Benefits Blast
Sort by:
55 results
February 8, 2024
|2 min read
Department of Labor Increases Civil Penalties for Non-Compliance
Effective January 15, 2024, the United States Department of Labor increased its ERISA health and welfare civil penalties for non-compliance
February 17, 2023
|6 min read
IRAs, Investment Advice, and the Department of Labor—Important Takeaways
On February 13, 2023, a Florida federal district court (the Court) partially invalidated the U.S. Department of Labor’s Employee Benefit Security Administration’s (the Department’s) interpretation of its rule that described when a financial adviser who helps participants roll over some or all of their 401(k) assets into an individual retirement account (IRA) or an annuity is providing investment advice and acting as a fiduciary under the Employee Retirement Income Security Act of 1974, amended (ERISA).
December 9, 2022
|5 min read
DOL Finalizes Latest Iteration of ESG & Proxy Guidance
After repeated back-and-forth linked to changes in Presidential administrations, the Department of Labor attempts to establish a “principles-based approach” intended to provide “appropriate regulatory neutrality.”
May 9, 2022
|3 min read
Benefits Bulletin: Health & Welfare Plans – May 2022
The Benefits Bulletin provides timely and consistent updates on industry hot topics
January 6, 2021
|6 min read
The Consolidated Appropriations Act, 2021 (the Act) provides additional funding for mental health and substance abuse services and also provides guidance and imposes additional reporting and compliance obligations on group health plans and health insurance issuers that provide mental health (MH) and/or substance use disorder (SUD) benefits.
December 29, 2020
|5 min read
The Consolidated Appropriations Act, 2021 (CAA) includes rules requiring brokers and consultants to disclose compensation that those service providers receive to steer health plan sponsors to certain insurance carriers, benefits administrators, and other vendors. These new comprehensive disclosure rules add a layer of transparency to what has otherwise been a gray area for many employer plan sponsors and are more comprehensive than limited disclosures in effect today on the Form 5500.
December 29, 2020
|3 min read
CAA Benefits Alert: 2021 Appropriations Bill Adds New Restrictions on “Gag Clauses” for Health Plans
Section 201 of the No Surprises Act, recently enacted as part of the Consolidated Appropriations Act, 2021 (CAA), prohibits group health plans, health plan insurers, and issuers of health insurance coverage (together, Covered Parties) from entering into contracts that restrict a plan from accessing and sharing certain information.
December 29, 2020
|7 min read
CAA Benefits Alert: Flexible Spending Account Relief in the 2021 Consolidated Appropriations Act
The Consolidated Appropriations Act, 2021 (CAA) includes relief for plan sponsors offering Health Care and/or Dependent Care Flexible Spending Accounts (FSAs). These voluntary rules will benefit participants who have FSA funds left over due to medical care provider and school/daycare closures and remote work arrangements in 2020 as a result of the pandemic.
December 29, 2020
|3 min read
CAA Benefits Alert: New Health Plan Reporting on Pharmacy Benefits and Drug Costs
The Consolidated Appropriations Act, 2021 (CAA), adds a new annual reporting requirement that requires every group health plan and every health insurance issuer that offers group or individual health insurance to submit an informational report on pharmacy benefits and drug costs with the Secretary of Health and Human Services (HHS), the Secretary of Labor, and the Secretary of the Treasury. Church plans are exempt from this reporting requirement.
October 1, 2020
|5 min read
New ERISA Proxy-Voting Guidance from the DOL
On August 31, 2020, the Department of Labor (DOL) closed its active summer by issuing proposed rules for plan fiduciaries with respect to voting proxies on behalf of a retirement plan. The DOL’s explanation of the reason for the proxy rules dovetails with the rationale behind its recent proposed rules on environmental, social, and governance (ESG) investments. s.
July 29, 2020
|5 min read
Maintaining Privilege When Responding to Claims for Benefits Under Employee Benefit Plans
ERISA applies to a wide range of employee benefit plans, including retirement plans, health plans, and severance plans. The broad application of the statute can create pitfalls for plan administrators, employees acting as fiduciaries, and counsel when investigating and responding to a claim for payments or other benefits under an ERISA-covered plan.
July 7, 2020
|5 min read
DOL Proposes New Fiduciary Rule
On June 29, 2020, the U.S. Department of Labor issued a Notice of Proposed Class Exemption that introduces a new standard to replace the Department’s prior “Fiduciary Rule” that was promulgated in 2016, but vacated by the Court of Appeals for the Fifth Circuit in 2018. The Notice has two significant components.
June 29, 2020
|4 min read
To ESG or Not to ESG: ESG Investments and ERISA Plans
On June 23, 2020, the Department of Labor (DOL) updated its “investment duties” guidance for Employee Retirement Income Security Act of 1974, as amended (ERISA), fiduciaries to address environmental, social, and corporate governance (ESG) investments.
June 5, 2020
|5 min read
DOL Opens Defined Contribution Plans to Private Equity Investments
With the growth of private equity in the investment marketplace, clients frequently ask whether it is legally permissible for individuals to use their balances in a 401(k) or profit sharing plan (a defined contribution plan), or individual retirement account (IRA), to invest in a private equity fund.
April 15, 2020
|6 min read
Retirement Plans: Workforce Reductions and Triggering Events Employers Should Keep in Mind
As a result of the coronavirus pandemic, U.S. employers are shedding employees at rates that haven’t been seen since the 2007-09 recession. This trend is expected to continue. The following is a high-level summary of several triggering events that employers who maintain qualified retirement plans should keep in mind when undertaking significant workforce reductions.
February 27, 2020
|3 min read
U.S. Supreme Court Rules Against Plan Fiduciaries in ERISA Statute of Limitations Case
In a decision with wide-ranging implications, the U.S. Supreme Court unanimously ruled that for purposes of applying the three-year statute of limitations for filing fiduciary breach claims, a plaintiff (in this case a participant in an employee benefit plan) does not necessarily have “actual knowledge” of information contained in disclosures that he or she receives but does not read or cannot recall reading.
September 9, 2019
|3 min read
Ninth Circuit Permits Arbitration in ERISA Fiduciary Breach Case
On August 20, 2019, a three-judge panel of the Ninth Circuit overturned longstanding precedent and held that ERISA fiduciary breach claims can be subject to mandatory arbitration.
July 29, 2019
|5 min read
Employee Releases Barring ERISA Claims
Employees are customarily required to execute a broad release in connection with receiving severance pay and other negotiated separation agreements. However, the effectiveness of such release with respect to ERISA claims is unsettled. A recent Federal district court decision makes this an opportune time to assess employee releases of ERISA claims.
July 15, 2019
Episode 6: Recent DOL Missing Participant and IRS Missed RMD Enforcement Activities
Since 2015, the IRS, DOL, and PBGC have been paying close attention to how employers locate missing participants, including increased scrutiny of timely payment of required minimum distributions (RMDs) for participants at or near age 70-1/2. In particular, the DOL has undertaken numerous investigations on missing participants as part of its Terminated Vested Participant Project (TVPP). During this episode of Winston & Strawn’s Benefits Blast Podcast, Employee Benefits & Executive Compensation Attorneys David Rogers and David Diaz will discuss this ongoing initiative and how the DOL is challenging employers specifically. They will discuss the DOL investigation process and provide best practices regarding missing participants that employers should take into consideration.
March 11, 2019
|3 min read
Promotion of mental and behavioral health is an important part of an employer’s approach to the general productivity, health, and well-being of its workforce. In adopting emerging technologies to address these needs, employers should take care to ensure that legal requirements are met and contractual protections are in place.