INSIGHTS

It is important for our attorneys to be at the forefront of legal updates and new regulations; we feel it is equally important to help keep our clients abreast of the same industry news affecting their businesses.

Higher education retirement plan settlements highlight need for regular compliance reviews

On May 21, 2021, the U.S. District Court for the Southern District of New York granted preliminary approval of a $13 million class-action settlement agreement (the Settlement) between the Trustees of Columbia University’s Voluntary Retirement Savings Program (Columbia Plan or Plan) and affected plan participants. The Columbia Plan is a 403(b) plan, a type of qualified retirement plan similar to a 401(k) but sponsored by tax-exempt and government entities.
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Two key labor regulators clarify rules for employer COVID-19 vaccine mandates and incident reporting

In recent weeks, both the Equal Employment Opportunity Commission (EEOC) and Occupational Safety and Health Administration (OSHA) revised or issued new guidance related to COVID-19. The revisions are intended to encourage vaccination by removing potential liability for adverse outcomes from vaccination from businesses while retaining reporting requirements for work-related COVID-19 infections.
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U.S. Department of Labor announces cybersecurity guidance for ERISA plans

On April 14, 2021, the U.S. Department of Labor (DOL), for the first time ever, released cybersecurity guidance for retirement plan sponsors, service providers, and participants. With approximately $9.3 trillion in retirement plan assets nationwide, it is important that retirement plan sponsors, trustees, and any other service providers with discretion or control over retirement plan assets (collectively, “fiduciaries”) review the DOL guidance and ensure that there are policies and controls in place to protect retirement plan assets from cyberattacks.
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Lancaster

280 Granite Run Drive, Suite #300
Lancaster, PA 17601
Phone: (717) 556-1000
Fax: (717) 441-3810

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Harrisburg

4250 Crums Mill Road, Suite #201
Harrisburg, PA 17112
Phone: (717) 216-5505
Fax: (717) 547-1900

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Malvern

100 Deerfield Lane, Suite #240
Malvern, PA 19355
Phone: (484) 328-8500
Fax: (484) 713-5241

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