The decision in Bolton v. Inland Fresh Seafood Corp. of America Inc., No. 22-cv-4602 (N.D. Ga. Dec. 5, 2023)should serve as a reminder to all ERISA practitioners that, if litigating in courts of the Eleventh Circuit, participants must exhaust a
Compensation & Benefits Blog
The View from Proskauer on Developments in the World of Employee Benefits, Executive Compensation & ERISA Litigation
The Compensation & Benefits Blog, published by Proskauer Rose LLP, focuses on legal developments and regulatory updates related to employee compensation, retirement plans, and benefits administration. It covers topics such as ERISA compliance, qualified retirement plan limits, private investment fund regulations under ERISA, flexible spending accounts, and withdrawal liability issues affecting private equity funds and their portfolio companies. The blog addresses the intersection of labor and employment law with financial and investment considerations, providing insights on fiduciary duties, plan asset regulations, and litigation risks associated with employee benefit plans and private market investments.
Latest from Compensation & Benefits Blog - Page 11
Congress Proposes SECURE 2.0 Technical Corrections Bill
As previously discussed, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement…
IRS Proposes 401(k) Plan Regulations Implementing Long-Term Part-Time Employee Eligibility Requirements
The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time employees” to make elective contributions to a 401(k)…
Second Circuit Establishes Practical Pleading Requirement for Prohibited Transaction Claims Under ERISA Section 406(a)(1)(C)
The Second Circuit recently held that in order to state a claim for a prohibited transaction pursuant to ERISA section 406(a)(1)(C), it is not enough to allege that a fiduciary caused the plan to compensate a service provider for its…
Dodd-Frank Clawback Policy: Additional Action Required for NYSE-Listed Companies by December 31, 2023
Public companies nationwide have spent their summer and fall compensation seasons finalizing compensation clawback policies ahead of the December 1, 2023 deadlines set by the New York Stock Exchange (the “NYSE”) and the Nasdaq Global Market (“Nasdaq”), as applicable, as…
A Time for Clauses – Santa and No Gag
As we approach December, the impending arrival of Santa Claus is no doubt dominating discussions in many households. However, there is another, perhaps lesser known, “clause”-related item that health plan sponsors need to keep top of mind in the coming…
Game of Tomes: A Guide to the DOL’s Retirement Security Rule Proposal
The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975 regulation…
IRS Releases Annual Increases to Health FSA and Transportation Fringe Benefit Limits for 2024
On November 9th, the IRS announced additional inflation adjustments for 2024, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. The IRS did not increase the annual…
District Court Enforces Arbitration Clause in ERISA Plan Document
A federal district court judge in the Eastern District of Kentucky has enforced an ESOP’s arbitration clause, sending P.L. Marketing Inc. employees’ breach of fiduciary duty claims on behalf of a putative class to individual arbitration. The case is Merrow…