McDermott Will & Emery
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By McDermott Will & Emery on Jul 7, 2016
Posted In Fiduciary and Investment Issues, Labor, Retirement Plans
The US Department of Labor’s new fiduciary rule is aimed at financial advisors, including brokers, who provide retirement plan services. However, the new rule will impact compliance obligations and potentially, costs for plan sponsors, as highlighted in the following presentation. View presentation slides.
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IRS Issues Proposed Regulations on Information Reporting under the Affordable Care Act
By McDermott Will & Emery on Sep 17, 2013
Posted In Health and Welfare Plans
by Amy M. Gordon, Susan M. Nash and Jacob Mattinson Recently issued guidance clarifies annual information reporting requirements for insurers and employers under the Affordable Care Act (ACA). The required reporting enables the Internal Revenue Service to determine compliance with the employer and individual mandates and individual eligibility for premium tax credits under the ACA. To read the full...
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Additional Time for Employers to Amend and File Puerto Rico Qualified Retirement Plans
By McDermott Will & Emery on Jul 30, 2013
Posted In Retirement Plans
by Nancy S. Gerrie and Jeffrey M. Holdvogt The Puerto Rico Treasury Department recently issued Circular Letter No. 13-02, extending the deadline for employers that sponsor qualified retirement plans benefiting Puerto Rico employees to adopt amendments and file for determination letters on the qualified status of their plans under the 2011 Puerto Rico tax code. Tax-qualified...
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DOL Issues Initial Guidance Describing Proposed Lifetime Retirement Income Notices
By McDermott Will & Emery on Jul 9, 2013
Posted In Retirement Plans
by Joseph S. Adams, Anne S. Becker, Kary Crassweller and Stephen Pavlick, PC New guidance issued by the U.S. Department of Labor (DOL) aims to help participants and beneficiaries with the “decumulation” phase of retirement planning by requiring sponsors to provide illustrations of lifetime retirement income. To read the full article, please click here.
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Seventh Circuit Makes Damages More Available for Employees Given Wrong Information About Benefits
By McDermott Will & Emery on Jun 25, 2013
Posted In Employment
by Prashant Kolluri and Nancy G. Ross Kenseth v. Dean Health Plan, Inc., represents a significant departure from the decades of law prior to Cigna v. Amara holding that employees could not recover for misrepresentations by employers over benefit coverage if the plan terms were clear. To read the full article, click here.
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PBGC Releases Revised Proposed Regulations Addressing Reportable Event Requirements under ERISA
By McDermott Will & Emery on Jun 18, 2013
Posted In Retirement Plans
by Paul J. Compernolle, Ashley McCarthy and Maureen O’Brien Section 4043 of the Employee Retirement Income Security Act of 1974 (ERISA) requires pension plan sponsors to report a variety of corporate and plan events to the Pension Benefit Guaranty Corporation (PBGC). In November 2009, the PBGC proposed regulations that would have eliminated most of the...
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France Allows Same-Sex Marriages
By McDermott Will & Emery on Jun 11, 2013
Posted In Employment
by Lionel Lesur and Lisa A. Linsky On April 23, 2013, the French Parliament gave final approval to a bill allowing same-sex couples to get married and adopt children. This makes France the 14th country in the world to legalize marriage between same-sex couples, and the 9th in Europe. Law No.2013-404, approving marriages between same-sex...
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Supreme Court Oral Arguments on DOMA, Proposition 8: Potential Employee Benefit Plan Implications
By McDermott Will & Emery on Jun 4, 2013
Posted In Health and Welfare Plans
by Joseph S. Adams, Todd A. Solomon and Brian J. Tiemann On March 26 and 27, 2013, the Supreme Court of the United States heard oral arguments in cases challenging the constitutionality of the federal Defense of Marriage Act (DOMA) and California’s Proposition 8. A Supreme Court ruling in either case may have significant implications...
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Additional Guidance Issued on Summary of Benefits and Coverage Disclosure Requirements
By McDermott Will & Emery on May 16, 2013
Posted In Health and Welfare Plans
by Amy M. Gordon and Joanna C. Kerpen The U.S. Departments of Labor, Health and Human Services, and the Treasury recently issued new guidance and templates regarding the summary of benefits and coverage requirement under the Patient Protection and Affordable Care Act. To read the full article, click here.
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Employee Benefits Issues in Spin-Offs
By McDermott Will & Emery on May 9, 2013
Posted In Employment, Executive Compensation, Health and Welfare Plans, Retirement Plans
by Joseph S. Adams and Jeffrey M. Holdvogt In a corporate spin-off, both the existing company and the new company (spinco) must consider the implications for employees, employee benefit plans and executive compensation arrangements. Benefit plans and compensation arrangements can represent significant liabilities and responsibilities, and typically are expressly allocated in an employee matters agreement...
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