By Ilyse Schuman The deluge of bills seeking to repeal the Affordable Care Act has ebbed but not subsided entirely. On September 21, Rep. Tom Price (R-GA) introduced the Empowering Patients First Act (H.R. 3000), the latest bill that would rescind the new health care law and enact additional measures designed to promote health insurance… Continue Reading
Monthly Archives: September 2011
No Fiduciary Breach for Offering “Retail” Mutual Funds Among 401(k) Plan’s Investment Offerings
By Noah Lipschultz and Stefanie Kastrinsky In Loomis v. Exelon, the U.S. Court of Appeals for the Seventh Circuit held that a plan administrator did not breach its ERISA fiduciary duties by offering “retail” mutual funds with higher administrative fees, instead of only “institutional” mutual funds, as part of its 401(k) investment line-up. In coming to this… Continue Reading
EBSA to Re-Issue Proposed Rule Re-Defining “Fiduciary” Under ERISA
By Ilyse Schuman The Department of Labor’s Employee Benefits Security Administration (EBSA) has decided to re-propose a rule that would more broadly define who constitutes a “fiduciary” for the purposes of rendering investment advice under the Employee Retirement Income Security Act (ERISA). Continue to read the full post on the EBSA’s decision on Littler’s Washington DC Employment… Continue Reading
Agencies Seek Comment on Health Plan Affordability Safe Harbor
By Ilyse Schuman The Treasury Department and the Internal Revenue Service (IRS) are soliciting input on a proposed affordability “safe harbor” for employers under the shared responsibility provisions of the Affordable Care Act that would make it easier for employers to determine whether their health care plan is affordable. Under these shared responsibility provisions –… Continue Reading
Absent Facts Showing Knowledge of Alleged Misrepresentations, Court Dismisses ERISA Stock Drop Lawsuit
By Wesley Stockard Recently the U.S. District Court for the Southern District of New York dismissed an ERISA “stock drop” litigation case against Nokia, Inc., its Board of Directors and its eligible individual account plan (“EIAP”) committee stemming from a dramatic drop in the value of the stock of Nokia Corp. – Nokia, Inc.’s parent… Continue Reading
Fourth Circuit Rejects Challenges to Health Care Law
By Ilyse Schuman In two opinions issued September 8, 2011 the U.S. Court of Appeals for the 4th Circuit rejected lawsuits challenging the Affordable Care Act’s constitutionally on technical grounds. In one case, the appellate court found that the plaintiffs’ lawsuit was premature. In the second, the court held that the plaintiff, the Commonwealth of… Continue Reading