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BlackRock 401(k) Plan Class Action Headed for Trial

A class action alleging that BlackRock entities favored their own proprietary funds when selecting investment options for BlackRock’s 401(k) Plan is headed for trial after Judge Haywood S. Gilliam, Jr. denied both parties’ motions for summary judgment on January 12, 2021. Baird v. BlackRock Inst’l. Trust Co., No. 17-1892 (N.D. Cal. Jan. 12, 2021). BlackRock...… Continue Reading
January 14, 2021

Mandatory COVID-19 Benefits Under Families First Coronavirus Response Act Have Ended, Now What?

In March 2020, when Congress passed the Families First Coronavirus Response Act (FFCRA) with a sunset date of December 31, 2020, few anticipated the COVID-19 pandemic would be ongoing into 2021. Several similar state and local laws also sunset at the end of 2020. But the pandemic has not slowed, and requests for COVID-19-related leave...… Continue Reading
January 13, 2021

Consolidated Appropriations Act, 2021: Top Practical Considerations on FSA, Election Change Relief

The Consolidated Appropriations Act, 2021 (Act) provides certain COVID-19-related relief, including temporary additional flexibility regarding flexible spending accounts (FSAs). Employers have several practical considerations when deciding whether to adopt one or more of the changes in their plans. Under the FSA changes, employees need not lose the benefit of the dollars they set aside from their...… Continue Reading
January 11, 2021

Wellness Programs and Water Bottles, the EEOC Proposes New Rules under the ADA and GINA

Since 1996, when Congress passed the Health Insurance Portability and Accountability Act (HIPAA), employers have been struggling with whether and to what extent they could offer incentives to employees to participate in certain “wellness programs.” The Equal Employment Opportunity Commission’s (EEOC) position on these programs has been a significant driver of those struggles, primarily due...… Continue Reading
January 11, 2021

Consolidated Appropriations Act, 2021: Employer-Sponsored Health and Welfare Plan Components

The Consolidated Appropriations Act, 2021, generally provides the annual funding for the federal government and, in almost 5,600 pages, contains several important rules giving further COVID-19 relief, including the expansion of eligibility for the Paycheck Protection Program (PPP) and the Employee Retention Tax Credit. The Act also relaxes several health, welfare, and retirement plan rules...… Continue Reading
December 29, 2020

Consolidated Appropriations Act, 2021: PPP and Tax Provisions

The Consolidated Appropriations Act, 2021 (Act) generally provides the annual funding for the federal government and contains several important rules giving further COVID-19 relief. These include, among other things, revisions to the Paycheck Protection Program (PPP), expansion of the employee retention tax credit, and changes to other employer-related tax provisions. The Act was passed by...… Continue Reading
December 28, 2020

Consolidated Appropriations Act, 2021: Employer-Sponsored Retirement Plans

The Consolidated Appropriations Act, 2021 generally provides the annual funding for the federal government and also contains several important rules giving further COVID-19 relief. The comprehensive relief package funds certain hard-hit industries, expands eligibility for the Paycheck Protection Program (PPP), and extends and expands the Employee Retention Tax Credit. The Act also relaxes several normally...… Continue Reading
December 28, 2020

Personal Data from Thousands of Pension Plan Accounts Breached…Third-Party Service Provider Blamed

One of the last things pension plan participants would want to learn as they get ready to celebrate the Christmas holiday is that personal data from their pension accounts may have been compromised. This is the case, unfortunately, for approximately 30,000 Now:Pensions customers whose names, postal and email addresses, birth dates and the equivalent of...… Continue Reading
December 24, 2020

The IRS Released the Final Regulations for Plan Loan Offset Rollovers

The IRS released final regulations on the provisions of the Tax Cuts and Jobs Act (“TCJA”) that added Section 402(c)(3) of the Internal Revenue Code, effective January 1, 2018, special rollover relief for qualified plan loan offset (“QPLO”) amounts. As per our initial blog on the TCJA change, distributing a plan loan offset occurs under...… Continue Reading
December 17, 2020

U.S. Supreme Court: State Law Regulating Pharmacy Benefit Managers is Not Preempted by ERISA

An Arkansas law regulating pharmacy benefit managers’ (PBMs) generic drug reimbursement rates, and affecting the cost of prescription drugs provided under ERISA-governed benefit plans and the administration of those plans, is not preempted by ERISA, the U.S. Supreme Court has held unanimously. Rutledge v. Pharmaceutical Care Management Association, No. 18-540, 2020 U.S. LEXIS 5988 (Dec. 10,...… Continue Reading
December 14, 2020

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