Employee Benefits Archives - EMPLOYEE BENEFITS BLOG

Agencies Issue Final Employer Healthcare Price Transparency Rule

By Jacob Mattinson, Judith Wethall and Sarah Raaii on Dec 10, 2020
Posted In Employee Benefits, Health and Welfare Plans

On October 29, 2020, the US Departments of Health and Human Services, Labor, and Treasury (collectively, the Departments) issued the Transparency in Coverage final rule (the Rule), along with a fact sheet, setting forth requirements for group health plans and health insurance issuers to disclose cost-sharing information upon request to participants, as well as additional pricing information to the general public. Access the article.

Securing Retirement: Additional SECURE Act and Miners Act Guidance for Retirement Plans

By Jeffrey Holdvogt and Diane Morgenthaler on Dec 9, 2020
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Employment, Executive Compensation, Retirement Plans

The Internal Revenue Service (IRS) recently issued practical and helpful guidance in a question-and-answer format for tax-qualified retirement plans and for an Individual Retirement Arrangement (IRA), regarding the legislative changes under the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan American Miners Act of 2019 (the “Miners Act”). Teal Trujillo, an incoming associate in our Chicago office, also contributed to this On the Subject. Access the article.

Be Sure to Change Furloughs into Layoffs Lawfully

By Carole A. Spink on Dec 8, 2020
Posted In Employee Benefits, Health and Welfare Plans, Labor

Employers that are converting furloughs into permanent layoffs need to ensure compliance with the Worker Adjustment and Retraining Notification (WARN) Act and with the Consolidated Omnibus Budget Reconciliation Act (COBRA). In a recent article by the Society for Human Resource Management, McDermott partner Carole Spink explains why employers should carefully consider both state and federal regulations—and the importance of clear communication—when converting furloughs into layoffs. Access the article.

4 Tips to Help Benefits Plans Achieve Mental Health Parity

By Judith Wethall on Nov 20, 2020
Posted In Employee Benefits, Health and Welfare Plans

As federal benefits regulators turn their focus toward plans' mental health offerings and California lawmakers expand plans' obligations in that area, now is a great time for employers to ensure their plan approaches mental health treatment the same way as traditional medical care. In a recent article by Law360, McDermott partner Judith Wethall helps explain the importance of mental health parity in benefits plans. Access the article.

Supreme Court Appears Willing to Leave Obamacare in Place

By Michael B. Kimberly on Nov 11, 2020
Posted In Employee Benefits, Health and Welfare Plans

During arguments in a case seeking to eliminate Obamacare, two of the US Supreme Court's conservative justices signaled they would not strike down the landmark legislation. In a recent article by CNBC, McDermott partner Michael Kimberly discussed the significance of this case and the Court's upcoming decision. Access the article.

Labor Relations Could See Changes under Biden

By Christopher Foster and Ron Holland on Nov 10, 2020
Posted In Employee Benefits, Labor

As the US election cycle begins to wind down, labor stakeholders say one thing is clear: Labor relations across the nation could see big changes under Democratic president-elect Joe Biden. In a recent article by the Daily Journal, McDermott partners Ron Holland and Chris Foster discuss the impacts a Biden presidency could have on the National Labor Relations Board and the state of labor relations in the United States. Access the article.

Can Employers Require Workers to Get Flu Shots?

By Michelle S. Strowhiro on Nov 3, 2020
Posted In Employee Benefits, Employment, Health and Welfare Plans

Flu season is officially here, and in light of the COVID-19 pandemic's continued effects across the country, doctors are imploring people to get their annual flu shot. In a recent interview with the Los Angeles Times, McDermott partner Michelle Strowhiro discussed approaches and options for employers as they consider making the flu vaccine mandatory. Access the article.

DOL Creates Path for 401(k) Plans to Offer Private Equity Investment Options

By Todd Solomon, Brian Tiemann and Rick Stepanovic on Oct 29, 2020
Posted In Employee Benefits, Fiduciary and Investment Issues

In June, the US Department of Labor issued an information letter indicating that it will allow defined contribution retirement plans (such as 401(k) plans) to indirectly invest in private equity funds. While information letters are not binding, this new guidance creates a significant opportunity for plan sponsors to consider investment options that include private equity funds. However, it will be important for both plan sponsors and funds to carefully evaluate potential investments for compliance with fiduciary requirements. Access the article.

IRS Announces 2021 Employee Benefit Plan Limits

By Jeffrey Holdvogt, Jacob Mattinson, Brian Tiemann and Judith Wethall on Oct 28, 2020
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Health and Welfare Plans, Retirement Plans

The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2021. Nearly all of the dollar limits currently in effect for 2020 will remain the same, with only a few amounts experiencing minor increases for 2021. Access the article.

DOL Proposed Regulations on Proxy Voting

By Todd Solomon and Brian Tiemann on Oct 27, 2020
Posted In Employee Benefits, Fiduciary and Investment Issues

The Department of Labor (DOL) issued a proposed rule with 30-day comment period to address the application of fiduciaries' duties with respect to proxy voting and exercises of other shareholder rights. The proposal requires fiduciaries to vote any proxy where the matter being voted upon would have an economic impact on the plan and prohibits fiduciaries from voting any proxy that does not have an economic impact on the plan. In our recent webinar, we reviewed the proposal and explained what the changes mean for plan sponsors. View the slide deck here.

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