EBSA Proposes Rule Amending Prohibited Transaction Exemption Filing and Processing Procedures
The Department of Labor’s Employee Benefits Security Administration (EBSA) has published a proposed rule (pdf) that would update the filing and processing procedures related to the prohibited transaction exemption under the Employee Retirement Income Security Act (ERISA). ERISA contains a number of statutory safeguards to prevent benefit plan fiduciaries from self-dealing or engaging in other types of conduct that would threaten the integrity of the employee benefit plans. It also sets forth certain exemptions to these rules to accommodate customary business practices. As stated in a press release, the proposed rule streamlines the existing procedures related to the exemption process, clarifies the types of information and documentation required to submit a complete filing, expands the methods for transmitting filings to include electronic submissions, and makes the exemptions more understandable for participants and other interested parties.
The Occupational Safety and Health Administration (OSHA) will issue three interim final rules that outline the procedures for handling retaliation complaints under the whistleblower provisions of the
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Ending a four-year schism, the
A bill introduced in both the House and Senate would establish an automatic individual retirement account (IRA) enrollment program for employees at firms with more than 10 employees that do not already maintain a qualified retirement plan. According to a
During a special session held this morning, the Senate
The Department of Labor’s Office of Labor-Management Standards (OLMS) has published a
The Internal Revenue Service (IRS) has issued two notices explaining that sponsors of single- and multi-employer defined pension plans can still elect funding relief provided by the newly-enacted Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act (“PRA 2010”) (
As expected, the Senate on Thursday confirmed by a vote of 63 to 37 the nomination of U.S. Solicitor General Elena Kagan to be the next Supreme Court justice. President Obama named Kagan as his pick to replace retiring justice John Paul Stevens on May 10, 2010. Kagan’s confirmation process has been relatively uncontroversial. Because she has never served in a judicial capacity, her views on various topics – including labor and employment issues – could not be gleaned from past opinions. Kagan will be the fourth woman to ever serve on the high court, and historically one of three to be sitting on the nine-member bench at one time. It is largely believed that Kagan will maintain the Court’s current ideological balance. Information on Kagan’s work history, responses to hearing questions, and letters and materials sent and received in connection with her nomination can be found
Last week the Senate introduced the Robert C. Byrd Mine and Workplace Safety and Health Act of 2010 (
On July 29, Rep. Timothy Bishop (D-NY) introduced a bill that would enable more railway workers to take leave under the Family and Medical Leave Act (FMLA). The Railroad Hours of Service Employees Technical Corrections Act (
The Department of Labor has
Before recessing for six weeks, the House of Representatives