US Department of Labor Archives - EMPLOYEE BENEFITS BLOG

How Advisers Serving MEPs and PEPs Can Be Conflicted

By Erin Turley on Aug 7, 2020
Posted In Fiduciary and Investment Issues, Retirement Plans

The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge. In a recent article, Erin Turley, a partner with McDermott Will & Emery, said a potential conflict of interest for advisers to PEPs would be if they were acting as either a 3(21) or 3(38) fiduciary to help select investments and were paid from plan assets. Access the article.

The New Electronic Disclosure Rule is Here

By Andrew Liazos on Jul 22, 2020
Posted In Employee Benefits, Retirement Plans

Plan Sponsor Council of America hosted a webinar to discuss the new electronic disclosure rule for retirement plans from the US Department of Labor (DOL), which took effect July 26, 2020. The rule allows employers to deliver disclosures to plan participants primarily electronically, which the DOL says will reduce printing, mailing, and related plan costs by an estimated $3.2 billion over the next decade. Speakers included McDermott's Andrew Liazos, and the topics discussed included: New Safe Harbors, Effective Date and Scope of Rules Notice and Access Safe Harbor E-Disclosure Rule Q & A Access the presentation slides.

COVID-19: FAQs on Employees Experiencing Symptoms and Employee Absences

By Michelle S. Strowhiro and Carole A. Spink on Jun 8, 2020
Posted In Employment, Health and Welfare Plans, Privacy and Data Security

With rapid developments in local, state and federal guidance and law, the appropriate approach for each employer in relation to COVID-19 will vary depending on the nature of their work, the industries served and their location and size, among other considerations. This article outlines what employers need to know about employees experiencing symptoms and employee absences. Access the full article.

COVID-19 Ate My Homework – Recent Extensions and Relief for Retirement Plans

By Diane Morgenthaler, Allison Wilkerson and Erin Steele on May 18, 2020
Posted In Benefit Controversies, Employee Benefits, Employment, Fiduciary and Investment Issues, Retirement Plans

In recognition of the difficulties faced by retirement plan sponsors, participants and beneficiaries due to the COVID-19 pandemic, new guidance extends the deadlines for notices and disclosures required by Title I of ERISA and extends deadlines for retirement plan participants and beneficiaries to submit benefit claims and benefit appeals. The new guidance also provides some welcome fiduciary relief for electronic disclosures, incomplete plan loan or distribution documentation, as well as delayed participant contributions and loan repayments. Access the full article.

DOL Relaxes Deadlines for ERISA-Governed Group Health Plans

By Judith Wethall, Jacob Mattinson and Megan Mardy on May 13, 2020
Posted In Benefit Controversies, Employee Benefits, Employment, Health and Welfare Plans

The US Department of Labor, in conjunction with the Internal Revenue Service and US Department of the Treasury, issued guidance and deadline extensions applicable to ERISA-governed group health and welfare plans. The guidance provides relief for plan sponsors, plan administrators and plan participants that may be struggling to comply with applicable deadlines and requirements in the midst of the chaos related to the COVID-19 pandemic. Access the full article.

Overtime Exemptions for White-Collar Jobs May Soon Require Higher Salary

By Joseph K. Mulherin on Mar 28, 2019
Posted In Employment

Proposed regulations will alter which white-collar employees remain overtime exempt. Staying vigilant on Fair Labor Standards Act compliance is critical; read on to learn more on proposed increases to the minimum salary necessary to qualify for the executive, administrative or professional exemptions. Access the full article.

ERISA Health Plan Fiduciaries Defeat DOL’s Excessive Fee Claims

By Erin Steele, Megan Mardy and Richard J. Pearl on Mar 26, 2019
Posted In Benefit Controversies, Employee Benefits, Health and Welfare Plans

In one of the first ERISA cases to address claims against fiduciaries for excessive health plan fees, the court entered judgment in favor of the defendants on all counts. The decision addresses health plan fiduciary standards for reviewing plan fees and expenses. Access the full article.

Socially Responsible Investing – No Good Deed Goes Unpunished

By Brian Tiemann and Lisa Loesel on Oct 2, 2018
Posted In Employee Benefits, Retirement Plans

Socially responsible investing often sounds like an intriguing idea, but investing plan assets in a socially responsible manner is a notoriously tricky proposition. Earlier this year, the US Department of Labor issued additional guidance clarifying existing DOL guidance applicable to socially responsible investment of plan assets. However, the clarifications included in FAB 2018-01 may further limit the scenarios in which socially responsible investing could be considered prudent under the Employee Retirement Income Security Act of 1974, as amended (ERISA). Access the full article.

All Together Now: DOL Finalizes Rule for Association Health Plans

By Jacob Mattinson, Judith Wethall, Megan Mardy and Rick Stepanovic on Jun 26, 2018
Posted In Employee Benefits, Health and Welfare Plans

The US Department of Labor published a final rule that makes it easier for a group or association of employers to act as a single “employer” sponsor of an Association Health Plan under ERISA. By creating an opportunity for small employers and self-employed individuals to take advantage of the economies of scale that are usually enjoyed by large employers, the final rule is intended to expand access to affordable health care. Access the full article.

DOL Less Likely to Appeal Fifth Circuit Ruling Vacating Expansion of Fiduciary Rule in Light of Recent SEC Guidance

By Brian Tiemann, J. Christian Nemeth and Samantha Souza on Apr 26, 2018
Posted In Benefit Controversies, Employee Benefits, Fiduciary and Investment Issues, Retirement Plans

In a recent 2-1 decision, the Fifth Court vacated the US Department of Labor’s controversial expansion of the ERISA fiduciary regulations (the New Fiduciary Rule). If the DOL does not seek a rehearing, the Fifth Circuit will enter a mandate revoking the New Fiduciary Rule nationwide. However, given recent fiduciary regulations proposed by the Securities and Exchange Commission, the DOL may be less likely to appeal the ruling and no longer seek to enforce the New Fiduciary Rule. Access full article.

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