During testimony before the House Committee on Education and Labor on June 9, 2021, Secretary of Labor Marty Walsh told lawmakers that the DOL is reviewing the current overtime pay threshold that he said is too low and should be subject to automatic and regular updates. Currently, the overtime threshold is $684 per week, or $35,568 annually. Workers who earn below the threshold amount are required to be paid Read More
New DOL Prohibited Transaction Exemption Regulates Investment Advice Fiduciaries
On April 13, 2021, the Department of Labor (DOL) issued clarifying guidance for Prohibited Transaction Exemption (PTE) 2020-02, Improving Investment Advice for Workers & Retirees, which became effective on February 16, 2021. Adopted in December 2020, PTE 2020-02 allows investment advice fiduciaries to receive compensation as a result of providing fiduciary investment advice if that advice meets the DOL’s Read More
More Employers are Contesting COVID-Related OSHA Citations
Employers are contesting OSHA citations for COVID-19-related violations at a rate that is five times higher than the national average for all federal workplace safety violations, according to a recent Bloomberg report. Many employers are appealing their violations based on often-changing OSHA requirements as well as a belief that failing to appeal a violation may lead to civil litigation. According to OSHA, Read More
IRS Highlights Top Mistakes in Retirement Plan Correction Submission Filings
The IRS has updated its Top Mistakes in Voluntary Correction Program (VCP) Submissions webpage to ensure submissions by plans sponsors or their representatives are free of errors that could result in a delay of the IRS’ review of the submission as well as a holdup in issuing the compliance statement. The updated list includes new items concerning the electronic submission of VCP applications via Pay.gov, which Read More
DOL Delays Portions of 2020 Tip Rule Until 12/31/21
Recently, the DOL announced that it would delay until December 31, 2021, the effective date of certain provisions of the 2020 Tip Regulations Final Rule under the FLSA, including provisions addressing civil money penalties (CMPs) and the “80/20” rule under the FLSA’s “dual jobs” provisions. The provisions of the Tip Final Rule that have been delayed until December 31, 2021, include: Incorporation of the Read More
IRS Offers Tax Treatment Guidance for 2020-2021 Dependent Care FSA Carryovers
On May 10, 2021, the IRS released an advance version of Notice 2021-26 to provide clarification regarding the taxability of benefits received in 2021 and 2022 under a dependent care assistance program (DCAP) that allows for carryovers or extended grace periods. Background Passage of the Consolidated Appropriations Act, 2021, in December 2020, permitted DCAPs to carry over unused benefits from plan years ending in Read More
OSHA Finally Issues Emergency Temporary Standards for Healthcare and Other Industries
On June 10, 2021, OSHA issued an emergency temporary standard to protect workers in healthcare settings from COVID-19. In addition, OSHA issued general COVID-19 guidance for other industries that focuses on protecting unvaccinated workers and encouraging vaccination. COVID-19 ETS for Healthcare Workers According to the OSHA COVID-19 ETS Fact Sheet, the ETS is aimed at protecting workers facing the highest COVID-19 Read More
SECURE Act 2.0: Congress Piggybacks on SECURE Act, Proposing Additional Incentives to Facilitate Retirement Plan Savings
By Anne Tyler Hall, Eric Schillinger, and Allison Richter* Hall Benefits Law Atlanta, GA *Anne Tyler Hall is the founding attorney of Hall Benefits Law, and her team counsels clients on fiduciary matters, healthcare reform, executive compensation, health and welfare benefits, and retirement plan legal issues. Eric Schillinger is Lead ERISA Counsel at HBL and concentrates his practice in the areas of Read More
Third Time Not the Charm: Pay Equity Bill Blocked in Senate
On June 8, 2021, a procedural vote to consider the Paycheck Fairness Act in the U.S. Senate failed by a vote of 49-50, falling short of the 60 votes needed to advance the gender wage gap legislation. The pay equity bill was first introduced in 2009 and again in 2011; it passed the House both times but the Senate failed twice - and now, three times - to bring it to a vote. According to the U.S. Bureau of Labor Read More
HHS Proffers Final Rules on 2022 Benefit and Payment Parameters
The Department of Health and Human Services (HHS) has released its Notice of Benefit and Payment Parameters for 2022 Final Rule Part Two, which becomes effective on July 6, 2021. The final rule is largely targeted to insurers and Exchange regulators; however, employers and health plan advisors should take note of several provisions that could potentially impact their health plans, including the following: Annual Read More
