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  • Client Alert
May 20, 2013

Over the past year, there has been a marked increase in Department of Labor (“DOL”) audits of qualified retirement plans.  It appears that not only has the number of audits increased, but so has the DOL’s expectations of plan fiduciaries.  Most recently, it has been reported that during routine audits, DOL officials seek documentation as to the level of fiduciary training that has been given to plan fiduciaries.  The DOL takes the view that fiduciary training evidences prudent fiduciary practice.

May 10, 2013
On March 27, 2013, in a 5-4 decision of a very divided bench, the U.S. Supreme Court held plaintiffs in a class action must demonstrate damages attributable to a class-wide injury may be measured on a class-wide basis to qualify for certification.
May 10, 2013
May 10, 2013
In a 4-3 split decision, on May 3, 2013 the Nebraska Supreme Court in Fisher v. Payflex Systems USA, Inc. held that paid time off (PTO) is the same as accrued but unused vacation that must be paid upon separation of employment under the Nebraska Wage Payment and Collection Act (the Act).
May 9, 2013
May 3, 2013

On April 10, 2013, the Obama Administration (the Administration) released its 2014 fiscal year budget (the Budget). This Client Alert summarizes the key proposals impacting plan sponsors as described in the Budget and the Department of the Treasury’s General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals. While it is unlikely the entire Budget will be enacted, parts of it may be passed in some form.

April 22, 2013
April 9, 2013
As noted in our March 28, 2013 Client Alert, on March 15, 2013 the federal Commodity Futures Trading Commission (CFTC) issued an advisory which stated that all swap participants needed to obtain a Legal Entity Identifier number (also known as an LEI or CICI) prior to April 10, 2013. While the language of the CFTC’s advisory was unambiguous, it conflicted with a prior CFTC regulation which provided participants in existing swaps until October 7, 2013 to obtain a CICI (although anyone entering into a new swap on or after April 10 must have a CICI when entering into the new swap). Although some CFTC staff have reportedly orally acknowledged the October 7 date is correct, the CFTC has not yet officially clarified the advisory.
April 2, 2013

With the independence rules now finalized by the compensation committee, there are only four corporate governance, compensation, and disclosure-related rules left to be promulgated by the SEC under Dodd-Frank.

March 29, 2013
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