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Companies that serve 401(k) plans are asking the Labor Department to reconsider its stance on mailed notification, so that they can save costs by using email instead of regular mail to send information to plan participants. However, the industry also is trying to balance that need with the needs of older workers, who tend to not be as computer-savvy.
March 29 -
Facebook and lawmakers have warned employers against requesting Facebook passwords while screening job applicants, a controversial practice that underscores the blurring distinction between personal and professional lives in the era of social media.
March 27 -
Skinner is a welcome decision for plan fiduciaries. It is, however, only the first appellate opinion on the subject post-Amara. Additionally, the facts of the case were not particularly compelling for the plaintiffs, since they received accurate information before making their retirement decisions and thus never relied on the faulty SPD. Undoubtedly other courts will tackle the issue of ERISA remedies in the coming months. In the meantime, however, employer/plan administrators should continue to subject their plan documents and benefits communications to a careful review to ensure their accuracy and clarity. Skinner teaches that, in the context of benefit communications, an ounce of prevention is truly worth a pound of cure.
March 23 -
The Department of Labor is not going to let push-back from the financial services industry delay its fiduciary rule for advisers who handle retirement plans but that does not mean the regulation will be out anytime soon.
March 21 -
When making decisions about benefit plans, plan sponsors should take some time to consider what role they are playing. I am working with a company that is terminating its health plan and the distinction between "settlor" functions and "fiduciary" functions became very significant. So I thought I might share some thoughts on the topic.
March 16 -
On Tuesday, HR/benefits practitioners got some free legal advice regarding their specific obligations under new Department of Labor 401(k) fee disclosure rules, which go into effect next month.
March 7 -
Two years after the Internal Revenue Service and U.S. Department of Labor jointly issued a high-profile Request for Information regarding how defined contribution plans can better provide lifetime income, the IRS and Department of the Treasury have issued some initial guidance. DOL guidance, expected to further underscore the importance of the issue, is anticipated “in the near future.”
March 2 -
Three separate panels of witnesses testified at the February 15 Equal Employment Opportunity Commission meeting to discuss the laws that govern pregnancy and caregiver-based employment discrimination, current charge statistics on these types of claims and how to help employers comply with the many laws involved. Several panelists urged the Commission to update and clarify current guidance to better assist employers.
February 24 -
It's tax time again and I tend to get questions this time of year about reporting of benefits. Health plans that provide coverage to same-sex couples and domestic partners require some special consideration for tax purposes so let's review some of the key issues. The first is verification of status. Some employers voice to me concerns over asking for marital status for fear that requiring enrollees to identify potential same-sex partners is tantamount to discrimination. But
February 17 -
A woman whose firing from her job over a request to pump breast milk was supported by a Texas judge said last week the decision was unfair and discriminatory, and her lawyer said an appeal was under consideration.
February 14
