The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) has announced that it is collecting voluntary data from retirement plan administrators to populate its new Retirement Savings Lost and Found database. Section 303 of the SECURE 2.0 Act directs DOL to consult with the Department of Treasury to establish this database by December 29, 2024. The database will consist of an online Read More
December 2024 | Tying a Bow on $10M+ in Annual Savings
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IRS Increases 2025 401(k) Contribution Limit, Holds IRA Limit
The Internal Revenue Service (IRS) recently issued Notice 2024-80, which makes adjustments to the annual contribution limits for qualified defined contribution plans and individual retirement accounts (IRAs) for the 2025 tax year. Qualified Defined Contribution Plans The annual contribution limit for workers participating in qualified defined contribution plans, which include 401(k), 403(b), and most 457 plans, Read More
Walmart Joins Other Major Employers in Backing Off DEI Policies
Walmart recently announced that it intends to abandon its diversity, equity, and inclusion (DEI) policies, currently part of its nonprofit Center for Racial Equity. The world’s largest retailer has joined several other major corporations in distancing themselves from DEI policies, including Boeing, Deere & Co., Ford, Harley Davidson, J.P. Morgan Chase, Lowe’s, and Tractor Supply. Walmart is the largest Read More
ERISA class actions surge over health plans’ tobacco surcharges
Health plans charging so-called “tobacco surcharges” to increase health insurance premiums for smokers have increasingly come under fire through a series of class action lawsuits alleging violations of the Employment Retirement Income Security Act (ERISA). The lawsuits, which are currently pending in federal district courts in Connecticut, Pennsylvania, New Jersey, New York, and other states, claim that ERISA Read More
Employers Offering Menopause Benefits Continue to Be Rare
NFP, a global benefits consultant and property and casualty insurance broker, recently reported that only five percent of U.S. employers offer menopause benefits to their employees. This figure increased only incrementally from last year when four percent of U.S. employers offered such benefits. NFP’s survey included responses from 620 individuals responsible for creating and updating leave management Read More
How Employer Health Plans May Fare Under the Trump Administration
The impending transition from the Biden administration to the Trump administration will undoubtedly affect all facets of American life. However, the shift, along with Republican control of the Senate and potentially the House, is likely to result in major changes for employer-sponsored health and welfare plans. The Affordable Care Act First, the Biden administration worked to maintain and strengthen the Read More
Heritage Pharmaceuticals and Apotex Agree to $49.1M Settlement Over Inflated Drug Prices
Connecticut Attorney General William Tong has announced settlement agreements with Heritage Pharmaceuticals and Apotex Corp. that total $49.1 million in pending multistate litigation over unlawfully inflated drug prices. Tong is the lead attorney for most of the plaintiffs, who come from all 50 states and U.S. territories. The lawsuits target 30 corporate defendants and 25 executives for their alleged participation Read More
Texas Federal Court Vacates New Overtime Rule: What Employers Need to Know
The U.S. District Court for the Eastern District of Texas recently ruled that the Biden administration’s new overtime rule, which increased the salary threshold for white-collar exemptions from overtime on July 1, 2024, was unlawful. The rule also called for future increases on January 1, 2025, and every three years after that. As a result of the Court's ruling, which applies nationwide, the salary threshold for Read More
5th Circuit Upholds Most No Surprises Act Provisions
The U.S. Court of Appeals for the Fifth Circuit reversed a Texas federal district court’s vacatur of certain provisions of the No Surprises Act, finding that the provisions were neither arbitrary nor capricious. However, the Court affirmed the district court’s vacatur of a provision of the Act related to insurers’ deadlines. The case is Texas Medical Association et al. v. U.S. Department of Health and Human Services, Read More
