Proskauer Rose LLP has issued two recent client briefings about new legal developments.
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Benefits Think News You Can Use: Retiree medical and ERISA updates
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Benefits Think Government-mandated sick-leave plans unlikely to be preempted by ERISA
With the potential for additional state and local laws, the challenge of complying with all of them is only going to get harder, says attorney Terry Lang Jr.
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Lessons retirement plan sponsors can take from Tibble decision
To avoid breach of fiduciary duty claims in the future, retirement plan sponsors need to reexamine the investment policy statement for their 401(k) plans to make sure they are doing enough to make sure workers retirement funds are invested in the lowest fee and best investments possible.
DOMA decision raises as many questions as answers
The decision impacts the application of more than 1,000 federal laws, including those affecting benefits administration such as certain sections of the Internal Revenue Code and ERISA.
When is ERISA preemption permitted? Beneficiary designation forms can cause headaches for benefits administrators
Benefit administrators, 401(k) vendors, recordkeepers and benefits professionals regularly recommend that participants in qualified retirement plans periodically review and update their beneficiary designation forms. Qualified retirement plans provide that if a married participant dies without a beneficiary designated, the death benefit will be paid to the participant's spouse, unless the spouse consents in writing to appointing an alternate payee. For a single participant, benefits are paid to their estate if no beneficiary is designated. What could be simpler that merely indicating to whom or to what entity a participant wishes their assets to be transferred in the event of death? Unfortunately, numerous issues arise in connection with the simple task of designating a beneficiary.
Benefits Think News You Can Use: Devil well hidden in health care details
Published reports suggest that the idea of taxing employer-provided health insurance is losing ground, though still on the bargaining table. Sen. Kent Conrad (D.-N.D.) has noted that such a proposal appears to be unpopular with voters. Indeed, a recent Quinnipiac University poll of 3,063 people found that 63% of the respondents opposed a tax on employer-provided health benefits, while 55% favored limiting tax deductions for families earning more than $250,000 a year.