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DOL Issues Missing Participant Guidance

The DOL issued three pieces of guidance relating to missing participants in tax-qualified retirement plans. In response to the new guidance, described in more detail below, employers should again review their plan documents and any plan policies and procedures, to ensure they align with the DOL?ÇÖs requirements and best practices for avoiding and handling missing participants. In Field Assistance Bulletin No. 2021-01, the DOL issued a temporary enforcement policy on the use of the Pension Benefit Guaranty Corporation?ÇÖs (?Ç£PBGC?Ç¥) Defined Contribution Missing Participants Program for terminating defined contribution plans. Under the temporary enforcement policy, the DOL will not pursue violations under ERISA?ÇÖs fiduciary rules if the plan fiduciary of a terminating defined contribution plan transfers the benefits of missing participants to the PBGC under the program and otherwise follows the requirements of the DOL fiduciary safe harbor regulation at 29 CFR 2550.404a-3. In Compliance Assistance Release No. 2021-01, the DOL issued… Continue Reading

Recent NLRB Social Media Report Raises New Questions

As we have detailed in this blog and elsewhere, the National Labor Relations Board (?Ç£NLRB?Ç¥ or the ?Ç£Board?Ç¥) made social media cases a priority in 2011.?á As demonstrated in a recent memorandum released by the Board?ÇÖs Acting General Counsel, this trend is set to continue in 2012.?á Memorandum OM 12-31 summarizes 14 recent social media complaints received by the Board, and details the General Counsel?ÇÖs conclusions on each case.?á While the report reiterates many of the Board?ÇÖs previous pronouncements regarding social media, it also raises new questions about employer regulation of employee social media use, as well as permissible social media policy language.   A New Standard to Evaluate Employee Social Media Comments? Section 7 of the National Labor Relations Act (?Ç£NLRA?Ç¥) gives employees the right, among other things, ?Ç£to engage in . . . concerted activities for the purposes of collective bargaining or other mutual aid or protection?Ç¥ (emphasis… Continue Reading

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