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176 Matching News Items
1.
Excessive Fees or Incessant Litigation: It's Time for Legislative and Employer Action on Retirement Plans
Davis Wright Tremaine LLP
May 29, 2024
Davis Wright Tremaine LLP
May 29, 2024
"[C]lass actions that allege retirement plan investments charge too much and earn too little have increased over the past two decades.... [Y]ears of case law have failed to clarify the law ... Should the outcome of excessive fee cases depend on where the case is filed? ... Can Congress curb these actions by codifying the prudent process? ... What can employers do while awaiting a legislative solution?"
2.
Changes to Paid Leave Oregon and OFLA Take Effect July 1, 2024
Davis Wright Tremaine LLP
May 23, 2024
Davis Wright Tremaine LLP
May 23, 2024
"OFLA no longer covers parental leave and serious health conditions. OFLA will now only offer a total of four weeks of bereavement leave rather than 12 weeks. Sick child leave under OFLA will be expanded ... Leave under PLO and OFLA can no longer be taken concurrently. However, leave under OFLA and PLO must still be taken concurrently with FMLA."
3.
SECURE 2.0 Options Impact Form W-2 and Form 1099-R Reporting
Davis Wright Tremaine LLP
May 13, 2024
Davis Wright Tremaine LLP
May 13, 2024
"[IRS Fact Sheet 2024?18 highlights] how three SECURE 2.0 provisions, if offered by a plan sponsor, are reported on Forms W-2 ... and Forms 1099??R beginning with the 2023 tax year. Those provisions are: [1] de minimis financial incentives, [2] ROTH SIMPLE IRAs and ROTH SEP IRAs, and [3] designated ROTH employer contributions ... Plan sponsors who have implemented these features must use updated tax reporting forms (or, as applicable, file amended tax reporting forms) to comply with their reporting obligations."
4.
FTC Publishes Final Rule Banning Non-Competes
Davis Wright Tremaine LLP
May 8, 2024
Davis Wright Tremaine LLP
May 8, 2024
"Though the FTC argues [that] the agency charged with regulating 'competition' can regulate 'non-competition' agreements, the legal challenge will be more complicated. The Commission will be pressed to defend the lack of specific delegation of authority under Section 5 of the FTC Act by Congress to regulate contracts historically governed by state law. Indeed, two of the commissioners voted against adopting the final rule for this reason."
5.
Washington State Employers Now Have Greater Access to PFML Leave Information for Employees
Davis Wright Tremaine LLP
Feb. 28, 2024
Davis Wright Tremaine LLP
Feb. 28, 2024
"Employers will now be able to view: Employee application dates, Requested leave dates, Leave type requested, and PFML leave decisions and approved dates. However, employers will not be able to review: Employee health information, The specific reason for the leave, Benefit or payment amounts, or Hours of benefits used. Likewise, information about whether the leave is intermittent or continuous is unavailable."
6.
New Mental Health Parity Guidance Creates More Work, Cost, and Risk for Plan Sponsors
Davis Wright Tremaine LLP
Oct. 15, 2023
Davis Wright Tremaine LLP
Oct. 15, 2023
"The 2023 Guidance proposes a number of changes to MHPAEA compliance, primarily with respect to NQTL requirements. The NQTL provisions are intended to prevent plans from designing and implementing NQTLs with greater limits on access to MH/SUD benefits as compared to M/S benefits. ... New 3-prong test for NQTLs ... Content requirements for NQTL comparative analysis ... Meaningful benefits."
7.
California Mandatory Paid Sick Leave Increases in 2024
Davis Wright Tremaine LLP
Oct. 8, 2023
Davis Wright Tremaine LLP
Oct. 8, 2023
"Effective January 1, 2024, employers must provide qualifying employees (working in California) with up to five [5] days/40 hours of Paid Sick Leave (PSL) for use per year, an increase of the current law requiring three (3) days/24 hours of PSL. Like the current law, non-exempt employees must be paid PSL at their regular rate of pay."
8.
San Francisco Health Care Security Ordinance: New Expenditure Rates for 2024
Davis Wright Tremaine LLP
Sept. 11, 2023
Davis Wright Tremaine LLP
Sept. 11, 2023
"What covered employers must do: [1] Calculate and make the required Health Care Expenditures on behalf of their Covered Employees [as shown in a chart] ... [2] Maintain records of their Health Care Expenditures; [3] Post the SFHCSO poster ... in all workplaces with Covered Employees and distribute a copy to remote Covered Employees; and [4] Submit the SFHCSO Annual Reporting Form ... by April 30, 2024."
9.
Oregon's PFML Program Is Going Live Soon: What Employers Need to Know
Davis Wright Tremaine LLP
Aug. 28, 2023
Davis Wright Tremaine LLP
Aug. 28, 2023
"Eligible employees may receive benefits under Oregon's paid family and medical leave (PFML) program starting September 3, 2023.... This advisory provides a brief overview of PFML program basics, explains recent changes to PFML and related laws, and highlights some key considerations to help employers navigate this new program."
10.
Prudent Plan Governance Essential in Defense Against Fiduciary Breach
Davis Wright Tremaine LLP
Aug. 16, 2023
Davis Wright Tremaine LLP
Aug. 16, 2023
"Although there is a split in the courts as to whether jury trials are permitted in ERISA excessive fee actions, the verdict in Yale ... demonstrates plan sponsors do not always have to settle (which is often the goal of plaintiff-side firms bringing such cases) and that jury members can be sympathetic to large employers who run well-managed retirement plans. If employers are encouraged to proceed to trial rather than settle, this could have a dampening effect on the flood of excessive fee litigation." [[Vellali v. Yale Univ., No. 16-1345 (D. Conn. Jun. 28, 2023)] ]
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