Employee Benefit News

Retirement disclosures to increase transparency and shop for service providers

The Department of Labor unveiled a final 401(k) fee disclosure rule last Thursday that requires plan providers to give more details about what employers pay for retirement plan administration and other services.

Good news & bad news for your social media policy

On January 24, 2012, the Acting General Counsel of the National Labor Relations Board issued a second report on social media cases, just six months after the GC’s last report on the subject. In this latest document, the Obama Board continues to refine its analysis of the two most common issues presented to it in social media cases: whether the employer’s policy itself is overbroad and thus violates employees’ right to engage in concerted and…

Legal considerations when implementing on-site clinics

On-site clinics utilized in conjunction with a group health plan are becoming an increasingly common method to help employers address the rising cost of health care. The issues in implementing an on-site clinic may seem obvious: Finding a service provider; installing an appropriate facility; and addressing employee access during work hours. However, there are less obvious but equally important compliance concerns that arise when an on-site clinic is implemented. Such clinics maintained on an employer’s…

Be prepared for HIPAA audits

Most employers have become accustomed to the IRS and Department of Labor periodically auditing their qualified retirement plans. Now, employers must also be ready for HIPAA audits.

Kodak employee sues company directors over stock

An Eastman Kodak employee filed a civil lawsuit against Kodak's board members and other fiduciaries of the photography companies' retirement plans, saying they breached their duties as the company was spiraling toward bankruptcy.

Top 10 employee benefits compliance and reporting concerns

Employers can stay on the right side of regulators by complying with laws and regulations governing employee benefits. As the regulatory landscape changes, plan sponsors and administrators who keep pace with new requirements and filings prevent errors and problems down the road. CliftonLarsonAllen LLP offers these Top 10 Employee Benefits Compliance and Reporting Concerns as a tool or aid for keeping plan administration on the straight and narrow.

IRS reduces program for requesting tax status determination letters

On January 3, 2012, the Internal Revenue Service issued Revenue Procedure 2012‑6, which formally changes and eliminates certain features of its determination letter program for qualified retirement plans. According to an earlier announcement of these changes (in IRS Announcement 2011-82), the IRS concluded that the features being eliminated are “of limited utility to plan sponsors in comparison with the burdens they impose.” However, the changes will significantly restrict the determination letter service on which plan…

Managing and Protecting Your Employee Benefit Plans:

Successfully discharging your fiduciary duties requires time and effort. And knowing the rules is more crucial than ever. With the Department of Labor turning out new regulations — including new rules that change the landscape on fees as well as the definition of “fiduciary” — benefits professionals need to stay on top of these developments to stay out of trouble.

BNA draws upon veteran Department of Labor experts and experienced members of the BNA advisory board to describe and discuss new DOL regulatory and compliance requirements that directly affect how you manage your 401(k), health, and other employee benefit programs. You’ll learn:

• What are the new requirements?
• How can you meet them?
• What might happen if you don’t?

You’ll also get inside details on new fiduciary requirements … disclosure rules … and what you—as a plan fiduciary—must do to meet your obligations both to your participants and your company. Plus, you’ll get practical insights on new DOL regulations, both DOL and private ERISA litigation, and what you should do to protect yourself from a lawsuit.

Join us for this important and informative 60 minute complimentary web seminar – led by BNA advisory board member Sherwin Kaplan, Of Counsel at Nixon Peabody and a 23-year veteran of the Department of Labor – and ensure you and your plans are ready for the new year.

About the Panelists:

• Sherwin Kaplan, Of Counsel at Nixon Peabody
  Sherwin Kaplan is a 23-year veteran of the U.S. Department of Labor, having worked in Washington, DC, in both the Office of the Solicitor and the Pension and Welfare Benefits Administration. As deputy associate solicitor in the Plan Benefits Security Division, Sherwin had litigation, enforcement, and regulatory responsibility for ERISA-covered pension and health plans throughout the country and participated in virtually all significant ERISA litigation that involved the Department of Labor. He is a frequent speaker on ERISA subjects at bar association meetings, education seminars, and training programs and is often quoted in national employee benefit plan journals and magazines.

• Eric Paley, Partner at Nixon Peabody
  Eric Paley is a member of the firm’s Employee Benefits and Executive Compensation team within the Labor and Employment practice group. Eric focuses his practice on the law and regulations governing retirement plans (e.g., pension, profit-sharing, 401(k), and 403(b) plan compliance), welfare plans (e.g., group health plan, group insurance plan, cafeteria plan, HIPAA, and COBRA compliance), nonqualified deferred compensation plans and equity compensation plans. A significant portion of Eric’s practice also involves counseling retirement and welfare plan committees on their fiduciary responsibilities under ERISA.

Sponsored by

Three circumstances when employees must be paid not to work

Wage laws are tricky. But it is an area of law all employers need to familiarize themselves with. It's necessary to compensate employees —sometimes even when you least expect it. In fact, there are times when employees need to be paid for...not working.

Wellness programs save lives! And maybe money, too...

I recently read an article about a company wellness program that consisted primarily of a company health fair. At the health fair, an employee who thought he was otherwise healthy took a Prostate-Specific Antigen test and discovered he had elevated PSA levels. He was encouraged to follow up with his doctor, who discovered he had prostate cancer. He was ultimately cured and his doctor said he probably would have died had it not been for…

IRS clarifies guidelines for W-2 reporting of health coverage costs

The Patient Protection and Affordable Care Act requires employers to report the aggregate cost of employer-sponsored health coverage on the Forms W-2 of its employees. In March 2011, the Internal Revenue Service issued interim guidance on the Form W-2 informational reporting requirement in the form of 31 Q&As. Recently, the Internal Revenue Service revised this interim guidance by issuing Notice 2012-9, which clarifies several of the original Q&As and adds some Q&As. …

Broker-dealers up in arms over 401(k) fee disclosure

Broker-dealers are up in arms over a little-known provision of the Department of Labor's 401(k) plan fee disclosure rules.

Labor Department's Borzi defends data request

An official at the Department of Labor acknowledged that it may not be feasible for securities industry groups to immediately provide all of the data it requested for use in a cost-benefit analysis it is conducting.

EBSA makes 2011 5500 information available

Although it is probably not high on the list of priorities for plan administrators, the end of a calendar year usually means means the start of the process of preparing 5500s. They may not be due right away, but it is always good to know what information you will have to provide when you eventually file them. The Employee Benefits Security Administration has made an informational copy of the 2011 5500 available, with instructions, on…

Top ten personnel policies and practices for your list of New Year’s resolutions

In the midst of the holiday season, many of us spend time reflecting on the past year and identifying opportunities to improve ourselves in the one ahead. As you make your personal New Year’s resolutions, why not make some professional resolutions as well? A 2012 review and update of these 10 personnel policies will help manage employee expectations, limit company liability and ensure regulatory compliance. …