On October 26, 2011, the Office of Labor-Management Standards (“OLMS”) issued final regulations concerning reports made by labor organization officers and employees (“Form LM-30”). The regulations, which are effective November 25, 2011, return to the Department’s historical position of not requiring officials to report on payments that they receive from trusts, or as a general […]
Split-dollar arrangements may look complex, but the principle of this article is simple: Timing is Everything In Precious Plate, Inc. v. Russell, the court ordered a Vice President of Human Resources to execute the necessary documents to transfer a life insurance policy to the executive’s former employer based on the failure of the executive to make […]
Executives should be aware of the new application of nondiscrimination rules under the Patient Protection and Affordable Care Act of 2010, as amended (“PPACA” or “Act”)—commonly known as health care reform—that will prevent highly compensated employees from being rewarded with more favorable eligibility terms or richer benefit levels in connection with health insurance.
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 […]
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 […]
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 […]
We all know that winning at the NLRB is hardly the end of the story
Welcome to the third issue of CUEd In, our guide to the law and business of employee benefits for credit union executives. In this issue, we take a look at a recent case involving the recovery of incentive plan benefits by executives and the impact that waivers and releases can have on a credit union […]