Columbus Regional Healthcare System, Inc., a Georgia company, and a class of some 6,800 retirement plan participants, recently advised a federal district court that they have reached a $2 million settlement in their pending Employee Retirement Income Security Act (ERISA) case. The parties' joint filing detailed the settlement terms, which would end the plan participants’ class action lawsuit in which they accused Read More
DOL Issues Final Rule Distinguishing Independent Contractors from Employees; NLRB Alters Independent Contractor Standard Under NLRA
The U.S. Department of Labor (DOL) has issued a final rule changing the criteria for classifying independent contractors under the Fair Labor Standards Act (FLSA). The final rule, which is largely the same as the proposed rule, takes effect on March 11, 2024. The DOL Final Rule The final rule has significant implications for gig workers, who often work through app-based businesses, freelance workers, and Read More
SECURE 2.0 Student Debt and Education Benefits Available in 2024
SECURE 2.0's new education and student loan benefits went into effect in 2024, which gives employers new opportunities to support their employees. Employers can now match student loan repayments in conjunction with their retirement plans, and employees can roll over 529 Education Savings Plans into Roth IRA savings accounts. Student Loan Repayment Matching Under SECURE 2.0, employers of any size can now offer a Read More
Oklahoma Governor Issues Executive Order Restricting IE&D Programs
Oklahoma Governor Kevin Stitt has issued an executive order to severely restrict inclusion, equity, and diversity (IE&D) programs across the state. The order requires all state agencies and public colleges to report how much money they spend on IE&D programs and review the necessity and efficiency of all such programs to eliminate them and dismiss non-critical personnel. The governor’s stated goal is to save Read More
How DOL’s Proposed Automatic Portability Regulations Will Affect Defined Contribution Plans
The U.S. Department of Labor (DOL) recently issued proposed regulations on automatic portability programs. These programs help employees who change jobs consolidate their retirement funds by automatically transferring IRAs from their former plans to their new employers' plans. For 2024, the minimum automatic IRA transfer amount under an automatic portability program is $7,000. Under the proposed regulations, a Read More
Defense Contractor L3Harris Settles ERISA Class Action
A Florida district court judge has administratively closed an ERISA class action lawsuit against defense contractor L3Harris after the parties settled following mediation, subject to court approval of class counsel’s motion for preliminary settlement approval, to be filed within 60 days. The case is Robert J. Stengl et al. v. L3Harris Technologies Inc. et al., case number 6:22-cv-00572, U.S. District Court for the Read More
Federal Court Approves $6.75 Million Settlement of LinkedIn ERISA Class Action Lawsuit
The U.S. District Court for the Northern District of California has given final approval to a $6.75 million settlement of a class action lawsuit filed by current and former LinkedIn employees regarding their investment options in the company 401(k) plan. The settlement covers more than 17,000 people participating in the company's retirement plan from August 14, 2014, to July 1, 2020. The employees alleged that Read More
DOL Issues 2024 Annual Adjustments for Federal Civil Penalties
The U.S. Department of Labor has released the Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2024. These adjustments apply to a wide range of benefit-related civil monetary penalties and to all penalties assessed after January 15, 2024, concerning violations that occurred after November 2, 2015. The most notable penalty adjustments are as follows: The penalty for failing to file Form Read More
Accenture Report Finds Organizations with Disability-Inclusive Policies More Financially Successful
According to a 2023 Accenture report, in conjunction with Disability:IN and the American Association of People with Disabilities, organizations implementing disability-inclusive policies and practices often have better financial performance than similar organizations. Examples of disability-inclusive practices include using videos with captions and seeking regular input on improvements from employees with Read More
