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72 Matching News Items
1.
DOL Expands Investment Advice Subject to Fiduciary Liability
Pillsbury Winthrop Shaw Pittman LLP
May 3, 2024
Pillsbury Winthrop Shaw Pittman LLP
May 3, 2024
"Plan sponsors should review their services agreements and reach out to their financial services providers to ensure that they come into compliance with the new rule, including full disclosure of any potential conflicts of interest. Plan sponsors should also monitor requests for employee data and other communications between their service providers and their employees and other plan participants -- in particular, communications sent out when an employee is retiring or otherwise separating from service or a participant becomes eligible to take a distribution of benefits for any other reason."
2.
DOL Ups Its Game on Cybersecurity Program Oversight, Begins Audits
Pillsbury Winthrop Shaw Pittman LLP
June 23, 2021
Pillsbury Winthrop Shaw Pittman LLP
June 23, 2021
"In light of the DOL's cybersecurity audit initiative, employers and fiduciaries should act now to ... [1] Review internal cybersecurity programs ... [2] Analyze service providers' cybersecurity programs and update service contracts ... [3] Review participant messaging around cybersecurity awareness and the importance of monitoring retirement plan accounts."
3.
Year-End Stimulus Bill Permits Extension of FFCRA Leave
Pillsbury Winthrop Shaw Pittman LLP
Dec. 29, 2020
Pillsbury Winthrop Shaw Pittman LLP
Dec. 29, 2020
"Covered employers are permitted to extend partially paid FFCRA leave and to claim a payroll tax credit for qualifying leave taken through March 31, 2021. FFCRA rights expire on December 31, 2020, for employees of covered companies who do not voluntarily elect to extend the benefits. Employers must still accommodate employees with disabilities and comply with employee protections mandated by state and local laws."
4.
Legal Considerations When an Employee Dies
Pillsbury Winthrop Shaw Pittman LLP
Dec. 10, 2020
Pillsbury Winthrop Shaw Pittman LLP
Dec. 10, 2020
"When an employee dies -- regardless of the cause -- employers often want to immediately help the employee's family financially in their time of grief, but a number of administrative, legal, and tax-related issues must be considered before an employer pays final compensation and benefits to the beneficiaries or estate of the deceased employee."
5.
Finding the Proper Balance of Legal and Consulting Advice for Compensation Committees
Pillsbury Winthrop Shaw Pittman LLP
May 14, 2020
Pillsbury Winthrop Shaw Pittman LLP
May 14, 2020
"[1] Making room for advisors inside and outside the boardroom.... [2] Going beyond benchmarking and peer group practice.... [3] Advance modeling of disclosures."
6.
IRS Issues FAQs and Form 7200 for Advance Payment of COVID-19 Employer Tax Credits
Pillsbury Winthrop Shaw Pittman LLP
Apr. 7, 2020
Pillsbury Winthrop Shaw Pittman LLP
Apr. 7, 2020
"The IRS has issued FAQs regarding the tax credits for the sick and family leave and employee retention tax credits which provide guidance on eligibility and instructions for claiming the credits. The guidance sets forth the information employers should collect and retain to substantiate eligibility for the qualified sick and family leave tax credits. The IRS has issued Form 7200 to allow qualifying employers to file in advance to receive the refundable tax credits for qualified sick and family leave and the employee retention tax credit."
7.
ERISA Class Claims Shifted to Defined Benefit Plans in 2019
Pillsbury Winthrop Shaw Pittman LLP
Jan. 2, 2020
Pillsbury Winthrop Shaw Pittman LLP
Jan. 2, 2020
"[S]ponsors of defined benefit plans should be wary of adding mandatory arbitration provisions to their plan documents.... [A]n individual participant's arbitration proceeding alleging a fiduciary breach ... could affect the entire plan even in the absence of a class action -- fiduciaries would be subject to the mostly unappealable decision of an arbitrator without the benefit of the more limited exposure otherwise available with individual arbitration."
8.
Reducing Exposure to 401(k) Plan Class Action Litigation
Pillsbury Winthrop Shaw Pittman LLP
Sept. 5, 2019
Pillsbury Winthrop Shaw Pittman LLP
Sept. 5, 2019
"If the board of directors adopts a 401(k) plan, the plan document does not name the company plan sponsor as a named fiduciary but instead names, for example, a benefits committee (comprising subject matter expert employees), and the board exercises no discretion regarding the membership of the committee, the administration of the plan or its investments, then the board has best positioned itself to argue that it is not a plan fiduciary subject to a claim of a breach of fiduciary duties. Not only that, but it has prudently set into motion the best governance practices for the plan."
9.
The State of Play on Clawbacks and Forfeitures Based on Misconduct
Pillsbury Winthrop Shaw Pittman LLP
June 11, 2019
Pillsbury Winthrop Shaw Pittman LLP
June 11, 2019
"[B]ecause implementation of the proposed Dodd-Frank clawback rules may never be finalized, companies are beginning to implement or update executive compensation recoupment and forfeiture rules on their own based on investor sentiment, good governance principles, and recent events at CBS (and other #MeToo moments), Nissan, Equifax and other examples of supervisory failure."
10.
Winning Say-on-Pay: Top Ten Executive Comp Proxy Tips For 2019
Pillsbury Winthrop Shaw Pittman LLP
Feb. 26, 2019
Pillsbury Winthrop Shaw Pittman LLP
Feb. 26, 2019
"Companies should [1] clearly set forth the relationship between pay results and actual financial and total shareholder return (TSR) performance.... [2] tell a good story on why their compensation programs benefit shareholders and disclose performance goals and results in a manner that is succinct and easy to follow.... [3] consider litigation trends surrounding non-employee director compensation and changes to 162(m)."
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