Multiemployer benefit plans generally require contributing employers to submit “remittance reports” that identify the employees that performed covered work, the type of work performed, and the amount of time worked. Plans rely on the timely and accurate submission of these
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 6
401(k) Plan Fiduciaries Breached ERISA’s Duty of Loyalty By Allowing ESG Interests To Influence Management Of The Plan
Last week, Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas, issued the first-of-its-kind ruling on the merits pertaining to environmental, social, and corporate governance (“ESG”) investing in ERISA-covered retirement plans. In his 70-page Opinion,…
PBGC Technical Update on Accelerated Premium Filing Due Dates for 2025
By Justin Alex & Alex Scharr
As described in further detail below, absent Congressional action, plan sponsors should take note that PBGC premium filings will generally be due one month earlier than usual for plan years beginning in 2025. This modification only applies for 2025.
Under…
ISS and Glass Lewis Announce Compensation-Related Updates For 2025 Proxy Season
Recently, Institutional Shareholder Services (“ISS”) released updates to its voting policies for 2025, including new and updated responses to its Compensation Policies FAQs and new Value-Adjusted Burn Rate Benchmarks (based on company size and industry) in its Equity Compensation Plans…
Employer Benefit Plan Assistance FAQs: California Wildfires
In the wake of the horrific wildfires in Los Angeles (which are ongoing as of today), employees based in the Los Angeles area may have questions about available support from employer-sponsored 401(k) plan accounts and other impacts on benefits. Below…
Down to the Wire: Will We Have HSA with Pre-Deductible Telehealth in 2025?
Important Update—Pre-Deductible Telehealth HSA Relief Ends on December 31, 2024: As discussed in our post below, although extension of the telehealth safe harbor was included in various bill drafts, the year-end spending bill signed into law on December 21, 2024…
Sixth Circuit Adopts IRS Standard to Determine Whether Activity Constitutes “Trade or Business” for Withdrawal Liability Purposes
Under 29 U.S.C. § 1301(b)(1), all “trades or businesses” under common control with an employer that has withdrawn from a multiemployer pension plan are jointly and severally liable for the employer’s withdrawal liability. The statute does not define what it means…
Third Circuit Affirms Finding that Withdrawal Liability Assessment Was Untimely
By Neil V. Shah & Jessica Wang
When an employer withdraws from a multiemployer pension plan, the plan’s trustees must notify the employer of the amount of its withdrawal liability and demand payment. Employers assessed with withdrawal liability often argue that the assessment is untimely because the…
IRS Creates Standardized Form for Section 83(b) Elections
Earlier this month, the Internal Revenue Service (“IRS”) released Form 15620, which is an approved IRS form for making Internal Revenue Code (“Code”) Section 83(b) elections. By way of background, Code Section 83(b) provides taxpayers with the ability to…
Benefit Plan Deadlines Extended for Individuals Affected by Recent Natural Disasters
Last week, the U.S. Departments of Labor and Treasury issued a Joint Notice requiring the extension of certain benefit plan deadlines for individuals affected by Hurricanes Helene and Milton and Tropical Storm Helene.[1] The deadline extensions echo relief…