United States: PBGC Intends To Monitor Lump-Sum And Annuity Cashouts Under Defined Benefit Plans

The Pension Benefit Guaranty Corporation (PBGC) stated in a filing published in the Federal Register on September 23, 2014, that it intends to require that plan sponsors report to the PBGC “certain undertakings” to cashout or annuitize benefits for specified groups of employees under defined benefit pension plans.  PBGC intends to make this reporting part of the 2015 PBGC premium filing procedures.

Recently, many defined benefit pension plan sponsors have been implementing lump-sum distribution windows, primarily […]

By | October 3rd, 2014 ||

United States: New Relationships With Your Business' Managers, Administrators And Professionals? The Labor Department's Forthcoming Overtime Regulations

Some time this autumn, the US Department of Labor’s Wage and Hour Administration will send a draft proposed regulation to the Office of Management and Budget’s Office of Information and Regulatory Affairs (OIRA). This regulation, if it is finalized, will make important changes to the rules governing whether executive, administrative and professional employees must receive time and one-half their regular hourly rate of pay for hours worked in excess of forty in a week […]

By | October 3rd, 2014 ||

New California Law Will Require Nonprofits To Provide California Employees With Paid Sick Leave

Effective July 1, 2015, the California Healthy Workplaces, Healthy Families Act of 2014 will impose new paid sick leave requirements on California employers.
The New Law Covers Virtually All Employers, Including Nonprofits
Almost all employers, regardless of size, are covered by the new California law. The new law does not contain an exception for small nonprofits or nonprofits with fewer than a particular number of employees. There are very narrow exceptions to the law, such as […]

By | October 2nd, 2014 ||