SECURE 2.0 Developments

On December 20, 2023, the IRS issued Notice 2024-2 providing guidance with respect to certain provisions ofthe SECURE 2.0 Act of 2022 (“Act”) in the form of questions and answers regarding certain sections of the Act.

ESG, ETI and Proxy Voting

On December 1, 2022, the U.S. Department of Labor (“DOL”) issued Prudence and Loyalty in SelectingPlan Investments and Exercising Shareholder Rights, 87 Fed. Reg. 73,822, final regulations (“2022 DOL Reg.”) regarding the use of environmental, social and governmental (“ESG”) considerations and economically targeted investments (“ETI”) by ERISA plans as well as proxy voting. These final […]

Legal Advisory Bulletin re Gender Dysphoria

In recent years more attention has been paid to transgender considerations and benefit plan coverage for gender dysphoria treatments, including gender affirmation surgery. While many plans have historically excluded gender dysphoria treatments, plans should now reconsider recent legislation and court decisions and determine whether coverage of gender dysphoria treatments is now warranted. Additionally, even if […]

No Surprises Act

On December 27, 2020, the President signed the Consolidated Appropriations Act (“Act”) which is intended to further respond to the pandemic. The Act also includes provisions impacting health plans from protection from surprise medical bills to ensuring mental health parity and health plan price transparency.

No Gag Clause: Transparency

On February 23, 2023, the DOL, HHS, and Treasury (“Departments”) released FAQs about Affordable CareAct and Consolidated Appropriations Act, 2021 Implementation Part 57 (“FAQs 57”).

Monitoring Investments and Fees

This memorandum follows our February 16, 2022 memorandum which reported on the Supreme Courtruling in Hughes v. Northwestern University, 2022 U.S. Lexis 622, 142 S.Ct. 737 (Jan. 24, 2022) (“Hughes”). In Hughes, the plaintiffs, plan participants, alleged that the Trustees violated their duty of prudence1 by offering needlessly expensive investment options and paying excessive recordkeeping […]

Secure 2.0 memo

On December 29, 2022, the President signed the Consolidated Appropriations Act of 2023 (“Appropriations Act”)  into law, which includes, the SECURE 2.0 Act of 2022 (“SECURE 2.0 Act”). This memorandum summarizes  the provisions of the SECURE 2.0 Act most relevant to multi-employer pension plans. Plans will be allowed to  operate in accordance with the SECURE […]

Employers Challenge Withdrawal Liability Assumptions

This memo is intended to explain a recent appellate court decision regarding the application of the SegalBlend interest rate assumption used to calculate withdrawal liability. As explained below, the interest rateassumption is the statutory responsibility of a plan actuary and not the Board of Trustees. The Trustees canrequest information from the plan actuary to consider […]

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