On October 24, 2011, the Department of Labor, Employee Benefits Security Administration, released its final rule on investment advice. This final rule implements a statutory prohibited transaction exemption under ERISA which permits financial advisors to receive fees from providers of investment products that are recommended to participants of employee benefit plans. The final rule becomes effective December 27, 2011.
Archive for October, 2011
IRS Announces 2012 Cost of Living Adjustments for Dollar Limitations on Benefits and Contributions | Employment Law
On October 20, 2011, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. Of note:
In the article, entitled “How Gross Takes the Teeth Out of a Proposal For an Employment-Status Discrimination Cause of Action,” Michael R. Daum discusses pending congressional legislation to prohibit employers from discriminating against applicants on the basis of their employment status and warns that such a law would be rendered ineffective by the U.S. Supreme Court’s 2009 decision in Gross v. FBL Financial Services. He recommends that the legislation be revised to mirror language in Title VII of the 1964 Civil Rights Act, rather than in the Age Discrimination in Employment Act.
Daniel R. Brice, Jonathan M. Cerrito and Ginger B. LaChapelle Present to the Fourth District Dental Society | Employment Law
On October 4, 2011, Daniel R. Brice, Jonathan M. Cerrito and Ginger B. LaChapelle presented to Fulton, Hamilton and Montgomery Counties, Fourth District Dental Society–an organization formed in 1868 to provide member services and serve as a liaison with the New York State Dental Association, the American Dental Association, and other State Agencies and Societies–on various employee benefit issues facing the dental industry. The presentation entitled “The Employee Benefits and Employment Check Up for Dental Offices” included topics such as the administration of Single-Employer 401(k) Employee Benefit Plans, employee law fundamentals, and HIPAA basics for health and dental practitioners.