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Editors

John G. Ferreira, Amy Pocino Kelly, Patrick Rehfield
ML BeneBits
EXAMINING A RANGE OF EMPLOYEE BENEFITS
AND EXECUTIVE COMPENSATION ISSUES

Check Out Our Resources on the SECURE Act 2.0

January 18, 2023
We have launched a centralized portal, SECURE Act 2.0: Updates and Developments, which will be updated to add our publications closely examining SECURE Act 2.0 as they are published and aggregate our insights and analyses of the act.
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FTC’s Proposed Ban on Noncompete Clauses May Have Far-Reaching Implications for Executive Compensation

By Mary B. Hevener , Patrick Rehfield , Mims Maynard Zabriskie , Timothy J. Durbin , and Emily Jordan
// January 18, 2023
The Federal Trade Commission (FTC) announced a notice of proposed rulemaking on January 5, 2023, that would ban employers from entering into or maintaining noncompete clauses with their workers. The proposal was issued in response to President Joseph Biden’s July 9, 2021 executive order and related statements calling on the FTC to ban or limit employment contract restrictive covenants that restrict workers’ freedom to change jobs. See our LawFlashes discussing the proposal and frequently asked questions.
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Topics: Benefits & Payroll Tax, Corporate Governance, Employee Benefits, Employment Counseling, Employment Litigation, Executive Compensation, Labor, Employment & Benefits, Transactions

Check Out Our Upcoming Events – January 2023

January 17, 2023
We invite ML BeneBits readers to join us for the following programs on employee benefits and executive compensation.
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Topics: ESOPs, Events

The New Year May Bring New Restrictions on Department of Labor Prohibited Transaction Exemptions

By Julie K. Stapel
// January 13, 2023
While the Department of Labor’s environmental, social, and governance rule garnered a lot of attention in 2022, there are two other developments simmering that could have significant implications for ERISA plans and financial services providers to ERISA plans as we move into 2023. These are proposed changes to (1) the rules on how to obtain a prohibited transaction exemption from the Department of Labor (DOL) and (2) the rules for qualified professional asset managers (QPAMs).
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Best of BeneBits 2022

December 29, 2022
As 2022 comes to a close, we're resharing our top five most-read blog posts of the year. Thank you for your engagement, and we look forward to providing you with more content in 2023!
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Topics: Employee Benefits, ERISA Fiduciary Duty, Labor, Employment & Benefits, Retirement Plan Design and Administration

Register Now for ‘Hot Topics in Employee Benefits’ Webinar

December 13, 2022
Join us on Wednesday, December 14, for our final webinar of 2023 where we’ll discuss the hottest topics in employee benefits, including takeaways from the Department of Labor’s final ESG rule, the status of the SECURE Act 2.0, and more!
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Topics: Events

US Department of Labor Gives a Green Thumbs Up to ESG

By Lance C. Dial , Elizabeth S. Goldberg , Michael B. Richman , Julie K. Stapel , and Rachel Mann
// November 22, 2022
The US Department of Labor (DOL) released the Final ESG Rule on November 22, 2022, regulating the consideration of environmental, social, and governance (ESG) factors by fiduciaries of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Final ESG Rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” also addresses proxy voting.
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Topics: ERISA Fiduciary Duty, Labor, Employment & Benefits, Retirement Plan Design and Administration

New and Updated Women’s Preventive Health Services Guidelines Apply in 2023

By Saniyyah Harris and Robert M. Hunter
// October 26, 2022
The Affordable Care Act (ACA) requires non-grandfathered group health plans (and insurers) to provide coverage for certain preventive health services for all adults, women, and children. Preventive services covered under the law must be provided to individuals without cost sharing, i.e., without the requirement to pay a copayment, coinsurance, deductible, or other cost.
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Topics: Employee Benefits, Health and Welfare Plan Design and Administration

Post-Death Required Minimum Distribution Relief in 2021 and 2022 Under 10-Year Rule

By Hengyang Ding , Claire E. Bouffard , and R. Randall Tracht
// October 25, 2022
In response to confusion regarding the “10-Year Rule” that was added to the required minimum distribution (RMD) rules by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the US Internal Revenue Service (IRS) has provided relief to defined contribution plan beneficiaries and individual retirement account beneficiaries. In Notice 2022-53, the IRS provides two forms of relief: (1) the proposed RMD regulations, including the application of the 10-Year Rule, if finalized, will not apply earlier than 2023, and (2) the failure to distribute “Specified RMD” payments in 2021 and 2022 will not be treated as a plan qualification failure or trigger the 50% excise tax for the Specified RMDs.
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Topics: Executive Compensation, Health and Welfare Plan Design and Administration, Multiemployer Plans, Retirement Plan Design and Administration

Welcome Austin Lilling!

October 17, 2022
We are excited to welcome Austin Lilling to Morgan Lewis’s employee benefits and executive compensation practice, as partner in our New York office.
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Topics: Employee Benefits, Executive Compensation, Labor, Employment & Benefits
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