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The Department of Labor (DOL) issued regulations that revise the ERISA claims procedure regulations for employee benefit plans that provide disability benefits (the New Disability Claims Regulations). They are based on the Affordable Care Act’s (the ACA) enhanced claims and appeals regulations for group health plans (the ACA Enhanced Regulations). The scope of the New Regulations are broader than you may realize and apply to any plan, regardless of how it is characterized, that provides benefits or rights that are contingent on whether the plan determines an individual to be disabled. This can include ERISA-governed short-term disability plans, long-term disability plans, qualified retirement plans (e.g., a 401(k) plan), nonqualified retirement plans, workman’s compensation and health, wellness and welfare plans. Importantly, the New Disability Claims Regulations would not apply if a plan does not make the determination of disability, but instead relies on a third party’s determination of disability, such as a determination of disability made by the Social Security Administration.
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By Sharon Meit Abrahams
As a firm leader it is your fiscal responsibility to address underperforming attorneys. With COVID-19 are your underperformers flying under the radar? The cost to a firm is not only to the bottom line, but to your reputation as a leader.
By Christopher Zegers
We’re never going back the way we were — and this will be to the benefit of firms, profitability, clients and lawyers if we make the right technology investments. Here’s some specific ways firms can capture these benefits.
By Sidney Kess
A key aspect of saving for retirement through qualified retirement plans and IRAs is deferring taxes until required minimum distributions (RMD) begin. Even with Roth IRAs, beneficiaries who inherit them must also follow RMD rules despite the tax-free treatment of the distributions. The SECURE Act and the CARES Act made dramatic changes in RMD rules for 2020 and beyond.
By Dan Packel
Some Firms Are Forming Subsidiaries to Deliver Legal Services In New Ways
Buyers have a broader slate of options in 2020 than ever before, whether that means handling more work in-house, hiring temporary lawyers during a crunch, or turning to a recently launched “alternative provider” to address the massive pile of contracts they need to manage.