A number of federal laws govern employment-based retirement plans, including the Employee Retirement Income Security Act (ERISA), the Pension Protection Act of 2006 (PPA), and the Economic Growth and Tax Relief Reconciliation Act of 2001.
Qualified Retirement Plans
Qualified retirement plans are those that meet the statutory and regulatory...
The Older Workers Benefit Protection Act of 1990 (OWBPA), amending the Age Discrimination in Employment Act (ADEA), was enacted to prohibit employers from discriminating against older workers by denying certain employee benefits to them.
In some circumstances, an employee's rights under the OWBPA and the ADEA can be waived if specific criteria...
The Employee Retirement Income Security Act (ERISA), a federal law, sets standards for the establishment and operation of employee benefits plans.
If you offer employees a health insurance plan or retirement plan, chances are you're covered by the Act. Some ERISA requirements apply to both retirement and welfare benefit plans. Welfare plans...
COBRA (the Consolidated Omnibus Budget Reconciliation Act of 1985) provides a safety net for employees and their families to keep their health insurance, at their own expense, when they’re between jobs or when other life major events, such as divorce, occur.
Generally, COBRA health insurance coverage can last up to a maximum of 36...
It’s common for employers to provide certain benefits for their employees, many of which are subject to strict rules under the Employee Retirement Income Security Act (ERISA), the Internal Revenue Code, and other laws.
Employee benefits can include:
Paid holiday, vacation, and sick leave;
Medical, dental, and vision insurance...
Many federal employment laws are administered and enforced by the U.S. Department of Labor (DOL). Some of the employment-related laws the agency oversees include the following:
Consolidated Omnibus Budget Reconciliation Act (COBRA). This Act's reporting requirements for continuation of health-care provisions is administered by the DOL's...
Flexible spending account limitation put off
By Jeffrey Ashendorf
Ford & Harrison LLP
One very popular employee benefit in recent years has been the healthcare flexible spending account (FSA), under which employees may elect to forgo taxable salary and instead receive tax-free reimbursement of eligible healthcare expenses. As part of the...
By Debbie Reiss-Hardesty and Alison M. Stemler
Frost Brown Todd LLC
The U.S. Department of Labor (DOL) has taken the second major step in its efforts to increase the transparency of fee and compensation arrangements in the retirement plan industry. The first step was to make major modifications to the disclosures required in annual Form...
Age discrimination, although a growing threat, may still be off your radar. For years, the focus was on race and gender issues, but in 2009, almost one quarter of the charges filed with the EEOC were age discrimination claims. And that number is growing.
With a slowly recovering economy, many employers are looking for ways to downsize, and...
By Michael S. Beaver and Emily Hobbs-Wright
Holland & Hart LLP
An employer forecasts an economic downturn in business and the probability of having to lay off employees in several waves of workforce reductions. The well-intentioned employer is particularly concerned about the impact on employees who have worked for the company for many years...
