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Matthew H. Hawes, Michael Gorman, Timothy J. Durbin

ML BeneBits

EXAMINING A RANGE OF EMPLOYEE BENEFITS
AND EXECUTIVE COMPENSATION ISSUES

Stick to the (ERISA) Plan

By Amy Pocino Kelly and Rachel Mann
// July 03, 2024
The backbone of a fiduciary’s duties is the written plan document: understanding the key terms and adhering to them provides a bulwark against fiduciary breach. ERISA Sections 402(a)(1) and 404(a)(1)(d) require that every employee benefit plan be established and maintained pursuant to a written instrument and that the plan be administered according to its written terms (note fiduciaries must follow a written plan document only to the extent it is consistent with ERISA.) Veering from the plan’s terms is generally a per se violation of ERISA. The key to avoiding a costly breach of fiduciary duty is to stick to the plan.
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Topics: ERISA Fiduciary Duty, Retirement Plan Design and Administration

HHS Issues Final Regulations on Section 1557: Implications for Health Plans

By Saghi Fattahian and Lindsay M. Goodman
// July 01, 2024
The US Department of Health and Human Services (HHS) recently issued final regulations implementing Section 1557 of the Patient Protection and Affordable Care Act, which will restore and expand the scope of civil rights protections for patients.
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Topics: Health and Welfare Plan Design and Administration

Check Out Our Summer 2024 Webinars

June 13, 2024
Join Morgan Lewis lawyers this summer for programs on employee benefits and executive compensation.
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Topics: Benefits & Payroll Tax, Employee Benefits, ERISA Fiduciary Duty, Health and Welfare Plan Design and Administration, Labor, Employment & Benefits, Privacy and Cybersecurity, Retirement Plan Design and Administration

Executive Compensation and Employee Benefits Fallout After Sweeping FTC Ban on Noncompetes: Part 4—Timing of Taxation under Code Sections 83, 3121(v), and 457(f)

By David B. Zelikoff , Mims Maynard Zabriskie , Peter N. Coulson , and Timothy J. Durbin
// May 21, 2024
This is the fourth part of a multi-part blog post series discussing the implications and fallout from the Final Rule recently adopted by the Federal Trade Commission (FTC) banning the enforcement of almost all noncompete agreements with workers. In Part 1 of this series, we discussed the general parameters of the rule and several threshold questions that it raises. In Part 2, we discussed the types of arrangements that are prohibited by the Final Rule and the alternatives to noncompete clauses that likely remain available to companies following the effective date of the Final Rule. In Part 3, we discussed the impact of the Final Rule on noncompetition covenants entered into by sellers of a business, as well as the application of the Internal Revenue Code (Code) Section 280G golden parachute rules to noncompete covenants affected by the Final Rule.
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Topics: Executive Compensation, Investment Management, Labor, Employment & Benefits, Securities-Enforcement-Litigation

IRS Extends Post-Death RMD Relief Under the 10-Year Rule for 2024 Distributions

By Hengyang Ding , Claire E. Bouffard , and R. Randall Tracht
// May 21, 2024
The Internal Revenue Service (IRS) recently extended relief with respect to certain post-death required minimum distributions (RMDs) under Internal Revenue Code Section 401(a)(9).
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Topics: Retirement Plan Design and Administration, SECURE Act Updates and Developments

OCR Releases Final HIPAA Privacy Rule to Support Reproductive Health Care Privacy

By Saghi Fattahian
// May 16, 2024
The US Department of Health and Human Services, Office for Civil Rights (OCR) published its Final Rule titled HIPAA Privacy Rule to Support Reproductive Health Care Privacy in the Federal Register on April 26, 2024.
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Topics: Health and Welfare Plan Design and Administration, HIPAA

Executive Compensation and Employee Benefits Fallout After Sweeping FTC Ban on Noncompetes: Part 3—Impact on Mergers and Acquisitions

By Austin S. Lilling , Patrick Rehfield , Mims Maynard Zabriskie , and Samuel P. Bryant
// May 13, 2024
This is the third part of a multi-part blog post series discussing the implications and fallout from the Final Rule recently adopted by the Federal Trade Commission (FTC), banning the enforcement of almost all noncompete agreements with workers. In Part 1 of this series, we discussed the general parameters of the rule and several threshold questions that it raises. In Part 2, we discussed the types of arrangements that are prohibited by the Final Rule and the alternatives to noncompete clauses that likely remain available to companies following the effective date of the Final Rule.
Topics: Executive Compensation, Investment Management, Labor, Employment & Benefits, Securities-Enforcement-Litigation

2024 DOL ERISA Investigation Update: Recent Publications Offer Insight Into Possible Areas of Focus

By Elizabeth S. Goldberg and Michael Gorman
// May 07, 2024
The US Department of Labor (DOL) maintains a robust investigatory program for auditing employee benefit plans for potential ERISA violations. Under the Biden administration, the DOL’s ERISA enforcement activities and investigations have remained a high priority. As such, ERISA plan fiduciaries and service providers can expect the DOL to continue its ever-evolving enforcement program targeting both fiduciaries and nonfiduciary service providers.
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Topics: ERISA, ERISA Fiduciary Duty, Retirement Plan Design and Administration

Executive Compensation and Employee Benefits Fallout After Sweeping FTC Ban on Noncompetes: Part 2—Prohibited vs. Permissible Compensation Arrangements

By Mims Maynard Zabriskie , Gina L. Lauriero , Timothy J. Durbin , and Emily Jordan
// May 07, 2024
This is the second in a multipart series on ML BeneBits discussing the implications and fallout from the Final Rule recently adopted by the Federal Trade Commission (FTC) banning the enforcement of almost all noncompete agreements with workers. In Part 1, we discussed the general parameters of the rule and several threshold questions that it raises. In Part 2, we discuss the types of arrangements that are prohibited by the Final Rule and the alternatives to noncompete clauses that likely remain available to companies following the effective date of the Final Rule.
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Topics: Executive Compensation, Investment Management, Labor, Employment & Benefits, Securities-Enforcement-Litigation

Executive Compensation and Employee Benefits Fallout from the FTC Sweeping Ban on Noncompetes: Part 1—The Who, What, When and What to Do Now

By Mims Maynard Zabriskie , Gina L. Lauriero , and Timothy J. Durbin
// May 01, 2024
On April 23, the Federal Trade Commission (FTC) approved by a 3-2 vote a Final Rule that, if it becomes effective, will ban almost all noncompete clauses for nearly all workers. This is the first in a blog series exploring the fallout from the sweeping ban, specifically in terms of executive compensation and employee benefits. In Part 1, we address the first important threshold questions posed by the Final Rule. Future posts in the series will address the wide scope of the Final Rule and the types of executive compensation arrangements it prohibits; the types of arrangements that survive the Final Rule; and specific issues related to equity compensation, corporate transactions, Section 280G of the Internal Revenue Code (Code), and other compensation-related tax issues.
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Topics: Executive Compensation, Investment Management, Labor, Employment & Benefits
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