Seth Safra
Partner
Seth J. Safra is a partner in Proskauer’s Employee Benefits & Executive Compensation Group. Described by clients as “extremely knowledgeable, practical, and strategic,” Seth advises clients on compensation and benefit programs.
Seth’s experience covers a broad range of retirement plan designs, from traditional defined benefit to cash balance and floor-offset arrangements, ESOPs and 401(k) plans—often coordinating qualified and non-qualified arrangements. Seth also advises on ERISA compliance for investments, including the U.S. Department of Labor’s new conflict of interest (fiduciary) rules.
On the health and welfare side, Seth helps employers provide benefits that are cost-effective and competitive. He advises on health plans with HSAs and HRAs and also on severance and fringe benefit arrangements.
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The Tenth Circuit recently affirmed the Department of Labor’s authority to impose new conditions for exemption from prohibited transaction rules with respect to the sale of annuity contracts. The case related to the Department’s decision, as part of the 2016 “fiduciary rule,” to make sales of fixed indexed annuities ineligible for Prohibited Transaction Exemption 84-24, … Continue Reading
In an opinion released yesterday, the Supreme Court reaffirmed that collective bargaining agreements (CBAs) must be interpreted according to “ordinary principles of contract law.” CNH Industrial N.V. v. Reese, No. 17-515, 2018 WL 942419 (U.S. Feb. 20, 2018). In so ruling, the Court again rejected the Sixth Circuit’s inference from silence that CBAs vested retiree … Continue Reading
On January 2, 2018, the IRS published its annual bulletin that updates procedures for requesting rulings, determinations, and other guidance from the IRS. As in past years, the bulletin includes new user fees for determination requests and submissions under the Voluntary Correction Program (“VCP”). But this year’s update includes a significant surprise for the VCP … Continue Reading
On November 27, 2017, the Department of Labor (“DOL”) finalized the delay of the applicability date for certain conditions for exemptions to the fiduciary rule until July 1, 2019. This delay was initially proposed in late August as described here. Although certain requirements have been delayed, the fiduciary rule’s broad definition of “fiduciary” and the … Continue Reading
On August 30, 2017, the Department of Labor (“DOL”) officially proposed delaying the applicability date of exemptions to its fiduciary rule until July 1, 2019. The proposal was expected after DOL stated in a court filing earlier this month that a delay proposal was under review by the Office of Management and Budget. This proposal … Continue Reading
The U.S. District Court for the District of Columbia has ordered the EEOC to reconsider its final regulations on the extent to which an employer may offer incentives to participate in a wellness program without violating the Americans with Disabilities Act (ADA) or the Genetic Information Nondiscrimination Act (GINA). The court, however, declined to vacate … Continue Reading
On August 9, 2017, the Department of Labor (“DOL”) stated in a court filing that the Office of Management and Budget (“OMB”) is reviewing a proposal to extend the applicability date for certain requirements under DOL’s fiduciary rule until July 1, 2019. As discussed here and here the fiduciary rule’s “impartial conduct standards” have been … Continue Reading
On June 29, 2017, the Department of Labor (“DOL”) requested another round of public comment on its fiduciary rule—this time in the form of a Request (“RFI”) for Information. The RFI seeks input on (a) whether to extend the January 1, 2018, applicability date for parts of the rule that are not yet in effect, and … Continue Reading
The Department of Labor has announced that the new fiduciary conflict of interest rule and related exemptions will begin taking effect on June 9, 2017, ending speculation of further delay. At the same time, the Department announced a relaxed enforcement standard for the rest of 2017. See our blog post on the delayed effective date … Continue Reading
If your 401(k) plan recordkeeper has not talked to your company lately about hardship distributions, it may be time to reach out to the recordkeeper. The short story is that the IRS recently issued an internal memorandum (found here https://www.irs.gov/pub/foia/ig/spder/tege-04-0217-0008.pdf) providing guidance to its employee plans examination group on the substantiation requirements for hardship distributions … Continue Reading
A lot has been written over the last few months about what to do now that the IRS has closed its determination letter program for ongoing individually designed tax-qualified retirement plans. Some see this as cause for celebration because we no longer have to go through the trouble of collecting documents, filling out forms, and … Continue Reading
On April 4, 2017, the U.S. Department of Labor issued a final rule postponing applicability of the conflict of interest rule and related exemptions for sixty days, until June 9, 2017. The stated purpose of the extension is to allow more time to: (i) complete the examination required by President Trump’s February 3, 2017 memorandum, … Continue Reading
On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods related to the rule: A 15-day comment period (ending March 17, 2017) on whether enforcement of the rule … Continue Reading
The U.S. District Court for the District of Columbia (Judge Bates) has denied AARP’s request to block the implementation of the EEOC’s final wellness regulations pending a decision on the merits. As we have discussed previously, the regulations address the extent to which an employer may offer incentives to participate in a wellness program without violating … Continue Reading
As we have previously discussed in detail in several blogs (New EEOC Regulations Provide Roadmap for Wellness Programs; EEOC Issues Final Rules On Employer-Sponsored Wellness Program Compliance Under the ADA and GINA; and District Court Decision Upholds Employer’s Wellness Program But Signals Support for EEOC Positions Going Forward), the EEOC issued final rules in May 2016 on the … Continue Reading
In EEOC v. Orion Energy Systems, Inc., the Eastern District of Wisconsin rejected the EEOC’s claims that Orion Energy’s wellness program violated the Americans with Disabilities Act (“ADA”). Although the court upheld the employer’s past practice, the court signaled that the EEOC’s recent regulations on wellness plans (discussed here and here), which limit the incentive … Continue Reading
For large employers, the quest to reduce the cost of medical benefits relies in part on helping employees get healthier. Enter the “wellness program,” where employers offer incentives to employees and their families to be more proactive about their health in various ways, such as more exercise, quitting smoking, diagnosing high cholesterol and high blood … Continue Reading
Tenth Circuit Upholds DOL’s Authority to Impose New Conditions for PTEs and Leaves Door Open for Changes to Fiduciary Rule
By Seth Safra, Russell Hirschhorn and Steven A. Sutro on Posted in Department of Labor, Fiduciary
Tackett Redux: Ordinary Principles of Contract Interpretation Mean No Inference of Vesting
By Seth Safra, Russell Hirschhorn and Benjamin Flaxenburg on Posted in Retiree Health Care Benefits
Annual IRS Revenue Procedure Includes Surprising Change to User Fees
By Seth Safra and Randall Bunnell on Posted in Voluntary Correction Program
Department of Labor Finalizes 18-Month Delay of Fiduciary Rule Exemptions
By Seth Safra, Russell Hirschhorn and Ruthanne Minoru on Posted in Fiduciary
Department of Labor Officially Proposes Delaying Fiduciary Rule’s Exemptions for 18 Months
By Seth Safra, Russell Hirschhorn and James Huffman on Posted in Fiduciary
Court Throws Monkey Wrench Into Wellness Programs
By Seth Safra and Laura Fant on Posted in Wellness Programs
Department of Labor Requests Additional 18-Month Delay of Certain Fiduciary Rule Requirements
By Russell Hirschhorn, Seth Safra and James Huffman on Posted in Department of Labor, Fiduciary
DOL Again Seeks Comments on New Fiduciary Rules and Exemptions
By Seth Safra, Russell Hirschhorn and Benjamin Saper on Posted in Fiduciary
Department of Labor’s New Fiduciary Rule Will Go Into Effect June 9th
By Russell Hirschhorn, Seth Safra and Benjamin Saper on Posted in Fiduciary
The Time is Right to Contact Recordkeepers About Hardship Substantiation
By Robert Projansky and Seth Safra on Posted in IRS
Protecting Your Qualified Retirement Plan Now that the IRS Determination Program is (Mostly) Closed
By Paul M. Hamburger, Cristopher Jones, Robert Projansky, Seth Safra and Steven Weinstein on Posted in IRS
DOL Fiduciary Rule Delayed, But At Least Parts Might Be Here to Stay
By Seth Safra and Russell Hirschhorn on Posted in Fiduciary
U.S. DOL Proposes Delay of Conflict of Interest Rule and Related Exemptions
By Russell Hirschhorn, Seth Safra and Benjamin Saper on Posted in Department of Labor, Fiduciary
UPDATE: District Court Denies Preliminary Injunction in AARP Suit to Block Final Rules on Employee Wellness Programs
AARP Files Suit to Block the EEOC’s Final Rules on Employee Wellness Programs
By Seth Safra and Laura Fant on Posted in Wellness Programs
District Court Decision Upholds Employer’s Wellness Program But Signals Support for EEOC Positions Going Forward
By Seth Safra and Sunghee Sohn on Posted in Wellness Programs
New EEOC Regulations Provide Roadmap for Wellness Programs
By Seth Safra and Tzvia Feiertag on Posted in EOC
