Wish you could change your health plan for 2021? In newly released guidance on new flexible rules for healthcare and dependent care Flexible Spending Arrangements (FSAs), the Internal Revenue Service (IRS) has included a new COVID-19-relief surprise: Employers can allow employees to make changes prospectively to health care coverage for 2021.
In a recent article in Forbes, McDermott partner Jacob Mattinson explains what the new IRS guidance means for both employers and employees.
Companies enter into merger & acquisition (M&A) deals for a range of reasons, but how employees are treated once a deal closes depends largely on the buyer’s deal strategy. Often the buyer signs a deal under the promise that the acquired business’ employees will continue to receive rewards at deal close that are comparable to those they received before, at least for a specified period of time. But why include such comparability provisions in deal terms given that they appear to restrict the buyer? What do these provisions typically cover? And what are best practices?
Willis Tower Watson recently tapped law firms with leading M&A advisory teams, including McDermott’s Carole Spink, to dig into the answers.
With a new election and administration, there also are projected impacts on proxy preparation for 2021 and beyond. McDermott partner Andrew Liazos, member and immediate past chair of the ABA’s National Institute of Executive Compensation, led a discussion together with Sharon S. Briansky, associate general counsel and secretary at Thermo Fisher Scientific along with Bindu Culas, managing director at F.W. Cook. Topics addressed include: adjustments to existing short- and long-term incentive awards, the use of new performance metrics for social justice and environmental, social and corporate governance (ESG), new human capital disclosures for 2021, the impact of Institutional Shareholder Services (ISS) policy changes on compensation and disclosure practices and what to consider when requesting shares for equity plans in the current environment.
The Department of Labor (DOL) made inflation adjustments to a wide range of penalties for Employee Retirement Income Security Act (ERISA) violations by employee benefit plans and plan sponsors. The new penalty amounts that apply in 2021 are included herein.
Progressive Democrats in the US Senate are hoping to use a streamlined process that needs just 50 votes to approve a COVID-19 relief package that includes billions in new funding for vaccines and other supplies. But some experts are already casting doubt on that plan.
STAT spoke with nine current and former congressional staffers and budgetary experts, including McDermottPlus consultant Rodney Whitlock, on the possibility of public health funds receiving approval through the budget reconciliation process.
The seismic, virtually overnight transformation of healthcare delivery as a result of the pandemic has flung open doors to innovation, as a diverse cross-section of digital health and life sciences stakeholders mobilize crisis resources; adjust operations for enhanced screening, sanitization and social distancing measures; harness telehealth capabilities to deliver healthcare remotely; and identify opportunities for smarter, better healthcare going forward.
Writing for The US-Israel Legal Review, partners from McDermott’s Health practice highlight the challenges and opportunities that digital health and life sciences operators and investors should consider as the industry charts a course through the post-pandemic changed healthcare landscape.
A new president always brings new policy priorities and objectives, particularly when that president is from a different political party than their predecessor. As we begin 2021, and usher in the Biden era, we should likewise expect a significant shift in the health policy agenda.
Writing for the American Health Law Association’s Top 10 Issues in Health Law 2021, McDermott partner Eric Zimmerman discusses the top health policy priorities to watch for from the new administration.
The patchwork of teleworking guidance issued by states during the COVID-19 pandemic is creating withholding challenges for employers that could be unconstitutional, according to tax practitioners.
In a recent article in Tax Notes, McDermott partner Alysse McLoughlin outlined employer tax concerns amid an increasingly remote workforce.
The Department of Labor provided interim guidance on the new required annual lifetime income disclosures to participants in defined contribution plans, including plans covered under section 401(k) or 403(b) of the Internal Revenue Code, profit-sharing plans and employee stock ownership plans (ESOPs). The Lifetime Income Disclosure Rule is currently scheduled to go into effect on September 18, 2021. Given this timeframe, sponsors of defined contribution plans should start planning for these new disclosure requirements now.
Last year ended as an unprecedented and historic year, with far-reaching effects across diversity, equity and inclusion, employment practices and workplace standards. In a recent article for International Law Office, partners from McDermott’s Employment group highlight what changes are expected in 2021 and how these may affect employers and employees.
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