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By McDermott Will & Emery on May 10, 2012
Posted In Health and Welfare Plans
by Amy M. Gordon, Susan M. Nash and Jamie A. Weyeneth. The Internal Revenue Service recently issued requests for comments in advance of issuing proposed regulations on health care reform reporting and minimum value requirements. To read the full article, click here.
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New Guidance From the Department of Labor Clarifies Participant Disclosure Requirements
By McDermott Will & Emery on May 8, 2012
Posted In Fiduciary and Investment Issues, Retirement Plans
by Maureen O’Brien and Karen Simonsen. In October 2010, the U.S. Department of Labor (DOL) issued final regulations requiring plan administrators to disclose certain plan and investment-related information, including fee and expense information, to participants and beneficiaries in 401(k) plans and other participant-directed individual account plans. In February 2012, the DOL issued final regulations under...
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Patient-Centered Outcomes Research Trust Fund Fees Assessed on Health Plans
By McDermott Will & Emery on Apr 26, 2012
Posted In Health and Welfare Plans
by Amy Gordon, Susan Nash, Megan Mardy and Patrick Ryan. The U.S. Department of Treasury recently issued proposed regulations regarding fees imposed on certain types of health plans to fund the Patient-Centered Outcomes Research Trust Fund. To read the full article, please click here.
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Employees in France Must Be Compensated During Post-termination Non-compete Period
By McDermott Will & Emery on Apr 24, 2012
Posted In Employment
by Sébastien Le Coeur, Jilali Maazouz and Todd A. Solomon. Multinational companies with employees in France should be aware that terminated employees subject to a non-compete restriction must be compensated during the non-compete period after termination of employment. Given this legal requirement, non-compete and severance agreements for employees in France must provide for financial compensation...
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International Transfers: Implications for Employee Benefits
By McDermott Will & Emery on Apr 19, 2012
Posted In Employment
by Paul Melot de Beauregard and Todd Solomon As large companies increase their global presence, their workers are becoming increasingly mobile between jurisdictions. Such companies need to be aware of a number of international benefits issues that can have an impact on companies and their mobile employees. To read the full article, please click here.
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Federal District Court Finds Jurisdiction Exists Over Foreign Parent in Pension Plan Liability Suit
By McDermott Will & Emery on Apr 17, 2012
Posted In Benefit Controversies, Retirement Plans
by Michael T. Graham, Maureen O’Brien and Ashley McCarthy. A recent federal district court decision defeats a long-standing assumption that a foreign corporate parent would not be subject to personal jurisdiction for a suit seeking payment of pension liabilities merely by acquiring a U.S. subsidiary. To read the full article, click here.
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PBGC Announces New Enforcement Approach that Reduces Impact of ERISA Section 4062(e) on Financially Sound Employers
By McDermott Will & Emery on Apr 12, 2012
Posted In Benefit Controversies, Retirement Plans
by Michael T. Graham, Joseph S. Adams and Patrick D. Ryan. The PBGC announced that it may lessen ERISA Section 4062(e) enforcement for employers in strong or moderately strong financial condition. However, the PBGC will continue to enforce its prior Proposed Rule on ERISA Section 4062(e) liability. To read the full article, click here.
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Recent Developments in Collective Salary Negotiation in China
By McDermott Will & Emery on Apr 5, 2012
Posted In Employment, Labor
by May Lu As a result of discussions around China’s pending Draft Salary Regulation, collective salary negotiation has once again become a hot topic. There have been several well-known, recent cases relating to collective salary negotiation. In 2010 one Japanese-invested car company raised its Chinese employees’ salaries by 35 percent after experiencing a strike that...
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New Foreign Financial Asset Reporting Requirement with Deadline of April 17, 2012
By McDermott Will & Emery on Mar 29, 2012
Posted In Fiduciary and Investment Issues, Retirement Plans
by Ira B. Mirsky, Karen A. Simonsen, Todd A. Solomon and Adrienne Walker Porter The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers holding foreign financial assets, including an interest under a foreign pension or deferred compensation plan and foreign equity awards, to report those interests beginning with this tax filing season. Taxpayers...
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Retirement Plans With Puerto Rico Employees Can File Form 5500 Rather than Puerto Rico Annual Return
By McDermott Will & Emery on Mar 27, 2012
Posted In Retirement Plans
by Nancy S. Gerrie and Jeffrey M. Holdvogt The Puerto Rico Treasury Department recently issued guidance (Circular Letter No. 12-02) allowing certain retirement plans qualified under the Puerto Rico Internal Revenue Code, including dual-qualified plans that are also qualified under the U.S. Internal Revenue Code, to file a copy of Form 5500 or Form 5500-SF...
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