA does not preempt claims against defendant-insurers under a New York state law prohibiting insurers from seeking reimbursement of medical benefits paid in tort settlements. The opinion reversed the district court’s ruling and resulted in the revival of a New...
|Fourth Circuit Adopts More Demanding Test for Exercise of Objective Prudence by Retirement Plan Fiduciaries -Tatum v. RJR Pension Investment Committee|
Robert W. Shaw, Mark S. Thomas; Williams Mullen;
August 8, 2014, previously published on August 6, 2014In the latest ruling in a long-running battle arising from company stock fund divestments, the U. S. Court of Appeals for the Fourth Circuit has underscored the importance of procedural prudence in the management of plan assets. In Tatum v. RJR Pension Investment Committee et al, No. 13-1360 (4th...
|Financial Service Company’s Nonqualified Plan Found to be an ERISA Pension Plan|
Brenna M. Clark, Adam B. Cohen, Andrea M. Gehman, Michael A. Hepburn, Paul R. Lang; Sutherland Asbill & Brennan LLP;
August 8, 2014, previously published on August 6, 2014In Tolbert v. RBC Capital Markets (July 14, 2014), the U.S. Court of Appeals for the Fifth Circuit held that a deferred incentive compensation plan maintained by a financial services company for certain employees was an “employee pension benefit plan” (pension plan) for purposes of the...
|Update For Retirement Plans Post-Windsor|
Stuart O. Baesel, Sandra Mills Feingerts, Lorie Maring; Fisher & Phillips LLP;
August 6, 2014, previously published on August 1, 2014 Now that some of the dust has settled on the U.S. Supreme Court’s decision in U.S. v. Windsor, employers who haven’t done so already should take immediate steps to review their retirement plan documents and administrative practices to determine if any changes or amendments are needed.
|Are Your Beneficiary Designations Heir Tight?|
Sandra Mills Feingerts; Fisher & Phillips LLP;
August 6, 2014, previously published on August 1, 2014 An often-neglected area in the world of benefit plan administration is the beneficiary designation form. Many participants complete their beneficiary designations incorrectly because they don’t read the instructions carefully or don’t understand the instructions. Beneficiary designation...
|IRS Issues Final Regulations On Longevity Annuities|
Sandra Mills Feingerts; Fisher & Phillips LLP;
August 6, 2014, previously published on August 1, 2014 With the goal of providing retirees with more options to manage their retirement income, the IRS issued final regulations on “qualified longevity annuity contracts” (QLACs). A QLAC is a type of deferred annuity that commences at an advanced age and continues for the life of the retiree.
|Shared Parental Leave: Top 5 Issues to Consider|
Nicholas Robertson; Mayer Brown International LLP;
August 5, 2014, previously published on July 2014The introduction of shared parental leave is intended to provide a framework to support modern working families and allow them to balance childcare responsibilities. Three sets of draft regulations covering shared parental leave and pay have just been laid before Parliament and are due to come into...