While the effective date for certain requirements under the Safeguards Rule was initially delayed, on Tuesday, November 15, the FTC extended certain compliance deadlines for the final amendment to its Safeguards Rule from December 9, 2022, to June 9, 2023. All covered entities will be expected to comply with all requirements of the amended Safeguards Rule by this date. The final amendment expanded on the types of entities covered by the Safeguards Rule and the specific elements required of
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Permanent Residency Status is Not Necessarily Permanent: Travelers Beware
The saying “nothing is permanent” not only applies to life in general, but also to things many people think are truly permanent – like lawful permanent residency status, commonly called “green card” status. Unfortunately, it often surprises some (and usually under less-than-ideal circumstances) that the permanent resident status that they thought they could never lose and worked so hard to obtain can, in fact, be lost either through their actions, or in many cases, inactions. It will likely come
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Looking Ahead to 2023: Tax Planning and Changes on the Horizon
With 2022 almost in the rearview mirror, this is the perfect time to wrap up planning for this year and start preparing for 2023. Matters such as gift tax exemption changes, retirement legislation, interest rate increases, and new reporting requirements for businesses are a few to consider:
Gift and Estate Tax Exemption. The gift and estate tax lifetime exemption amount is indexed annually for inflation and will increase from $12.06 million to $12.92 million per person in 2023. For
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Covered Entities Must Comply with FTC Safeguards Rule by December 9
Late last year, the Federal Trade Commission (FTC) released the final amendment to its Safeguards Rule, expanding on the types of entities covered by the Safeguards Rule and the specific elements required of the covered entity’s security program in order to adequately protect customer information. The deadline for compliance is approaching quickly. On December 9, 2022, all covered entities will be expected to comply with the amended Safeguards Rule.Covered entities include all financial institutions under the FTC’s authority, including
Continue Reading Covered Entities Must Comply with FTC Safeguards Rule by December 9
Covered Entities Must Comply with FTC Safeguards Rule
UPDATE: Compliance deadline extended to June 9, 2023.Late last year, the Federal Trade Commission (FTC) released the final amendment to its Safeguards Rule, expanding on the types of entities covered by the Safeguards Rule and the specific elements required of the covered entity’s security program in order to adequately protect customer information. While the effective date for certain requirements under the Safeguards Rule was initially delayed, the deadline for compliance is approaching quickly. On June 9, 2023 (formerly December
Continue Reading Covered Entities Must Comply with FTC Safeguards Rule
Retirement and Health Plan Legal Updates, Compliance Deadlines
Retirement Plan Developments
IRS Extends Additional Deadlines for Adopting Amendments Under CARES Act and CAA
The Internal Revenue Service (IRS) has extended the deadline for amending eligible retirement plans to reflect provisions relating to plan loans and coronavirus‑related distributions under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and qualified disaster‑related distributions under the Consolidated Appropriations Act of 2021 (CAA). The IRS announced the extension in Notice 2022‑45.
The CARES Act allowed qualified individuals to receive favorable
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Benefits Counselor – September 2022
HEALTH PLAN DEVELOPMENTSDepartments Finalize Portions of Surprise Billing Independent Dispute Resolution Regulations and Issue Related FAQs
On August 19, 2022, the U.S. Department of Labor (DOL), Department of Health and Human Services (HHS) and the Department of Treasury (the Departments) released a final rule (the Final Rule) and related set of Frequently Asked Questions (FAQs) regarding the independent dispute resolution (IDR) process under the No Surprises Act, enacted as part of the Consolidated Appropriations Act, 2021 (CAA). The Departments
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New Statute to Replace Chapter 183 for Wisconsin LLCs
On April 15, 2022, Wisconsin enacted a new business entity law, 2021 Wisconsin Act 258, that introduced significant changes. Chapter 183 governing limited liability companies (LLCs) organized under Wisconsin law was completely removed and replaced with a new statute based on the Revised Uniform Limited Liability Company Act already adopted in some form by other states. The Wisconsin Department of Financial Institutions (WDFI) recently posted new forms on its website and the Wisconsin State Legislature archived the old version
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New Sexual Harassment Bystander Training Required for Chicago Employers
The City of Chicago recently enacted an ordinance requiring Chicago-based employers to provide annual training that addresses “bystanders” who may witness sexual harassment. The ordinance applies to any Chicago employer, regardless of size, if (1) the business is required to have a business license issued by the City of Chicago; or (2) the business maintains a facility within the geographic boundaries of the City of Chicago. Employers have until June 30, 2023, to complete the initial bystander training session.
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EPA Proposes Designating PFAS as CERCLA Hazardous Substances
On the morning of August 26, 2022, the EPA released its proposed rule to designate two per- and polyfluoroalkyl substances (PFAS), perfluorooctanoic acid (PFOA) and perfluorooctanesulfonic acid (PFOS), as hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).Listing PFOA and PFOS as CERCLA hazardous substances will have broad impacts on current, future, and potentially past remediation sites. The proposed rule would require entities to immediately report releases of PFOA and PFOS that meet or exceed a
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Benefits Counselor – August 2022
HEALTH AND WELFARE PLAN DEVELOPMENTSHHS, DOL and IRS Address Contraception Coverage in FAQs
The Department of Health and Human Services (HHS), Department of Labor (DOL), and Department of Treasury (IRS) (collectively, “Departments”) issued a new set of FAQs to clarify protections for contraceptive coverage under the Affordable Care Act (ACA). The guidance comes after the Departments issued a joint letter last month warning health plan sponsors and insurers of possible future enforcement actions for non‑grandfathered plans that do not
Continue Reading Benefits Counselor – August 2022
Benefits Counselor – July 2022
HEALTH AND WELFARE PLAN DEVELOPMENTSSupreme Court Holds States Not Prohibited from Banning or Regulating Abortion; Overrules Roe, Casey Precedent
In Dobbs v. Jackson Women’s Health Org., the U.S. Supreme Court has overruled prior precedent in Roe v. Wade and Casey v. Planned Parenthood and held that states may regulate or prohibit access to abortion at any stage of pregnancy. The Court’s ruling specifies that the U.S. Constitution does not establish a right to abortion up to the point of fetal viability as previously set forth
Continue Reading Benefits Counselor – July 2022
FTC Gets Serious About Consumers’ Right to Repair Their Products
The Federal Trade Commission (FTC) is following through on its promise to crack down on violations of consumers’ right to repair the products they buy. Back in July 2021, the FTC announced that it would ramp up enforcement against companies who unfairly prevented customers from fixing products themselves or choosing their own repair shops. In July 2022, it announced actions accusing Harley-Davidson and MWE Investments, LLC (a manufacturer of Westinghouse outdoor power equipment) of doing just that. Both
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New Law Creates Estate Planning Opportunity for Florida Spouses
The Florida legislature recently passed a new trust law that creates an exciting estate planning opportunity for married couples who are residents of Florida. The new law, effective July 1, 2022, allows one spouse (settlor-spouse) to create a Spousal Lifetime Access Trust (SLAT) for the benefit of the other spouse (beneficiary-spouse) and to preserve the ability to become a beneficiary of the SLAT following thebeneficiary-spouse’s death. This is a notable change for two reasons: first, because under current Florida
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Dobbs: Considerations for Plan Sponsors Post-Roe
On Friday, June 24, 2022, the U.S. Supreme Court issued its decision in Dobbs v. Jackson Women’s Health. Overturning two prior precedents, Roe v. Wade and Casey v. Planned Parenthood, the Dobbs decision permits states to regulate and/or prohibit access to abortion at any stage of pregnancy. Following the decision, it is expected that at least 26 states will ban or severely curtail access to abortion.
Considering the shifting legal landscape, many employee benefit plans sponsors are seeking guidance
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Federal Court: Employer’s Discouragement of FMLA Leave Constitutes Unlawful Interference
A recent court decision reminds employers that they may be liable for interference with employee rights under the Family and Medical Leave Act (FMLA) even if they do not actually deny a request for leave. The U.S. Court of Appeals for the Seventh Circuit—which oversees Wisconsin, Illinois and Indiana—held in Ziccarelli v. Dart that threatening to discipline an employee for taking leave qualifies as FMLA interference.
Ziccarelli worked for the Cook County Sheriff’s Office as a correctional officer. From
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