On February 11, 2011, the Department of Labor announced that it will extend until January 1, 2012 the effective date for compliance with final regulations concerning disclosure of plan fees and costs to participants in defined contribution participant-directed account plans.
On January 19, 2011, Daniel R. Brice and Jonathan M. Cerrito presented to CNY Sales & Marketing Executives (CNYSME)—a trade association founded in 1935 and a recognized voice of the sales and marketing profession in Central New York—on various employment law and employee benefits matters.
Ginger LaChapelle, an Associate in the Employee Benefits Department, recently presented Reviewing the DOL's Final Rule for Fee Disclosure in Participant Directed Individual Account Plans to the Albany Chapter of the New York Employee Benefits Committee.
On December 13, 2010, Governor Patterson signed the Wage Theft Prevention Act (“Act”) into law, which provides enhanced remedies and greater enforcement powers to prevent violations of New York wage laws.
On behalf of a multiemployer defined benefit pension plan, Blitman & King, LLP submitted an application to the Internal Revenue Service (IRS) for participation in its Voluntary Compliance Program. The matter involved qualification errors related to in-service distributions and recalculation of benefits.
Timothy R. Bauman, a Partner and the Chair of the Employee Benefits Department, recently authored a commentary, that was published in the Newsletter of the American Bar Association’s Employee Benefits Committee, discussing the U.S. Department of Labor’s proposed change to the definition of a “fiduciary” under ERISA…
Jonathan M. Cerrito, a Partner in the Employee Benefits Department, and Michael R. Daum, a 2010 Summer Associate, recently published an article addressing diversification in the context of fund of funds investment vehicles in Benefits & Compensation Digest Volume 47 Number 12, pages 24-28, December, 2010...
In April 2010, President Obama filled National Labor Relations Board vacancies with recess appointments of Craig Becker and Mark Pearce, both uni on-side labor attorneys.
On October 28, 2010, the I.R.S. announced cost of living adjustments affecting dollar limitations for pension and retirement plans for 2011. In general, these limits either remain unchanged or will result in small inflation adjustments. Of note:
On October 14, 2010, the U.S. Department of Labor issued final regulations concerning disclosure of plan fees and costs to participants in defined contribution participant-directed account plans. The final regulations will become effective December 20, 2010 and are applicable for the first plan year beginning on or after November 1, 2011 (January 1, 2012 for calendar year plans).