It’s that time of year when many organizations arrange to hire summer interns. Internships are mutually beneficial in that they provide organizations an opportunity to get extra help during the summer, and they provide individuals an excellent opportunity to gain experience or skills in a particular field or industry. In many cases, individuals are eager
Labor & Employment
IRS Announces Inflation-Driven Increases for HSAs in 2023
By Timothy S. Klimpl & Mark Williams on
Posted in Employee Benefits, Labor & Employment
The IRS, in Revenue Procedure 2022-24, has announced increased minimums and limits related to Health Savings Account (HSAs) for the 2023 calendar year. The increases are higher than those in recent years. Here is what employers and employees need to know:
- In 2023, the total limit on contributions to an HSA (both employer and
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As crypto enters the compensation world, employers should walk before running
By Timothy S. Klimpl on
Posted in Employee Benefits, Labor & Employment
Recent guidance from the U.S. Department of Labor and other developments in the public and private sectors signal that the use of cryptocurrency is starting to gain a substantial foothold in employment and compensation. For employers of all sizes and stripes, this trend should call for both excitement and caution.
First, last month the DOL’s…
Department of Labor Warns Against Crypto in 401(k) Plans
By Mark Williams & Timothy S. Klimpl on
The U.S. Department of Labor (DOL), Employee Benefits Security Administration, (EBSA), on March 10, 2022 released Compliance Assistance Release No. 2022-01, 401(k) Plan Investments in Cryptocurrencies.
The DOL indicates that it has become aware of firms marketing investments in cryptocurrencies as potential investment options for 401(k) plan participants. The DOL cautions plan fiduciaries to…
What’s On Tap for Employers in the 2022 Connecticut Legislation Session?
By Nick Zaino on
Posted in Labor & Employment
The 2022 legislative session is in full swing with a slate of bills that have been advanced in the Labor Committee. Some of these bills are ones that have been proposed in the past, while others are new proposals. These bills have the potential to impact your workplace and, therefore, it is important to speak…
New Federal Law Prohibits Mandatory Arbitration for Sexual Assault and Harassment Claims
By Nick Zaino on
Posted in Labor & Employment, Sexual Harassment
Many employers require their employees to sign an arbitration agreement whereby the employee agrees to arbitrate any employment claim instead of pursuing litigation. Employers may want to reconsider their approach after a new federal law was recently passed limiting the enforceability of such agreements for certain claims.
The federal “Ending Forced Arbitration of Sexual Assault…
Given the Times, An HR Audit Would Be Prudent
By Nick Zaino & Romania Morley on
Posted in Labor & Employment
There is no doubt that the ongoing pandemic has significantly changed the workplace. An increasing number of employees are working remotely, and there has been a high level of turnover in connection with the “Great Resignation”. We also have seen the federal government, many states—including Connecticut—and cities pass employment laws that provide…
The U.S. Supreme Court Clarifies ERISA’s Fiduciary Duties to Monitor All Plan Investment Options
By Mark Williams & Timothy S. Klimpl on
Posted in Employee Benefits, Labor & Employment
A unanimous U.S. Supreme Court (8-0, Justice Barrett recused) overturned a decision by the U.S. Court of Appeals for the Seventh Circuit which had dismissed a case brought by plan participants involving the fiduciary obligations of an ERISA plan sponsor in the selection of funds in its 403(b) plans. The case is remanded and will…
Important New Requirements for 401k Plans—Is Your Plan Compliant?
By Mark Williams & Timothy S. Klimpl on
Posted in Employee Benefits, Labor & Employment
In 2022, sponsors and administrators of 401(k) plans should be aware of a newly effective lifetime income disclosure statement, as well as written plan amendments that must be adopted by calendar year plans by the end of 2022.
Enacted in 2019, the SECURE Act made a number of important changes to 401(k) plans. A few…
The Great Resignation: Ideas for Improving Retention
By Nick Zaino & Romania Morley on
Posted in Labor & Employment
The “Great Resignation” reached a peak in November 2021 as the United States Bureau of Labor Statistics (BLS) reported that a record-breaking 4.5 million workers voluntarily resigned from their employment. This represented an increase of almost 9% from October 2021 and was the largest number of resignations in more than 20 years.
In what Industries…