The Department of Labor (DOL) recently proposed a rule revising the definition of “employer” under Section 3(5) of the Employee Retirement Income Security Act of 1974 (“ERISA”) for purposes of sponsoring a multiple-employer plan (MEP). The proposed rule, which is in response to President Trump’s August 31, 2018 Executive Order directing the DOL to examine policies expanding access to MEPs, would make it easier for small businesses who meet certain requirements to pool their resources to form a MEP, thereby reducing administrative costs. Continue reading
In October 2018, the United States District Court for the District of South Carolina granted class action certification to Robert Berry, a former financial adviser for Wells Fargo. Berry’s suit against Wells Fargo alleges that Wells Fargo did not pay the class members, other former and current Wells Fargo employees money that they were owed as deferred compensation.
According to Berry’s First Amended Class-Action Complaint, he and a number of other Wells Fargo employees were part of two deferred-compensation plans that qualified as “pension benefit plans” under the Employee Retirement Income Security Act (“ERISA”). The complaint claims that the plans failed to follow ERISA’s funding, vesting, and non-forfeitability requirements. Continue reading