McDermott Will & Emery
Subscribe to McDermott Will & Emery's PostsU.S. Department of Labor Issues Proposed Regulations Amending the COBRA Notice Requirements
By McDermott Will & Emery on May 8, 2014
Posted In Health and Welfare Plans
On May 2, 2014, the U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) issued proposed regulations which seek to amend the notice requirements under the Consolidated Omnibus Budget Reconciliation Act (COBRA). The changes are intended “to better align the provision of guidance under the COBRA notice requirements with the Patient Protection and Affordable...
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HAVE EMPLOYEES IN NEW YORK CITY? Earned Sick Time Act Requires Notice by TODAY, May 1
By McDermott Will & Emery on May 1, 2014
Posted In Employment
New York City’s Earned Sick Time Act (Act) requires all Covered Employers to provide all Covered Employees with written notice of the new law by today, May 1, 2014. Covered Employers means all private employers other than government agencies, federal work study programs and some scholarship programs, as explained in the Department of Consumer Affair’s...
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New Guidance on Background Checks Issued by the FTC and EEOC
By McDermott Will & Emery on Apr 29, 2014
Posted In Employment
Last month, the Federal Trade Commission (FTC) and the Equal Employment Opportunity Commission (EEOC) issued joint guidance addressing the use of background checks in employment decisions. The guidance does not offer new requirements related to background checks, but rather serves as a reminder to employers of their obligations under federal law when they use background...
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IRS Releases 2015 Amounts for HSAs, HDHPs
By McDermott Will & Emery on Apr 24, 2014
Posted In Health and Welfare Plans
On April 23, 2014, the U.S. Treasury Department and Internal Revenue Service (IRS) released Revenue Procedure 2014-30, which lists the 2015 indexed amounts, adjusted for inflation, for health savings accounts and high-deductible health plans (HDHPs). The following table lists the current 2014 amounts and the new 2015 amounts: Calendar Year 2014 Calendar Year 2015...
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Proposed Regulations on Excepted Benefits Provide Guidelines, but Employers Should Watch for Final Rules
By McDermott Will & Emery on Mar 20, 2014
Posted In Employment, Health and Welfare Plans
On December 24, 2013, the Departments of Labor, Health and Human Services, and the Treasury issued highly anticipated proposed regulations that would amend the definition of limited excepted benefits. Excepted benefits are generally exempt from the Patient Protection and Affordable Care Act’s (ACA) market reform requirements. The proposed rules would be effective for plan years...
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View From McDermott: Conflicting Review Standards in Executive Retirement Plan Benefit Claims—Is There Really a Difference?
By McDermott Will & Emery on Feb 26, 2014
Posted In Retirement Plans
Under the Employee Retirement Income Security Act, retirement plans generally come in two flavors – (i) retirement plans qualified under Section 401 of the Internal Revenue Code (the Code) and (ii) executive retirement plans, called “top hat” plans, which aren’t Code-qualified. What does that mean? While qualified retirement plans are subject to all of ERISA’s funding,...
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New Publications 502 and 503 Released by IRS
By McDermott Will & Emery on Jan 31, 2014
Posted In Health and Welfare Plans
The Internal Revenue Service has recently released the latest versions of its Publications 502 and 503. Publication 502 is a list of medical and dental expenses (including the Health Coverage Tax Credit) that are deductible by taxpayers on their 2013 federal income tax returns, while Publication 503 is a list of child and dependent care...
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View From McDermott: Multiemployer Union Plans Implement Aggressive Litigation Strategies to Fill $390 Billion Funding Deficit
By McDermott Will & Emery on Jan 28, 2014
Posted In Retirement Plans
While the funded status of single-employer corporate defined benefit pension plans has improved, the funded status of multiemployer union pension plans has remained stagnate and, in some cases, further deteriorated. The Pension Benefits Guaranty Corporation recently reported to Congress that the aggregate funding ratio of all multiemployer plans was 48 percent. From the most recent...
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New Health Savings Account Contribution and Distribution Forms Issued by IRS
By McDermott Will & Emery on Jan 24, 2014
Posted In Health and Welfare Plans
The Internal Revenue Service recently issued its 2014 versions of the Health Savings Account contribution and distribution forms and instructions. The forms released, and a link to those forms are below— Forms 5498-SA https://www.irs.gov/pub/irs-prior/f5498sa–2014.pdf 1099-SA https://www.irs.gov/pub/irs-prior/f1099sa–2014.pdf
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Supreme Court Upholds ERISA Plan’s Three-Year Deadline to File a Lawsuit
By McDermott Will & Emery and Wilber H. Boies, PC on Dec 18, 2013
Posted In Benefit Controversies, Retirement Plans
The Supreme Court of the United States ruled that an ERISA plan may properly impose a reasonable time limit on filing a lawsuit to recover benefits. Such time may start to run even before completion of the required administrative review process. To read the full article, click here.
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