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    4. Spring 2023 Employee Benefits BriefingVideos

    Spring 2023 Employee Benefits Briefing

    June 23, 2023

    By Lena Gionnette, Christian Hancey, Brian Kopp, Damian Myers, Eric Paley and Annie Zhang

    Helping employers understand the impact of recent  legislative and regulatory changes, Nixon Peabody attorneys discuss employee benefits and legal updates for spring 2023.

    Our spring briefing discussed important employee benefits issues facing employers today. Topics included SECURE 2.0 provisions, health and welfare plan updates, the end of the COVID emergency periods, retirement plan regulatory pronouncements, litigation analysis, and lessons learned from a recent IRS hearing.

    Key takeaways from our conversation

    • Mandatory changes from SECURE 2.0 will be effective soon. Employers will need to confirm their recordkeeper is ready, and prepare for any impacts to their payroll system.
    • Optional enhancements from SECURE 2.0 will be available soon. Employers should consider what enhancements are of interest to their organization, and check with their recordkeeper’s capability and timing to support the option.
    • Although the Consolidated Appropriations Act’s (CAA) changes to health plans are mostly implemented, a few key changes remain pending. Plan sponsors should continue to work with third-party administrators to ensure CAA compliance.
    • New transparency requirements for health plans create fiduciary risks, and plan administrators should consider creating health and welfare fiduciary committees to monitor health and welfare plan fiduciary matters.
    • Once proposed rules under HIPAA are finalized, plan sponsors need to (1) reconsider how they treat PHI related to reproductive healthcare services, (2) update business associate agreements and plan documents accordingly, and (3) provide updated HIPAA training to internal staff.
    • Due to the end of certain administrative relief and required design changes that are tied to the COVID-10 emergency declarations, plan sponsors need to communicate with participants, update internal procedures, and coordinate with insurers or service providers.
    • The DOL’s recent (and controversial) fiduciary regulations explain how environmental, social, and/or governance factors can be considered (if at all) when selecting plan investments and exercising shareholder rights with respect to securities held by the plan.
    • Retirement plan excessive fee litigation continues unabated, despite a slew of settlements this spring. Plan fiduciaries need to continue refining their oversight practices to minimize their risk of liability.

    Practices

    Employee Benefits & ERISALabor, Employment, and BenefitsLitigationLabor & Employment Litigation

    Our speakers

    Lena Gionnette

    Counsel

    Christian D. Hancey

    Partner

    Brian Kopp

    Partner

    Damian A. Myers

    Partner

    Eric Paley

    Partner / Team Leader, Employee Benefits & Executive Compensation

    Annie Zhang

    Associate

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    The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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