Summary Plan Descriptions (SPDs) are an essential mechanism for employers to use when informing employees and participants of benefits offered under their plans. What kind of information is required to be included in an SPD? Should you consider including information that’s not required? Who drafts them? How are SPDs distributed, and how often? Grab your
How Do You Really Feel? DOL Talks ESG and Crypto
Seyfarth Synopsis: In keeping with their recent more vocal stance on fiduciary duties, the Department of Labor has weighed in on the wisdom of 401(k) plans including an ESG fund or a crypto investment option in its line-up. And, it’s complicated.
As we’ve covered in this space, over the last few years the DOL has
No More Surprises, But Much Uncertainty Over Non-Network Bills
Seyfarth Synopsis: Last summer and fall, the Departments of Treasury, Labor, and Health and Human Services issued Interim Final Rules (IFRs) [here] and [here], implementing the sweeping changes that applied to out-of-network health care providers and health plans under the No Surprises Act. While much of the IFR content was welcome
Guidance Arrives on Long-Awaited Compensation Disclosures for Group Health Plans
Seyfarth Synopsis: Almost a decade after the 408(b)(2) fee disclosure requirements took effect for retirement plan service providers, Congress finally passed legislation addressing compensation disclosure rules for service providers to group health plans. At the end of 2020, Congress passed the Consolidated Appropriations Act, 2021, which requires individuals to disclose direct and indirect compensation of
Never Fear: More COBRA Subsidy Guidance Is Here
On July 26, 2021, the U.S. Internal Revenue Service (“IRS”) issued Notice 2021-46, providing additional guidance on the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and premium assistance and tax credit provisions of the American Rescue Plan Act of 2021 (“ARPA”). As described in our Legal Update , ARPA requires employers to cover
The Biden Administration Removes Limits on Agency “Guidance” – And Creates A New Agenda Enforcement Tool
Synopsis: On January 20, 2021, the Biden Administration revoked the Trump Administration Executive Order (EO) which had restricted agency Guidance. On January 27, 2021, the Department of Labor (DOL) rescinded the “PRO Good Guidance” rule that it had issued pursuant to the Trump EO – a rule that limited the force of informal guidance in
To Vote or Not to Vote? That is (Still) the Question
Seyfarth Synopsis: In mid-December 2020, after a truncated comment period and without public hearings, the US Department of Labor (DOL) finalized its proposed regulations on a fiduciary’s responsibilities when exercising shareholder rights like proxy voting (summarized here). They were published in the Federal Register on December 16, 2020 (click here) and were designated
Welcome to the 21st Century—The DOL Proposes Changes to Antiquated Electronic Disclosure Rules under ERISA
By Christina Cerasale, Kelly Rourke, and Richard G. Schwartz
Seyfarth Synopsis: The Department of Labor (“DOL”) just issued proposed rule changes governing the disclosure of ERISA-required notices via an electronic format (e.g., emails, intranet sites, etc.). These proposed rules update final regulations issued by the DOL in 2002, which given the pace at
Sixth Circuit “Unfriends” DOL: No “Regulation By Amicus” For ERISA Venue Selection Clauses
By: Kathleen Cahill Slaught and Michelle M. Scannell
Sixth Circuit judges might not expect holiday cards from the folks at the DOL this year. In a recent opinion involving ERISA venue selection clauses, the court ruled that the DOL’s amicus curiae—(“friend of the court”)—brief was a mere “expression of mood” that wasn’t entitled to