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ERISA Litigation Update - 15 June 2011
In deciding CIGNA Corp. v. Amara, No. 09-804 (May 16, 2011), the U.S. Supreme Court expounded on two of ERISA’s major remedial provisions —Sections 502(a)(1)(B) and 502(a)(3).
United States
2 Sep 2011
Seventh Circuit Requires 401(k) Plan Fiduciaries to Stand Trial Where They Did Not Seek An RFP For Plan Recordkeeping Services Every Three Years
On April 11, a divided panel of the Seventh Circuit set a so-called "excessive fee" case on track for trial, by reversing in part the district court’s decision to grant summary judgment for defendants in George v. Kraft Foods Global, Inc., No. 10-1469 (7th Cir.). On May 26, the appeals court denied the defendants’ request to revisit its decision.
United States
17 Jun 2011
Enhanced Wage And Recordkeeping Requirements For NY Employers
Significant changes in the New York Labor Law ("NYLL") take effect on April 9, 2011 and New York employers should be prepared.
United States
5 Apr 2011
Federal Circuit Court Affirms Dismissal of Stock Drop Suit
In "Brown v. Medtronic, Inc., et al.", Case No. 09-2524 (8th Cir. Dec. 13, 2010), the U.S. Court of Appeals for the Eighth Circuit affirmed dismissal of a putative class action complaint filed by a former participant in an employee stock ownership plan sponsored by a medical device manufacturer (the "Sponsor").
United States
24 Jan 2011
Federal Court Dismisses ERISA Breach of Fiduciary Claims over 401(k) Plan Holdings in Stock of Bank Receiving TARP Funds
On November 24, 2010, the U.S. District Court for the Southern District of Ohio dismissed ERISA breach of fiduciary duty claims arising from the continued holding of a bank’s stock in a 401(k) plan sponsored by the bank for its employees.
United States
24 Jan 2011
Southern District of New York Dismisses ERISA Imprudence Claims Arising from Mortgage-Backed Securities Investments
The U.S. District Court for the Southern District of New York dismissed an ERISA breach of fiduciary duty action alleging that an investment manager imprudently invested retirement plan assets in mortgage-backed securities.
United States
24 Jan 2011
Reporting Requirements for 2010 ISO Exercises and ESPP Transfers
Companies are required to make information filings with the IRS in early 2011 to report exercises of incentive stock options ("ISOs") and transfers of stock purchased pursuant to employee stock purchase plans ("ESPPs") occurring in 2010.
United States
13 Dec 2010
Patient Protection and Affordable Care Act May Require Cafeteria Plan Amendments by Year End
The Patient Protection and Affordable Care Act (the "Act"), signed into law by President Obama earlier this year, imposes new requirements on group health plans and flexible spending arrangements that may necessitate Section 125 cafeteria plan amendments and changes in administrative procedures by year end.
United States
8 Dec 2010
Section 409A Correction Program - Action Required Before Year End
In January 2010, the Internal Revenue Service (the "IRS") issued Notice 2010-6 (the "Notice"), which allows taxpayers to correct plan documents of non-qualified deferred compensation arrangements that do not strictly comply with the requirements of Section 409A of the Internal Revenue Code, as amended, (the "Code").
United States
30 Sep 2010
U.S. Supreme Court Clarifies Standard of Review for Plan Fiduciary's Discretionary Plan Interpretation
In a 5-3 decision, the U.S. Supreme Court held in "Conkright v. Frommert", 130 S. Ct. 1640 (2010), that where plan documents confer discretion on a fiduciary to interpret the plan, a court should apply deference in reviewing that fiduciary’s interpretation of the plan provision, even if a different, earlier, good faith interpretation of the same plan provision was previously overturned by the court as unreasonable.
United States
1 Jul 2010
U.S. Supreme Court Rules That a Party Need Not Be a "Prevailing" Party to Be Eligible for an Award of Attorneys’ Fees Under ERISA Section 502(g)(1)
Section 502(g)(1) of ERISA provides that, in any action brought under ERISA’s enforcement provisions (other than actions by multi-employer plans to collect employer contributions or those brought by the Department of Labor), "the court in its discretion may allow a reasonable attorney’s fee and costs to either party."
United States
1 Jul 2010
Federal District Court Dismisses 401(k) Excessive Fee Litigation
In "Renfro, et al. v. Unisys Corp., et al.", Case No. 2:07-cv-02098 (E.D. Pa. Apr. 26, 2010), the U.S. District Court for the Eastern District of Pennsylvania granted the defendants’ motions to dismiss claims under ERISA, challenging the fees charged to a large 401(k) plan.
United States
1 Jul 2010
Update on Stock Drop Litigation Arising Out of Subprime Crisis
Numerous ERISA stock drop suits filed in the wake of the recent financial crisis continue to work their way through the system. To date, no case has gone to trial, but several have resulted in notable decisions at the motion to dismiss and/or summary judgment stages – with victories for both plaintiffs and defendants.
United States
1 Jul 2010
COBRA Subsidy Extended By Department Of Defense Appropriations Act For Fiscal Year 2010
The Department of Defense Appropriations Act for Fiscal Year 2010 was signed into law by President Obama on December 19, 2009. The Act extends the eligibility for and the duration of the temporary federal COBRA subsidy provided by the American Recovery and Reinvestment Act of 2009.
United States
28 Jan 2010
IRS Issues Final ESPP Regulation And Reporting Requirements For ISOs And ESPPs
The IRS recently issued a final regulation (the "ESPP Final Regulation") relating to options granted under an employee stock purchase plan (an "ESPP") as defined in Section 423 of the Internal Revenue Code, as amended (the "Code"), and a final regulation (the "Reporting Regulation") regarding the reporting requirements for incentive stock options granted under Section 422 of the Code ("ISOs") and ESPPs.
United States
16 Dec 2009
Children’s Health Insurance Program Reauthorization Act Imposes New Group Health Plan Enrollment Rights And Obligations On Employers
President Obama signed the Children’s Health Insurance Program Reauthorization Act of 2009 into law on February 4, 2009 (the “Act”).
United States
31 Mar 2009
Temporary COBRA Subsidy Included In The American Recovery And Reinvestment Act Of 2009
The American Recovery and Reinvestment Act of 2009 was signed into law by President Obama on February 17, 2009.
United States
23 Feb 2009
New York Mini-WARN Law Requires 90-Day Advance Written Notice Of Certain Employee Layoffs
The economic downturn that, in late 2008, dealt a sharp blow to many New York employers has led many of those employers to consider reductions in force.
United States
2 Feb 2009
Final Regulations Issued Regarding Qualified Default Investment Alternatives
The U.S. Department of Labor (the "DOL") recently finalized a regulation (the "Final Regulation") regarding a safe harbor under the Employee Retirement Income Security Act of 1974, as amended ("ERISA") for the investment of plan assets and certain default investment options that qualify as "qualified default investment alternatives ("QDIAs").
United States
4 Dec 2007
Final Section 409A Regulations Require Prompt Action On Non-Qualified Deferred Compensation Arrangements
Section 409A substantially changed the federal income tax treatment of non-qualified deferred compensation ("NQDC") arrangements maintained by employers and other entities that receive services from employees, partners, directors, and other individuals. Failure to comply with the new requirements will result in early taxation of NQDC, as well as a 20% penalty tax and additional interest payable to the IRS.
United States
9 May 2007
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