Degree of Operating Leverage
Executive Spotlight: Maggie Hallbach, Senior Vice President, Verizon Public Sector
Maggie Hallbach, senior vice president of Verizon Public Sector, spoke with ExecutiveBiz about her recent appointment to her new role after more than 25 years with the organization. Additionally, Hallbach also discussed the importance of 5G to the public sector as well as Verizon Frontline, recent EIS task orders, and how Verizon Public Sector is …
BALLY’S CORP MANAGEMENT REPORT AND DISCUSSION OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q)
Caution Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about our plans, objectives, expectations and intentions. Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking …
Fidelity shrewdly circumvents DOL’s – and ERISA’s – 401(k) cryptographic guidelines to become a pioneer profit center by adding Bitcoin to plan menus, knowing plan sponsors are willing to take responsibility if necessary
The $12 trillion Boston firm shocked everyone with the timing of the “seminal” move, despite tut-tutting “guidance” from the Labor Department, after concluding that Bitcoin’s volatile days were behind it. Brooke’s note: Pretty much hell or flood, the great capitulation to the “experiment” that is cryptocurrency has happened. Whether you’re a teenager or a savvy …
DANA INC Management’s Discussion and Analysis of Financial Condition and Results of Operations (in millions of dollars) (Form 10-Q)
Management’s discussion and analysis of the financial condition and results of operations should be read in conjunction with the financial statements and accompanying notes to this report. Forward-Looking Information Statements in this report (or otherwise made by us or on our behalf) that are not entirely historical constitute “forward-looking statements” within the meaning of the …
Form S-1 Crescent Energy Co
Development program and investment budget Our development program is designed to prioritize the generation of attractive risk-adjusted returns and significant free cash flow and is inherently flexible, with the flexibility to modify our investment program as necessary to react to the current market. On a pro forma basis for transactions, our capital expenditures, excluding acquisitions, …
HORIZON BANCORP INC /IN/ MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-K)
Overview Horizon is a registered bank holding company incorporated in Indiana and headquartered in Michigan City, Indiana. Horizon provides a broad range of banking services in northern and central Indiana and southern and central Michigan through its bank subsidiary, Horizon Bank. Horizon operates as a single segment, which is commercial banking. Horizon’s common stock is …
Deciphering the new and old types of pension plans: a guide to untangling the jargon
(Photo: Shutterstock) Recently, lawmakers have introduced new categories of retirement plans, all with the goal of helping small businesses offer 401(k)-like benefits. Introduced by the SECURE Act of 2019, the intention of these new plan types is to make it easier for small employers to achieve some of the administrative efficiencies and economies of scale …
DANA INC Management’s Discussion and Analysis of Financial Condition and Results of Operations (in millions of dollars) (Form 10-K)
Discussion and analysis of our results of operations pertaining to 2020 compared to 2019 not included in this Form 10-K can be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2020. The following discussion and …
Analysis of cybersecurity risks and best practices in the retirement sector
Art by Philip Lindeman News reports in recent years show that criminals are targeting pension plans, as well as the financial services companies that serve them. Among those that have been targeted recently, with varying degrees of success, are Alight Solutions, Cetera and Transamerica Retirement Solutions, although they are far from the only vendors to …
People in the retirement industry are on the move | PLANADVISER
Art of Subin Yang Easterly Asset Management Hires VP of Intermediary Relations Eastern Asset Managementa multi-affiliate asset manager of boutique investment firms, announced the hiring of Michael Burke as Vice President of Channel Relations. Burke brings with him nearly 30 years of experience in the financial industry. Prior to joining Easterly, he was National Accounts …
OFCCP Week in Review: January 2022 #4 | Direct Employers Association
Friday, Jan. 21, 2022: Biden administration’s vaccination efforts limited to sole mandate for healthcare workers as court orders executive order requiring federal employees to be vaccinated In the latest losing streak for the Biden administration’s efforts to vaccinate the American workforce, the U.S. District Court for the Southern District of Texas on Friday Posted a …
Mortgage Rates Today Rise | December 21, 2021
Mmortgage interest rates are on the rise again. The rate on a 30-year fixed-rate mortgage is on average 3.569% today, up 0.046 percentage point. The rate for a 30-year refinance is also higher, rising to 3.761%. Almost all other loan categories also experience higher rates. Competitive rates are always available for borrowers with strong credit …
Yotta appoints Milind Kulkarni CTO and Head of IT Operations & Engineering, IT News, ET CIO
Yotta Infrastructure today announced the appointment of Milind Kulkarni as EVP, Chief Technology Officer (CTO) and Head of IT Operations & Engineering. With over 26 years of experience in leading IT operations, planning and designing projects in IT, ITeS and managed IT services, Milind brings proven expertise to the organization, the planning and execution of …
Why retired CT union leader thinks workers now have the upper hand
Perhaps more than most, Sal Luciano knows the stress that comes with working life, going back to his youth in Waterbury when his brother postponed his medical studies to help the family make ends meet, throughout his career. social worker helping children bounce back between foster homes. in Connecticut. As Luciano retires from the state’s …
NORTHRIM BANCORP INC’S MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q)
This discussion should be read in conjunction with the unaudited consolidated financial statements of Northrim BanCorp, Inc. (the “Company”) and the notes thereto presented elsewhere in this report and with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Except as otherwise noted, references to “we”, “our”, “us” or “the …
Discussion and analysis by the management of DANA INC of the financial situation and operating results (in millions of dollars) (Form 10-Q)
The MD&A and the analysis of the financial condition and results of operations should be read in conjunction with the financial statements and accompanying notes therein. Forward-Looking Information Statements in this report (or otherwise made by us or on our behalf) that are not entirely historical constitute “forward-looking statements” within the meaning of the Private …
Introduction to DOL probes for ERISA plan service providers
By Michael Kreps, George Sepsakos and Arsalan Malik (October 7, 2021, 4:01 p.m. EDT) – The US Department of Labor has proactively shifted its enforcement resources in recent years from plan sponsors covered by the Safety Act employee retirement income. to financial institutions that provide services to ERISA plans.[1] This allowed the agency to investigate …
Form DEFM14A Community Bankers Trust
(I) Regulatory matters. (i) Neither United nor any of its subsidiaries or properties is a party or subject to any order, decree, agreement, memorandum of understanding or similar arrangement with, or a letter of commitment or a similar submission to, or an extraordinary supervision letter from, any Regulatory Authority. (ii) Neither United nor any of …
Form S-4 / A UNITED BANKSHARES INC / WV
(I) Regulatory matters. (i) Neither United nor any of its subsidiaries or properties is a party or subject to any order, decree, agreement, memorandum of understanding or similar arrangement with, or a letter of commitment or a similar submission to, or an extraordinary supervision letter from, any Regulatory Authority. (ii) Neither United nor any of …
PANC 2021: The great TDF debate: Prudence vs. Performance
Comparing the “quality” of Target Date Funds (TDFs) is not easy. Plan advisors and plan sponsors must decide how to prioritize return, risk, and many other factors when making a prudent investment decision. This is all the more important as TDFs have become the Qualified Default Investment Alternative (QDIA) for the majority of plan sponsors. …
Breaking down support from the labor department for state UI modernization – MeriTalk
Now that the federal government, through the Department of Labor (DoL), has committed to investing $ 2 billion in stimulus funds to strengthen Unemployment Insurance (UI) systems in states besieged by the surge in Unemployment claims due to the coronavirus pandemic, the federal government and state officials discussed how those efforts will be carried out …
Bryan Jordan promoted to Senior Project Manager at Grand Canyon Development Partners
LAS VEGAS —Grand Canyon Development Partners, a full-service Las Vegas-based project management firm, has announced the promotion of Bryan Jordan to senior project manager. Jordan has been with the Leading Company for almost two years, previously serving as a Project Manager and offering over 26 years of experience in the construction and subcontracting industries. In …
Why don’t restaurateurs come back? Here’s what the data shows.
While restaurants and drinking places gained 1.3 million jobs in the first seven months of 2021, the industry still lacks 1 million jobs to reach its pre-pandemic level of 12. ,3 million, according to the National Association of Restaurateurs. In August, however, the industry lost over 40,000 jobs for the first time this year due …
Definition of operating leverage
What is operating leverage? Operating leverage is a cost accounting formula that measures how much a business or project can increase operating profit by increasing revenue. A business that generates sales with a high gross margin and low variable costs has high operating leverage. Key points to remember Operating leverage is used to calculate the …
KPS3 adds two coordinators to its growing team
Get Nevada Business News & PR delivered straight to your inbox daily. August 31, 2021 Through Chrisie Yabu leave a comment (RENO, Nev.) – KPS3, a full-service digital marketing and communications company, has hired Anna-Leigh Firth as the account coordinator and Logan Schauer as the social media and public relations coordinator. Logan Schauer, Anna-Leigh Firth …
US Department of Labor Announces Cyber Security Guidelines for Plan Sponsors, Plan Trustees, Registrars and Plan Members | Locke Lord LLP
The United States Department of Labor (“DOL”) recently released best practice guidelines for maintaining cybersecurity for plan sponsors, trustees, registrars and participants of employee benefit plans. governed by the Employees Retirement Income Security Act 1974, as amended (“ERISA”). Although some previous cybersecurity guidelines have been issued for some benefit plans governed by ERISA[1], this is …
Huarong posts $ 15.9 billion loss in 2020, reports asset sale
(Bloomberg) – China Huarong Asset Management Co. confirmed a record loss for 2020 in a long-awaited earnings report and reported a small profit for the first six months of this year, just over a week after to have obtained a government-orchestrated bailout to keep it from the precipice. The shortfall was 102.9 billion yuan ($ …
Successor Liability Issues for Private Lenders
Wednesday 25 August 2021 The main investment thesis of a private credit lender is simple: get the loan reimbursed when it matures. Private lenders do not provide loans to acquire the business of their borrower. In some circumstances, however, private lenders must be prepared to take possession of the money when the borrower is in …
800 Degrees Pizza grows thanks to Piestro’s automated machines
Dive brief: 800 Degrees Pizza, a pizza brand with 16 locations worldwide, joins forces with the Piestro robotic pizzeria concept to dramatically accelerate its presence thanks to Piestro’s automated machines. According to a press release, the partnership will bring 3,600 “800 Degrees by Piestro” machines to market over five years. The automated machines will ensure …
Hold auditors accountable for deficiencies
For The Wall Street Journal for Saturday / Sunday August 14-15, 2021, a pair of reporters wrote: “The oversight is weak of the audit of private companies. The article contrasts the degree of supervision of auditors in private companies with that of auditors in public companies. Since the passage of the Sarbanes-Oxley Act in 2002, …
Franchising Threat # 2: Joint Employment Is Back! | Fox Rothschild LLP
The second troublesome threat is the mixed employment standard. The Obama administration’s DOL caused angst in the franchise industry in January 2016, when it passed a joint employment standard that focused on “whether the employee depends on the potential joint employer who , through an agreement with the intermediary employer, benefits from the work. “Administrator’s …
Microsoft touts the top secret ATO cloud – FCW
Cloud Microsoft touts the top secret ATO cloud By Adam Mazmanian August 16, 2021 Microsoft announced that its top-secret and isolated Azure cloud regions have been granted permission to operate and are “generally available” for national security workloads. Tom Keane, Microsoft’s corporate vice president for Azure Global, wrote in an August 16 blog post that …
issues to consider when granting equity scholarships | Morgan Lewis – ML Benefits
Share-based awards are often an important part of a company’s compensation program. However, unlike more general benefit programs, which are generally only subject to federal law, share-based compensation agreements are, in most cases, subject to both federal laws (for example, the Securities Exchange Act of 1934, as amended (Exchange Act) and state laws. Individual state …
Pay Equality: The Emerging Legal Landscape | Quarles & Brady srl
Over the past year, several states, including Colorado, Connecticut, and Rhode Island, have proposed and passed new pay equity legislation. The impact of these laws is notable, not least because they subject employers to significant notice requirements, which may require sweeping changes in workplace practices and policies. The impact of these laws is even deeper …
US DOL rescinds Trump administration’s joint employer rule
Related practices and jurisdictions Wednesday August 11, 2021 On July 29, 2021, the US Department of Labor filed a final rule repealing the Trump-era Joint Employer Status Under the Fair Labor Standards Act (29 CFR part 791) rule, which came into effect on March 16. 2020. The Trump-Era Rule implemented employer-friendly changes to DOL’s rules …
Department of Labor Repeals Pro-Franchise Joint Employment Rule | Polsinelli
On July 29, 2021, the US Department of Labor announced that it was repealing a final rule released last year (2020 Final Rule) that sought to clarify the standard for finding two separate entities as “co-employers” under the Fair Labor Standards Act. (FLSA). The 2020 Final Rule was a welcome development for franchise businesses, as …
DOL’s Pro-Franchise joint employment rule repealed
Ministry of Labor rescinds pro-franchise joint work rule On July 29, 2021, the US Department of Labor announced that it was repealing a final rule released last year (2020 Final Rule) that sought to clarify the standard for finding two separate entities as “co-employers” under the Fair Labor Standards Act. (FLSA). The 2020 Final Rule …
NORTHRIM BANCORP: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q)
This discussion should be read in conjunction with the unaudited consolidated financial statements of Northrim BanCorp, Inc. (the “Company”) and the notes thereto presented elsewhere in this report and with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Except as otherwise noted, references to “we”, “our”, “us” or “the …
New Biden funding focuses on workers and employment initiatives
Wednesday August 4, 2021 President Biden’s $ 6 trillion 2022 budget proposal focuses on protecting workers, including the American Jobs Plan and the American Families Plan. These two plans contain work and numerous employment initiatives. The budget proposes increased funding for the Department of Labor (“DOL”), the Equal Employment Opportunity Commission (“EEOC”) and the National …
Budget proposed by President Biden: a boon for enforcement, monitoring and worker protection | Epstein Becker & Green
President Biden’s $ 6 trillion 2022 budget proposal focuses on protecting workers, including the American Jobs Plan and the American Families Plan. These two plans contain work and numerous employment initiatives. The budget proposes increased funding for the Department of Labor (“DOL”), the Equal Employment Opportunity Commission (“EEOC”) and the National Labor Relations Board (“NLRB” …
Fisher Investments surpassed $ 100 billion in assets under management in early 2019, contained the flames of a PR crisis in late 2019, and has a legitimate chance of reaching $ 200 billion in assets. under management this year
Ken Fisher’s RIA, which employs 4,000 people, took 40 years to manage $ 100 billion in assets, experienced a downturn, and then resumed operations. Ken Fisher fought against the cancellation of culture and won – to the tune of about $ 100 billion in new assets under management. His eponymous company, Fisher Investments, topped all …
OFCCP Director Jenny Yang addresses the 2021 ILG National Conference | Jackson Lewis PC
Hello and welcome to the opening day of the 2021 Industry Liaison Group (ILG) National Conference. After a one-year hiatus, the 2021 ILG National Conference officially kicked off today in Nashville, TN. Providing access to programming both virtually and in person, the conference works hard to address the realities of operating in a COVID world. …
US DOL Rescinds Trump-Era Rule Regarding Co-Employer Status Under FLSA | FordHarrison
On July 29, 2021, the United States Department of Labor (“DOL”) announced that it would repeal the Trump-era rule (the “Joint Employer Rule”) relating to the determination of joint employers for the purposes of assigning responsibility for wages and hours violations under the Fair Labor Standards Act (“FLSA”). The Joint Employer Rule, which came into …
Watch your limits – FedRAMP publishes draft guide on licensing limits for public consultation – Government, public sector
United States: Watch your limits – FedRAMP publishes draft guide on licensing limits for public consultation July 30, 2021 Sheppard Mullin Richter & Hampton To print this article, simply register or connect to Mondaq.com. The FedRAMP Program Management Office is seeking comments on its Draft FedRAMP Authorization Limits Guide, Version 2.0, released July 13, 2021. …
Ministry of Labor removes fair labor rule and moves towards fair wages
The US Department of Labor announced on July 29 that it would repeal the March 2020 rule on joint employer status under the Fair Labor Standards Act (the “2020 Rule”). The DOL’s action removes the regulations set by the 2020 rule and will go into effect on September 28, 2021. 2020 Joint Employer Rule The …
Cuomo Launches Second Round of $ 175 Million Workforce Development Initiatives
Wed Jul 28, 2021 3:30 PM Second round of funding makes $ 48 million available to help New Yorkers find quality, well-paying jobs and to meet businesses’ short- and long-term labor needs √ Consolidated funding requests through the regional economic development councils open on Monday, August 2 Governor Andrew Cuomo on Wednesday announced the launch …
Reimbursement, health management, technological advancements
There are many forces that have driven the growth of telehealth over the past decade, including value-based reimbursement models, trends in population health management, and technological advancements. As we have discussed in previous blog posts, the COVID-19 pandemic was the jet fuel that propelled the use of telemedicine into the stratosphere. This growth was, in …
Colorado moves goalposts again on white collar exemptions | Ogletree, Deakins, Nash, Smoak & Stewart, PC
In November 2020, the Colorado Department of Labor and Employment (CDLE) adopted Colorado Overtime and Minimum Pay Standards Order (COMPS) # 37, which came into effect on January 1, 2021. COMPS # 37, like its predecessors, has outlines the requirements for employees to qualify for exemption from Colorado’s overtime and minimum wage requirements. Among other …
DOL plans audits to include information on compliance with its cybersecurity guidelines
In April, we published an article on the US Department of Labor (DOL) Employee Benefits Security Administration (EBSA) that issues cybersecurity guidelines for employee pension plans. That is to say on April 14, 2021. Shortly thereafter, the DOL updated its audit investigations to include probing questions for plan trustees about their compliance with agency guidelines …
DOL Prepares To Implement $ 15 / Hour Minimum Wage For Federal Contractors | Ballard Spahr srl
On July 21, 2021, the US Department of Labor (“DOL”) announced that a wide range of government contractors would be required to pay private sector employees at least $ 15 an hour, as part of a plan to implement President Joe Biden’s executive order signed last April. Our blog post on President Biden’s executive order …
Secretary of Labor requests additional funding for OSHA
Dive brief: Labor Secretary Marty Walsh argued for an increase in OSHA staff at a Senate subcommittee hearing last week, amid a demand that would increase both the number of safety inspectors and hours of work investigators reviewing employer payroll records by 2024. The department’s protection agencies lost 14% of their staff over the past …
Chipotle’s digital sales grew 10.5% in the second quarter
Dive brief: Chipotle increased its revenue by 38.7% year-on-year, product sales by 31.2% and digital sales by 10.5% in the second quarter of 2021, according to the company’s earnings release on Tuesday. Digital sales generated $ 916.5 million for the channel in the quarter. The company’s returns are expected to continue improving as it accelerates …
Dan Seivert’s resounding success in RIA M&A deals has the bizarre side effect of squeezing some handgun staff off to new perspectives
Carolyn Armitage and Mark Bruno are gone for mutual benefit, while Echelon Partners roars, feeding the beast of mad buyers and sellers of AIR deals. Brooke’s Note: Small, high-performing businesses rarely operate by committee. They thrive on the leadership of one or two highly motivated protagonists who make decisions in real time. Although mergers and …
LexisNexis special services to support the verification process for DOL unemployment claims under $ 1.2 billion BPA; Haywood Talcove Reviews
LexisNexis Special Services has been selected as a major vendor in a potential five-year, $ 1.21 billion global purchase contract to perform credential and credential verification work. identity for the Ministry of Labor, GovCon Wire learned. DOL is seeking entrepreneur support through the multi-reward BPA to prevent fraudulent activity and facilitate the fair distribution of …
Ric Edelman expects SEC to approve bitcoin ETF
(Photo: Shutterstock) Despite an almost 50% drop in the value of Bitcoin between mid-April and the end of June and crackdowns in the UK and China, Ric Edelman, founder of Edelman Financial Engines and RIA Digital Assets Council, remains optimistic about cryptocurrencies. He also expects the Securities and Exchange Commission to approve a Bitcoin ETF. …
Labor rights activists use west coast heat to push for more say over fast food wages
Labor rights advocates have used the west coast heat wave as a way to rally support to give California fast food workers considerable leverage in setting state wage and labor standards for national fast food chains. If the effort is successful and the proposed legislation is passed, the state’s quick-service workforce would have an important …
Forum: The Evolving Role of Legal Operations and Internal Purchasing Professionals
Legal procurement, operations and business optimization specialists are, more than ever, the professionals many organizations turn to for help in achieving cost savings, containment measures and greater control in the new legal market. How these professionals interact with internal legal advisors, clients and external law firms will have a direct impact on existing and new …
June 14, 2021 Weekly US Federal Labor Viewpoints
This is a weekly article highlighting labor topics developed by the legislative and executive branches of the United States over the past week. In this issue, we cover: Ministry of Labor regulatory program for spring 2021 Leadership Updates from the Work of the Biden Administration Senate HELPS Republican leaders lobby for hearing on President’s budget …
DOL has made this new mental health parity requirement a top enforcement priority | Foley & Lardner srl
Integrated into the Consolidated Appropriations Act of 2021 (the “CAA”) is a new requirement for group health plan sponsors and insurers who provide health insurance to document that their group health plan or insurance policy complies with the non-quantitative processing limitations of the Mental Health Parity and Substance Abuse Equity Act 2008 (the “MHPAEA”). The …
GAO Report Sheds Light on DOL’s Application of ERISA | Eversheds Sutherland (United States) LLP
In a report released on May 27, 2021, the United States Government Accountability Office (GAO) released the results of a 15-month investigation into the application of the 1974 Employee Retirement Income Security Act, as amended (ERISA) by the Ministry of Labor. (DOL). The GAO last conducted such a survey in 2007. The stated objective of …
RPA Streamlines DOL’s Business Processes, Creating New Efficiencies
DOL’s head of emerging technology describes how the department leverages RPA to reduce workloads and dollars spent. The Ministry of Labor is developing process automation robots to advance business processes and accelerate operations, said Krista Kinnard, Head of Emerging Technologies Department, at GovernmentCIO’s AI Gov Series: Future of RPA virtual event Media & Research. “In …
FedScoop Announces Top Federal IT Bosses 2021
Just as everyday life itself has changed dramatically over the past 15 months amid the COVID-19 pandemic, so has the concept of leadership. As human contact and face-to-face interaction were removed from federal operations largely during the pandemic, IT managers were forced to communicate and engage with their teams in new, often virtual, ways. Nonetheless, …
OFCCP Weekly Review: June 2021 # 2 | Association of Direct Employers
Friday June 4, 2021: Most unemployment numbers drop – but we’re not out of the woods yet America’s reopening continues in full force with 559,000 jobs added to employers’ payrolls in May, the vast majority coming from the “long-term unemployed” (that is, unemployed for more than one year, mainly victims of the COVID-19 pandemic). BLS, …
DOL Cyber Security Tips: Managing the Risks of Employer-Sponsored Pension Plans | Fisher phillips
The Government Accountability Office recently urged the US Department of Labor issue guidance on cybersecurity issues with the goal of mitigating risks to 401 (k) and other pension plans. The GAO noted that there were trillions of dollars in employer-sponsored defined contribution pension plans and that the DOL had not clarified whether the plan’s trustees …
Organizations need to come up with a more humane deal, says Gartner
The COVID-19 pandemic has not dampened the positivity of marijuana drug tests, which continued to increase last year across the U.S. workforce as a whole, new analysis finds published May 26 by Quest Diagnostics. The company said it was the first large-scale analysis of anonymized drug test results performed by lab workers during the COVID-19 …
California is finally getting ready to reopen | Seyfarth Shaw LLP
Synopsis of Seyfarth: At May 21, 2021, California health officials have confirmed that the state’s long-awaited reopening date of June 15 is a date. With this announcement comes the long-awaited publication of details on the restrictions that are about to be lifted.– which seems to be pretty much everything, at least at the state level. …
Tips for Complying with DOL’s Retirement Plan Cyber Security Guidelines | Mitchell, Williams, Selig, Gates & Woodyard, PLLC
Download PDF “Not if, but when” is a phrase commonly used to describe the risk of a data breach. With just under $ 11 trillion in assets, employer-sponsored pension plans are a particularly attractive target for cybercriminals. Through audits and advice on best practices, the Department of Labor (DOL) encourages pension plan sponsors to pay …
DOL Cancels Trump-Era Rule Regarding Employment Status Under FLSA | Insights | Holland & Knight LLP
The US Department of Labor (DOL) has officially withdrawn a Trump-era rule that was announced to clarify independent contractor status under the Fair Labor Standards Act (FLSA). The repeal took effect on May 6, 2021. The ruling indicates that the current DOL will examine the relationships of independent contractors with a view to characterizing more …
What Employers Need to Know About DOL’s Changing Positions on Who Is an Independent Contractor | Saul Ewing Arnstein & Lehr LLP
Towards the end of President Trump’s term, the US Department of Labor (“DOL”) issued a new rule to determine the difference between “employees” and “independent contractors” under the Fair Labor Standards Act (“FLSA”) . This is an important distinction because the FLSA provides various protections for employees, including establishing minimum wage and overtime requirements, which …
The Big Apple joins a small crowd, with possible headaches for local employers | Seyfarth Shaw LLP
Synopsis of Seyfarth: New York City has joined the growing list of jurisdictions to establish a mandatory automatic retirement savings IRA program for private sector employers who do not provide employees with access to a retirement plan. In doing so, it is part of the trend to offer employees who do not have access to …
ERISA Cyber Security Lessons for Employers | Ogletree, Deakins, Nash, Smoak & Stewart, PC
Pension plans are increasingly subject to cybersecurity concerns, and the United States Department of Labor (DOL) is taking note. On April 14, 2021, the DOL published cybersecurity tips “For plan sponsors, plan trustees, record keepers and plan members on best practices for maintaining cybersecurity, including advice” for hiring service providers and online safety advice for …
FDA Outlines Inspection and Assessment Activities During Pandemic, Roadmap For Future Operations | Hogan Lovells
Background The FDA announced in March 2020 that due to the pandemic, it was temporarily postponing all routine inspections of domestic and foreign surveillance facilities. [1]/ Importantly, the FDA continued to conduct critical inspections [2]/ where possible and engaged in other forms of review where permitted by law (eg remote inspections for overseas supplier verification …
Biden administration overturns Trump-Era rule on independent contractors | Foley Hoag LLP
On May 5, 2021, the United States Department of Labor (DOL) released a final rule repealing a 2020 rule promulgated by the Trump administration that made it easier to classify workers as independent contractors rather than employees for Fair Labor purposes. . Standards Act (“FLSA”). As a result, the DOL will revert to assessing independent …
Tips for Complying with the Cyber Security Guidelines of DOL’s Retirement Plan
“Not if, but when” is a phrase commonly used to describe the risk of a data breach. With just under $ 11 trillion in assets, employer-sponsored pension plans are a particularly attractive target for cybercriminals. Through audits and advice on best practices, the Department of Labor (DOL) encourages pension plan sponsors to pay attention to …
US DOL Reports Stronger Position on Federal Classification of Workers as Independent Contractors | FordHarrison
On May 6, 2021, the United States Department of Labor (DOL) withdrew the rules proposed by the Trump administration, which originally sought to revise the test for classifying workers as independent contractors at the federal level for purposes of wages and hours under the Fair Labor Standards Act (LSA). DOL Withdrawal alleges that the rules, …
Preparing for the WHD’s Less-Carrot-More-Stick Enforcement Approach | Seyfarth Shaw LLP
Gone are the days when the US DOL’s Wage & Hour (“WHD”) division urged employers to proactively identify and collaborate with the division to correct their wage and hour errors. The chapter in which employers might expect WHD to step aside from the threat of double damages outside of blatant cases is closed. After years …
Biden Administration DOL Publishes Final Rule Canceling Trump Administration’s Independent Contractor Rule Under FLSA | Association of Direct Employers
What awaits us For now, the Biden administration has indicated that it has no plans to release a new independent contractor test under the FLSA that may be more restrictive in finding an independent contractor relationship. However, there is both good and bad news on the horizon for employers that will ensure continued uncertainty around …
DOL withdraws the Trump administration’s independent contractor test from January 2021 | McGuireWoods LLP
On May 5, 2021, the U.S. Department of Labor (DOL) removed an end-of-term rule from the Trump administration to determine whether workers should be classified as independent contractors or employees under the Fair Labor Standards Act. The old administration rolled out the rule on January 7, 2021, and although it went through the entire rulemaking …
US Department of Labor Removes Independent Contractor Rule Under Fair Labor Standards Act | Clark Hill PLC
On May 5, just months after the US Department of Labor issued its final rule to clarify the classification of independent contractors under the Fair Labor Standards Act (FLSA) – the DOL issued a statement to withdraw the rule. The withdrawal will take effect on May 6. The action follows DOL’s hint of its disfavour …
An overview of the new DOL cybersecurity guidelines | Stroock & Stroock & Lavan LLP
On April 14, 2021, the Department of Labor’s Employee Benefits Security Administration (“ZIEB“) issued, for the first time, guidance on best practices for maintaining cybersecurity. The guidance comes in the form of three documents: “Cyber Security Program Best Practices”, which aims to help plan trustees and service providers meet their responsibilities for managing cyber security …
OFCCP Weekly Review: May 2021 | Association of Direct Employers
Monday April 26, 2021: the director of the OFCCP prepares the ground for what is to come: the audit selection methodology of the CSALS and OFCCP continues OFCCP Director Jenny Yang Kicks Off DEAMcon21 (DirectEmployers 2021 Annual Meeting Conference) with a bang! Prior to a record-breaking virtual turnout from DE members, partners, and state and …
Ascensus sells for $ 3 billion after failing to attract buyers for a third less in 2018, but faith and patience pays off with a 50% premium
Investors Genstar, Aquiline and Atlas have sold Ascensus in a transaction valued at $ 3 billion to bring together experts in the preparation of the Stone Point IPO, according to reports. Take that. Genstar and Aquiline just sold Ascensus at a value of $ 3 billion after an asking price of $ 2 billion failed …
Update from the MTC Uniformity Committee – Hey partner, let’s tax your digital goods and services | Eversheds Sutherland (United States) LLP
On April 27-28, the Multistate Tax Commission Uniformity Committee (UC) virtually held its spring meeting. In addition to voting for the adoption of a UC charter, the following uniformity projects have been put forward: Partnership project– The CU approved a recommendation from the standing subcommittee to develop a model or uniform state law on partnership …
How to calculate the degree of operating leverage?
What is the degree of operating leverage? The degree of operating leverage (DOL) is a measure used to assess the change in a company’s operating income after a percentage change in its sales. The operating leverage of a business consists of evaluating fixed costs and variable costs against sales. Fixed costs do not change with …
Why is the Biden administration trying to bring workers back to the 1950s?
Last month, the Department of Labor (DOL) abruptly proposed removing a new rule that would specify which workers are “independent contractors”. A brief review shows that his rationale for backtracking is disappointing at best, revealing a lack of in-depth analysis of the economic impact and a left versus right power struggle. Sadly, millions of workers …
US Department of Labor issues long-awaited cybersecurity guidelines for ERISA plans | Perkins Coie
On April 14, 2021, the United States Department of Labor (DOL) released three-part guidance on cybersecurity issues for employee benefit plans, marking its first major comment on the matter since its comprehensive but non-binding report. in late 2016. The DOL guidelines come amid an increase in high-profile lawsuits stemming from allegations by pension plan members …
Leverage National Interest Waiver to Help the U.S. Economy
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New Ministry of Labor guidelines appear to strengthen fiduciary exemption
The Labor Department this week released guidance for advisers who appeared to take a tough stance on conflict of interest by interpreting the Trump-era exemption for trustees operating in the retirement space. Tuesday’s announcement from the department drew praise from some investor advocates, who hope the Labor Department and the SEC will work to tighten …
The clock is ticking on MHPAEA compliance | Sheppard Mullin Richter & Hampton LLP
State and federal regulators, Congress, and the Complainants Bar are increasingly focusing on complying with the Mental Health Parity and Addiction Equity Act (MHPEA), especially given the opioid epidemic and the impact of COVID-19 on mental health. Compliance and enforcement of the MHPAEA is a top priority for the United States Department of Labor (DOL) …
Is the Pay Equity Act on its way?
COMMENT A persistent political argument used to support all kinds of policy changes is that American women earn 82 cents for every dollar a man earns. On March 24, you may have noticed that the national media and feminist activists proclaimed “Equal Pay Day,” the day that every year, women’s pay is supposed to catch …