DOL Issues FAQs on Multiemployer Plan Leasing Arrangements
On October 14, 2011, the Department of Labor’s Employee Benefits Security Administration (“EBSA”) issued a set of Frequently Asked Questions (“FAQs”) to assist multiemployer plan trustees in avoiding common prohibited transactions when structuring leasing arrangements between plans and parties-in-interest. Unless a statutory or administrative exemption applies, a prohibited transaction generally occurs under Section 406(a)(1) of […]
DOL Extends Compliance Deadlines for Service Provider and Participant-Level Fee Disclosures
On February 3, 2012, the Department of Labor (“DOL”) published final regulations under Section 408(b)(2) of ERISA requiring certain retirement plan service providers to disclose fee-related information to plan fiduciaries in order to ensure compliance with the “reasonableness” standard of the Section 408(b)(2) prohibited transaction exemption for contracts necessary for the establishment and operation of […]
IRS Guidance Allows Defined Benefit Pension Annuity Purchases with Rollovers from Plan Sponsor’s Defined Contribution Plan
On February 13, 2012, the IRS issued Revenue Ruling 2012-4, which permits qualified defined benefit plans to accept direct rollovers from defined contribution plans maintained by the same plan sponsor thereby allowing plan participants to purchase annuities that are incremental to the amount the defined benefit plan would ordinarily provide. The Revenue Ruling applies for […]
Protecting a Union’s Rights | Employee Benfits
We all know that winning at the NLRB is hardly the end of the story
Health Reform Summary of Benefits and Coverage Effective Date Delayed
On August 22, 2011, the U.S. Departments of Labor, Health and Human Services, and Treasury issued a proposed rule under the Patient Protection and Affordable Care Act that requires group health plans and health insurance issuers to: (1) provide a summary of benefits and coverage (“Summary”) to participants and beneficiaries, and (2) make available to […]
NYSBA Perspective – Fall 2007 | Employee Benefits
Employees, in particular executives, may be covered by a wide range of compensation arrangements. These compensation arrangements may involve, for example, tax-qualified pension and retirement plans, health and welfare plans, non-qualified deferred compensation, life insurance and stock-based compensation.
DOL Finalizes Rule Authorizing the Provision of Personalized Investment Advice to Participants and Beneficiaries in Individual Account Plans
On October 24, 2011, the DOL issued a final rule permitting investment advisers to provide investment advice to participants and beneficiaries in self-directed individual account plans. The final rule implements an exemption to ERISA’s prohibited transactions rules added by the Pension Protection Act of 2006. Without this exemption, investment advisers could not provide investment advice […]
Cayman Islands Moves To Tighten Hedge Fund Corporate Governance
In a move that will be of interest to hedge fund investors, as well as hedge funds registered in the offshore domicile, the Cayman Islands Monetary Authority (CIMA) recently began a formal consultation to bolster corporate governance guidelines. By consulting with local industry associations and other interested stakeholders on proposals, the Caymans seek to align […]
Recent Comments by Director of HHS Stress HIPAA Audits and Enforcement Actions and the Need for Culture of HIPAA Compliance
According to the Department of Health and Human Services’ Office for Civil Rights (OCR), all covered entities should prepare for an OCR audit of their compliance with HIPAA. The agency will focus on widespread noncompliance “not any particular sector of the health care delivery system” and covered entities and business associates should create a culture […]