Compliance Stuff

  Alaska voters approved   Ballot Measure 1   (according to unofficial election results) which provides for paid sick leave for all employees in Alaska. (The measure also raises the minimum wage over the next several years and imposes restrictions on employer-sponsored meetings about religious or political matters.) This new paid sick leave requirement becomes effective July 1, 2025. Who is Eligible for Paid Sick Leave? The new law applies to all employers and employees in Alaska. There are limited exceptions for apprentices, employees in work therapy programs, prison inmates, employees subject to the federal Railroad Unemployment Insurance Act, and other narrow exceptions. Accrual and Carryover All employees are entitled to accrue a minimum of one hour of paid sick leave for every 30 hours worked up to a cap. Employers with 15 or more employees may cap accrual and usage at 56 hours of paid sick leave per year. Employers with fewer than 15 employees may cap accrual and us...

 To round out our ERISA 50th anniversary series, this Benefits Boost focuses on ERISA’s recordkeeping requirements. ERISA requires plan sponsors to maintain all records documenting the accuracy of Form 5500 required reporting information as well as records with information that would have been required but for a reporting exemption. Because the Department of Labor (DOL) has not issued guidance on what exactly those records should be, ERISA plans have had to rely on informal remarks, court cases, and advisory opinions to determine which documents to retain. ERISA requires plan sponsors to keep records and make them available for examination for a period of not less than six years after the filing date of the Form 5500 based on those records . Where an exemption or simplified reporting requirement applies (e.g., small, unfunded employers), the records must be kept for six years after the date the Form 5500 would have been filed but for the exemption or simplified reportin...

  The election is over and a second Trump administration will begin in January 2025 (“Trump Administration”). Numerous changes to the employment law landscape will come with it. And if past is prologue, many of these changes will roll back various Biden-era initiatives and priorities at the various federal agencies tasked with implementing and administering federal law governing the employer/employee relationship. Below is a summary of just some of the changes employers could expect at the Equal Employment Opportunity Commission (“EEOC” or “Commission”), Department of Labor (“DOL”), and National Labor Relations Board (“NLRB”) during the Trump Administration, as well as what employers could expect to see with respect to the federal government’s efforts to prohibit certain restrictive covenants. The EEOC The forthcoming Trump Administration undoubtedly means changes at the EEOC. The most significant changes to the Commission will likely be delayed until 2026 due to the current Democ...

  Trump’s victory could mean big changes for Fintech and Crypto. With the election of Donald J. Trump as the 47 th  President of the United States, along with the flip of the Senate to the Republicans and, as of this writing, likely the House of Representatives, big changes in tone, activity level and f ocus will be forthcoming for the financial technology (Fintech) and cryptocurrency (Crypto) industries. It is important to remember, however, that many activities are dually or solely regulated by state, so change in those areas will not be as dramatic . In fact, some state regulators will see their role as a check on the federal government. [1] Fintech As noted below, the Securities and Exchange Commission (SEC) will have new leadership when Chair Gary Gensler is asked for his resignation or terminated on January 20. The SEC is a five‑member body which is bipartisan by statute, so the Commission is always comprised of three members of the President’s party and two members of ...

  WASHINGTON  – The U.S. Department of Labor’s  Employee Benefits Security Administration  today issued a notice requesting information from retirement plan administrators that will allow it to begin populating the Retirement Savings Lost and Found database, an online search tool to help America’s workers locate lost retirement savings they earned. Retirement plans, including pension and 401(k) plans, sometimes lose track of retirement plan participants owed benefits. These people are known as “missing participants.” Retirement plans lose track of missing participants for a variety of reasons, including incomplete recordkeeping and workers changing jobs. In other cases, workers may lose track of their retirement plans after their former employer goes out of business or when companies merge. The SECURE 2.0 Act directed EBSA to establish the Retirement Savings Lost and Found database to help missing participants and their beneficiaries find their retirement benefits . ...

  The times, they are a'changin'. Wasn't it nice of me to give you a week and a half off to recover from the election? I hope everyone is safe and strong again, and ready to talk about what employers can expect from President Trump's second term. Here's a bipartisan summary of what we expect to see.   Labor law.  I predict that  Jennifer Abruzzo , General Counsel of the National Labor Relations Board, will be fired if she doesn’t quit first. (President Biden fired the Trump-appointed Board GC within days of taking office.) GC Abruzzo has taken very aggressive positions adverse to employers during her tenure, so her expected departure would not make me cry. President Trump can name a new Chairman of the NLRB. The only Republican on the Board now is  Marvin Kaplan , who was first appointed during President Trump's first term. I'm gonna go out on a limb and predict that the new Chairman of the Board (get it?) will be Member Kaplan. "DOO-BEE-DOO-BEE-DOO . ....