21 Jun 2022

Don’t Wait! Getting a Company’s HR/Payroll/Exec Comp Groups Ready for a Merger or Sale

Getting the human resources, benefits, and executive compensation functions of your organization ready for a potential sale or similar corporate transaction before the frenzy begins is advantageous. In light of the active M&A market, this may be an ideal time for companies to evaluate their executive compensation arrangements and employee benefit plans, particularly for companies considering (or hoping for) a sale within the short-term.

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Employee Benefits & Executive Compensation Key Legal Developments Tracker
Stay informed on new developments.
- ERISA Litigation. The Third Circuit affirms class certification in an ERISA excessive fee action, holding that three named plaintiffs had Article III standing and satisfied the typicality requirement of Rule 23(a) of the FRCP despite having invested only in seven of the plan’s 37 investment options Boley v. Universal Health Servs., 2022 U.S. App. LEXIS 15001 (3d Cir. June 1, 2022).
- Retirement Plans. The Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act was introduced in the Senate on June 7, 2022. The bill was referred to the Senate Health, Education, Labor, and Pensions (HELP) Committee, which will mark-up the legislation. 4353, The Rise & Shine Act.
- Retirement Plans. The IRS Employee Plans division announces a pilot program where it will notify retirement plan sponsors 90 days in advance that their retirement plan has been selected for an examination. IRS, Employee Plan News, June 3, 2022.
- Health & Welfare Plans. IRS updated Notice 2022- 3 (standard mileage rates) to reflect the increase in gasoline prices, by increasing the standard mileage rate for the last six months of 2022 to 62.5 cents-per-mile. Announcement 2022-13. The 58.5 cents-per-mile rate, which applied beginning January 1, 2022, continues to apply through June 30, 2022. The mileage rates for moving and medical expenses similarly have increased for the second half of 2022.
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