26 May 2020
Author : InfoPro Community Manager
New content added to Employee Benefits & Executive Compensation and Energy & Utilities on the Lexis Practice Advisor® service
Employee Benefits & Executive Compensation
The Lexis Practice Advisor Employee Benefits & Executive Compensation (EBEC) practice area helps you stay on top of the many significant and recent changes in this area of law. The enactment of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) late last year was the most significant retirement plan legislation since the Pension Protection Act. It was quickly followed by several laws passed in early 2020 addressing the novel coronavirus (COVID-19) pandemic and resulting economic downturn. Existing content was updated to reflect these new laws with the addition of First Analysis articles, the EBEC section of the Coronavirus (COVID-19) Resource Kit and the new Trends & Insights task on the EBEC practice area page.
The First Analysis articles on the SECURE Act and the coronavirus (COVID-19) include: Retirement Plan Provisions of CARES Act; Suspending or Reducing Safe Harbor 401(k) Plan Employer Contributions in Wake of a Coronavirus Economic Downturn; COVID-19 Executive Compensation Q&As: Focus on Incentive Plans and Nonqualified Deferred Compensation; HHS Addresses HIPAA Privacy and Security Rule Issues in Combatting Coronavirus; and ERISA Litigation: Lessons for the Coronavirus Economy from the Great Recession.
We’ve updated EBEC practical guidance for the coronavirus (COVID-19) legislation and the SECURE Act including: (1) Required Minimum Distribution Rules for Defined Contribution Plans (reflecting both the change from age 70½ to 72 regarding when required minimum distributions (RMDs) must commence and the suspension of RMDs for 2020 permitted under coronavirus legislation); (2) Leave of Absence Effects on Employee Benefit Plans (reflecting the impact of work furloughs and coronavirus permitted sick leaves on employee benefit plans and executive compensation); and (3) Plan Loan Rules for Qualified Retirement Plans (reflecting available temporary measures, including increase of the maximum plan loan amount and provision of loan repayment relief).
Additional content was added across the EBEC spectrum, including Clawback Policy Design and Tax Issues, Navigating Department of Labor Benefit Plan Investigations and COBRA Ineligibility on Gross Misconduct Termination.
Energy & Utilities
Additional content added to the Lexis Practice Advisor Energy & Utilities practice area provides users with even more sophisticated forms and clauses, including significant practical drafting guidance related to important definitions which govern significant midstream contracts. Also, new content enhancements were added to the Midstream Energy offerings, including Affiliate Definition (Midstream Energy), Delivery Points Definition (Midstream Energy), BTU Definition (Midstream Energy) , Firm Definition (Midstream Energy) and Force Majeure Definition (Midstream Energy). The Energy & Utilities practice area helps legal professionals stay current with the fast-paced changes facing the energy sector.
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