McDermott Will & Emery
Subscribe to McDermott Will & Emery's PostsModification of “Use It or Lose It” Rule for Health Flexible Spending Arrangements
By McDermott Will & Emery on Nov 12, 2013
Posted In Health and Welfare Plans
The Internal Revenue Service recently issued new guidance modifying the “use it or lose it” rule applicable to health flexible spending arrangements (FSAs) to allow carryover of certain unused health FSA amounts into the next plan year. On October 31, 2013, the Internal Revenue Service (IRS) issued Notice 2013-71, which modifies the existing requirement that...
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New Guidance Clarifies Health Reimbursement Arrangements Under ACA
By McDermott Will & Emery on Oct 31, 2013
Posted In Health and Welfare Plans
Recently issued guidance clarifies the application of certain provisions under the Affordable Care Act (ACA) to health reimbursement arrangements, employer payment plans, health flexible spending arrangements and employee assistance programs. To read the full article, click here.
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Change to UK Collective Redundancy Consultation Regime Now Confirmed
By McDermott Will & Emery on Oct 16, 2013
Posted In Employment
The UK Employment Appeal Tribunal (the EAT) recently published its judgment in litigation that resulted from the 2008 closure of Woolworths. It confirms initial reports of a significant change to the law on UK collective redundancy consultation. Background When a UK employer proposes to dismiss as redundant 20 or more employees, within a period of...
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The Moench Presumption: An Examination of the Third Circuit’s Standard of Prudence in Employer Stock Cases and Its Subsequent Treatment by Circuit Courts
By McDermott Will & Emery on Oct 3, 2013
Posted In Retirement Plans
by Nancy G. Ross and Prashant Kolluri This article, which appeared in Benefits Law Journal, discusses the standard of prudence formulated by the Third Circuit for employer stock cases brought under the Employee Retirement Income Security Act of 1974 (ERISA) and the Circuit Courts’ subsequent treatment of that standard. Although a number of Circuit Courts...
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FAQ on Notice of Coverage Options for ACA’s New Health Insurance Marketplace
By McDermott Will & Emery on Sep 12, 2013
Posted In Health and Welfare Plans
In a brief Frequently Asked Question (FAQ) document quietly issued yesterday, the U.S. Department of Labor formally clarified there is no penalty associated with provision of the Exchange Notice. The guidance states that employers “should provide a written notice to its employees about the Health Insurance Marketplace by October 1, 2013, but there is no...
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Employee Shareholders
By McDermott Will & Emery on Sep 5, 2013
Posted In Employment
The much publicized “employee shareholder” status came into effect yesterday, September 1, 2013, offering employers a more flexible way to structure their workforce. The new legislation applies to companies of all sizes, but is specifically targeted at high-growth, low-value companies that want a flexible workforce. To read the full article, click here.
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DOL Issues Guidance on Plan Asset Status of Revenue Sharing Payments
By McDermott Will & Emery on Sep 3, 2013
Posted In Fiduciary and Investment Issues, Retirement Plans
The U.S. Department of Labor (DOL) recently issued guidance on whether accounts holding revenue sharing payments constitute “plan assets” under ERISA. Prior to the issuance of the DOL guidance, it was unclear whether these amounts would be deemed to be ERISA plan assets. If such amounts were treated as ERISA plan assets, they would be...
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IRS Provides Clarity on Whether Professional Employer Organizations Can Offer Eligible Employer-Sponsored Plans
By McDermott Will & Emery on Aug 29, 2013
Posted In Health and Welfare Plans
The Internal Revenue Service (IRS) has released final regulations on the requirement that individuals maintain health insurance that meets the minimum essential coverage standard (the “individual mandate”). These regulations give clarity to Professional Employer Organizations (PEOs) offering group health plan coverage to employees on behalf of an employer. An individual can satisfy the minimum essential...
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Ministry of Human Resources and Social Security Seeks Comments on Regulating Labor Dispatch
By McDermott Will & Emery on Aug 28, 2013
Posted In Labor
by John Huang and Molly Qin China’s Ministry of Human Resources and Social Security issued provisions that align closely with recent changes to the PRC Labor Contract Law in order to help standardize labor dispatch in the country. The draft calls for a clearer definition of auxiliary positions, which will affect employers that historically employ a large amount...
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The French Legal Framework Relating to Profit-Sharing Premiums
By McDermott Will & Emery on Aug 22, 2013
Posted In Employment
by Bertrand Delafaye and Benoit Zagdoun The French legal system provides a variety of ways to secure the involvement of employees in the growth and profits of their company, including compulsory deferred profit-sharing plans (accords de participation), optional voluntary cash-based profit-sharing plans (intéressement), and other similar mechanisms. The Amended Social Security Financing Law of 2011...
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