Regulation and compliance
Regulation and compliance
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Businesses whose employees work in Seattle have only days remaining before new paid sick and safe time rules kick in.
August 29 -
An Ohio manufacturer recently learned the value of having oral and written disclaimers in place after a cash-balance plan participants monthly retirement benefit turned out to be less than half of what she was told it would be.
August 24 -
The Labor Department has sued to restore more than $34 million in assets to two retirement funds of Michigan-based vehicle parts manufacturer Metavation LLC that allegedly were used in violation of ERISA.
August 22 -
The IRS has proposed eliminating a signature requirement on an automatic extension for filing deferred vested benefit information, which a recent Segal Compliance Alert characterized as a small but irritating nuisance for many plan sponsors.
August 21 -
A U.S. bankruptcy court judge has denied a request by American Airlines parent company to abandon collective bargaining agreements with its pilots in an effort to save more than $1 billion a year in labor and benefit costs.
August 20 -
While employers are loath to spend money in a tight economy, it is no longer reasonable for plan sponsors to avoid having specialists assisting them in dealing with their benefit plans.
August 17 -
Workers compensation benefits declined to $57.5 billion in 2010, according to a new report by the National Academy of Social Insurance.Workers compensation benefits declined to $57.5 billion in 2010, according to a new report by the National Academy of Social Insurance.
August 13 -
Although its unclear when obesity is deemed severe enough to constitute an ADA-protected disability, it is now clear that morbid obesity warrants such protection.
August 10 -
While retirement plan sponsors do not have a fiduciary obligation to tell participants that they have made an unwise investment choice, they should limit investment options to strategies that meet the acceptable diversification criteria outlined in ERISA.
August 3 -
The Labor Department this week issued guidance on rules requiring companies to disclose 401(k) fees to employees that will be welcome news to most employers. But for some small companies with 401(k) plans, the guidance may raise more questions, experts said.
August 1 -
While President Barack Obama's open support of same-sex marriage hasn't caused any immediate change in federal law, the 1st U.S. Circuit Court of Appeals in Boston ruled recently that part of the Defense of Marriage Act - which denies federal benefits to same-sex married couples - is unconstitutional and cannot be enforced. Noting that a "Supreme Court review of DOMA is highly likely," however, the 1st Circuit put the ruling on hold.
August 1 -
It's important to maintain strong relationships with employee benefit advisers who provide professional services at reasonable fees. However, employers must periodically question why they maintain certain relationships, particularly if fees appear to be higher than usual and/or service has declined. Sometimes a relationship is maintained with a vendor due to a long-term friendship. Other times it's maintained due to the influence of a parent corporation or for other business reasons. In all circumstances, employers should periodically evaluate vendors, fees and services, and ensure that no undue influences exist. For this reason, many employers should consider establishing a formal ERISA fiduciary gift policy.
August 1 -
As employers brace for significant changes in pension law, they will need to review their impact on minimum-funding contributions, PBGC premiums and current funding-based benefit restrictions, as well as employee communications and funding and investment strategies.
July 27 -
Altera Corp. and the Internal Revenue Service are battling in U.S. Tax Court over the semiconductor makers handling of employee stock-based compensation and a unit in the low-tax Cayman Islands.
July 26 -
A selected list of pending and resolved lawsuits involving racial harassment allegations offers a teachable moment about the need for sensitivity training, as well as whats offensive, harassing and illegal.
July 13 -
The health care trust affiliated with the United Auto Workers named a former Stanford University official and Hewlett-Packard Co executive to manage its $54 billion in assets earmarked for retiree medical benefits.
July 12 -
In April, the Internal Revenue Service issued proposed regulations on collecting fees from health insurance issuers and self-insured group health plan sponsors for establishing the Patient-Centered Outcomes Research Trust Fund, as required under the Patient Protection and Affordable Care Act. The fund provides funding for a new Patient-Centered Outcomes Research Institute. PPACA requires the Institute to conduct research to evaluate and compare health outcomes and the clinical effectiveness, risks, and benefits of medical treatments, services, procedures, drugs and other strategies or items that treat, manage, diagnose or prevent illness or injury.
July 1 -
Now that the high court has upheld all Patient Protection and Affordable Care Act provisions pertaining to employers, the focus shifts to numerous compliance obligations and possible economic implications of fully implementing the health care reform law.
June 28 -
As I was thinking about a topic to share my "vast" knowledge and information with my benefit peers, it occurred to me just how much I don't know. If it's not regulations and politics yanking our chain, it's the financial markets undoing what we thought we knew historically about trends; it's our employee demographics changing; it's the Pension Benefit Guaranty Corporation changing rates and the Department of Labor issuing guidance; it's the vendor and consultant landscape changing with mergers or core business focus; and it's the evolution in financial products. So here are the many things I am not:
June 15 -
A former human resources employee who worked for Bernard L. Madoff Investment Securities pleaded guilty to five criminal counts, including sending forms to the Department of Labor about people who were not employed by the firm, even though they were on payroll and provided benefits. He also admitted to filing false U.S. individual income tax returns. The charges carry a maximum possible prison term of 19 years.
June 7