On Monday, October 26, 2020, the Secretary of the Treasury announced its annual cost-of-living adjustments to the contribution limits applicable to retirement plans, effective January 1, 2021, as follows: Limit on the annual benefit under a defined benefit plan: unchanged at $230,000 Defined contribution plan limits: Overall contribution limit: increased […]
Labor & Employment Law Update
A Retirement Plan Sponsor’s End-of-the-Year “To Do List”
To say a lot has happened this year would be an understatement. So as we near the end of 2020, now is a good time to reflect on the numerous laws passed and legal updates published over the past year that may impact your employer-sponsored retirement plan. To help, we’ve […]
What Federal Contractors Should Know About the New Executive Order Regulating Diversity Training
On September 22, 2020, President Trump issued the controversial Executive Order 13950 (the “Order”), intended “to promote economy and efficiency in Federal contracting, to promote unity in the Federal workforce, and to combat offensive and anti-American race and sex stereotyping and scapegoating….” The Order is more than just a mere […]
Wage and Hour Update: Compensating Employees for Voluntary Training Programs and Travel Time
Amidst the hustle and bustle of Election Day, the Department of Labor’s Wage and Hour Division (the “WHD”) issued two opinion letters regarding the application of Fair Labor Standards Act (“FLSA”) compensation requirements. While most employers are aware that the FLSA requires them to compensate employees for their “work,” it […]
DOL Proposes Employer-Friendly Rule on Classification of Independent Contractors
The Fair Labor Standards Act requires employers to pay most “employees,” as the statute defines that term, a minimum wage and overtime. Not so for workers classified as independent contractors. But the FLSA and its regulations do not define the term “independent contractors.” As a result, it has been largely […]