In an article published by Managed Healthcare Executive, I discussed the potential impact of a recently proposed regulation from the U.S. Departments of the Treasury, Health and Human Services and Labor that expands the usability of health reimbursement arrangements (HRA). The new rule as proposed would apply for most health plans beginning January 1, 2020, and would be particularly beneficial to employees of small employers who are not required to offer health plan coverage to…

I outlined the key considerations, important steps and issues of concern when buying a company that is employee-owned, or at least partially employee-owned, by an Employee Stock Ownership Plan (ESOP), including: The nature of an ESOP: In an ESOP, employees have retirement accounts invested primarily in their employer’s stock, rather than having accounts invested in an array of securities and mutual funds. The trustee of the ESOP – who represents ESOP participants as the beneficial…

Bass, Berry & Sims attorney Doug Dahl provides an update regarding the Department of Labor’s (DOL) fiduciary rule, which sets forth when an individual becomes a fiduciary by providing investment advice to employer retirement plans. While the final rule was released in April 2016, numerous delays have postponed entire implementation until July 2019. Until then, Doug recommends employers consider the following:…

In an article published by Employee Benefit News, Bass, Berry & Sims attorney Doug Dahl provided guidance for employers who now must comply with the Department of Labor’s (DOL) fiduciary rule. After months of delay, the rule went into effect on Friday, June 9, 2017, and provided guidance on who is considered a fiduciary under the new rule. Doug outlined the actions that employers and other plan sponsors should consider, such as identifying whether advisors…

Bass, Berry & Sims attorney Doug Dahl commented on the Department of Labor’s (DOL) new fiduciary rule that will impact how and when an individual is treated as a fiduciary under ERISA if that person provides investment advice. While many expected a further delayed applicability, parts of the new rule will take effect June 9, 2017. Because of the new regulations, “some advisors may decide to exit the retirement planning sector of the financial industry…

In an article published by InvestmentNews, Bass, Berry & Sims attorney Doug Dahl provided insight on a recent district court ruling which allowed allegations that using multiple record-keeping firms in 403(b) retirement planning breaches fiduciary duty to continue. With many other prominent institutions involved in similar litigation, this particular lawsuit targets Emory University, and the decision to move forward could potentially impact the success of similar claims in those other cases. The plaintiffs claim that…

In an article published by SHRM online, Bass, Berry & Sims attorney Doug Dahl discussed protected genetic information and wellness program design. The article outlines recent legislation proposed by the House Education and Workforce Committee that intended to clarify differences between the wellness program rules under several federal statutes and regulations. The bill subsequently stalled in the House of Representatives because many opponents believe the legislation allowed businesses to use the genetic information employees provided…