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648 Matching News Items
1.
OCR Releases Final HIPAA Privacy Rule to Support Reproductive Health Care Privacy
Morgan Lewis
May 16, 2024
Morgan Lewis
May 16, 2024
"Covered entities must revise their Notice of Privacy Practices to include, among other things, information regarding the types of uses and disclosures prohibited by the Final Rule, as well as the scenarios in which an attestation will be required. Covered entities have until February 16, 2026 to comply with the updated Notice of Privacy Practices requirements."
2.
Fallout After Sweeping FTC Ban on Noncompetes, Part 3: Impact on Mergers and Acquisitions
Morgan Lewis
May 13, 2024
Morgan Lewis
May 13, 2024
"One of the primary exemptions under Section 280G permits the company to establish by clear and convincing evidence that a payment is 'reasonable compensation' for services to be provided after the change in control, which includes refraining from providing services due to an enforceable noncompete covenant. To the extent that covenants based on noncompete clauses are unenforceable under the Final Rule, a significant tool used to reduce parachute tax penalties will cease to be available. T"
3.
Fallout After Sweeping FTC Ban on Noncompetes, Part 2: Prohibited vs. Permissible Compensation Arrangements
Morgan Lewis
May 7, 2024
Morgan Lewis
May 7, 2024
"The Final Rule goes beyond prohibiting straightforward noncompete clauses. It also prohibits functional noncompetes, which are arrangements that serve to restrict, 'penalize,' or 'function to prevent' a worker from working after their current employment terminates. In the preamble to the Final Rule, the FTC indicates that inclusion of the term 'penalize' is meant to prohibit clauses that 'require a worker to pay a penalty for seeking or accepting other work or starting a business after their employment ends.' "
4.
Recent DOL Publications Offer Insight Into Possible Areas of Focus for Investigations and Enforcement
Morgan Lewis
May 7, 2024
Morgan Lewis
May 7, 2024
"[The] main takeaway from the [DOL's] fact sheet, budget, and the stated Enforcement Projects, as well as recent experience with DOL investigations, is that the following areas may be of particular focus during future DOL investigations: [1] Cybersecurity and participant data issues.... [2] Missing participants ... [3] Illiquid and hard-to-value assets, including private equity and alternative investment classes (such as cryptocurrency) in both defined benefit and defined contribution plans.... [4] Mental health parity and MHPAEA enforcement.... [5] Proper use of plan forfeitures.... [5] Evidence of insurability issues[.]"
5.
Executive Compensation Fallout After Sweeping FTC Ban on Noncompetes
Morgan Lewis
May 1, 2024
Morgan Lewis
May 1, 2024
"Existing noncompetes with 'senior executives' who are in 'policy-making positions' with respect to the entire business enterprise and earn more than $151,164 annually remain enforceable.... The Final Rule does not prohibit enforcement of noncompete clauses that are entered into pursuant to a bona fide sale of a business entity.... The Final Rule's definition of senior executive is significantly narrower than similar concepts in other legal regimes that govern executive compensation."
6.
Determining the Treatment of Performance-Vesting Equity Awards in M&A Transactions
Morgan Lewis
Apr. 29, 2024
Morgan Lewis
Apr. 29, 2024
"The analysis for how best to treat performance-vesting awards in connection with a corporate transaction can be multifaceted and will vary deal by deal depending on the facts and circumstances.... ... Should unvested awards be accelerated at closing? ... Can the existing performance goals be modified or adjusted to continue to apply postclosing? ... How is the performance level measured?"
7.
Final 417(e) Regs Add New Requirements and Offer Design Flexibility
Morgan Lewis
Apr. 24, 2024
Morgan Lewis
Apr. 24, 2024
"The [IRS] recently issued final regulations concerning 'minimum present value requirements' for tax-qualified defined benefit plans. There are three primary changes for sponsors of DB plans to note and consider in their plan design. [1] Expansion of anti-cutback relief for changes to code Section 417(e) interest rate ... [2] Lump sum distributions of employee after-tax contributions ... [3] Social Security level income options."
8.
DOL Proposed Rule on Automatic Portability: Considerations for Plan Fiduciaries
Morgan Lewis
Apr. 21, 2024
Morgan Lewis
Apr. 21, 2024
"The plan administrator is required to include a description of the automatic portability program in their [SPD], including fees and expenses.... The plan fiduciaries are required to ensure that the portability provider's fees are not excessive and that its services are prudent to retain.... Transfer-in plan administrators must designate a 'plan official' who is responsible for monitoring incoming automatic portability transfers ... [T]he plan administrator retains its obligations under the DOL's 2020 cybersecurity guidance to assess the portability provider's data protection and privacy program and monitor it on an ongoing basis."
9.
DOL Finalizes QPAM Exemption Amendment
Morgan Lewis
Apr. 16, 2024
Morgan Lewis
Apr. 16, 2024
"While not specifically stated in the final amendment notice, managers that currently rely on the exemption may wish to provide the Section I(k) notice by the June 17, 2024 effective date of the changes to avoid any question of the exemption's continued availability. ... Firms will want to carefully consider the potential impact of entering into an NPA or DPA, or court-approved settlements raising the types of issues described in the final amendment, on the availability of the exemption on a case-by-case basis."
10.
Dealing with the Deceased Participants in Multiemployer Defined Benefit Plans
Morgan Lewis
Mar. 14, 2024
Morgan Lewis
Mar. 14, 2024
"[P]lan fiduciaries may want to revisit the plan's processes for identifying deceased participants (terminated vested and retirees) to ensure that these processes reflect a proactive, rather than reactive, posture. [This article describes] several practices plans may wish to consider."
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