Now, in recognition of that same service and demonstration of “extraordinary compassion for cancer victims and their loved ones,” The Cancer Support Community of Indiana itself presented Christi with its Healing Spirit Award on January 25th.

Healing Spirit Award Recipient Christi Anderson

Anyone who knows Christi appreciates that this award does not overstate Christi’s compassion or dedication to service of cancer patients and family members using her legal knowledge. Nor does it, or could any award, fully encompass Christi’s story, who she is as a person and a lawyer, or the value and light she brings to every space she inhabits. Whether it be our offices at Market Tower, Women’s Forum monthly meetings, The Cancer Support Community facility, or the halls of St. Francis, Christi always shines as an advocate, a leader, an educator, a mentor, a friend. And never as a victim. This is what makes us so proud and honored to recognize her, as often as we can, as one of the Best of Bingham.

The Best of Bingham is a series of posts by the Bingham Greenebaum Doll Women’s Forum recognizing the professional and community successes of our members, our colleagues and our clients.

On February 3, 2012, the Department of Labor’s (“DOL”) Employee Benefits Security Administration (“EBSA”) published final regulations (29 CFR § 2550.408b-2) on required service provider fee disclosures to 401(k) and other retirement plan fiduciaries under section 408(b)(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). This final rule replaces and modifies the interim final rule which was published on July 16, 2010. The final rule also delays the effective date of the rule from April 1 to July 1, 2012 and in turn delays the effective date for the related DOL mandated fee disclosures to participants in participant-directed individual account plans (29 CFR § 2550.404a-5) until August 30, 2012. Thus, for calendar year plans, the initial disclosure to participants must be provided by August 30, 2012, and the initial quarterly disclosure of fees and expenses charged to individual accounts must be provided by November 14, 2012.

Other than changing the effective date, the final rule on required service provider disclosure to plan fiduciaries also made a few substantive changes, which are summarized below:

Covered Plan. The definition of covered plans subject to the final rule now excludes “frozen” annuity contracts and custodial accounts in 403(b) plans (i.e. contracts for which a plan sponsor ceased to have any obligation to make contributions and did cease making contributions, for periods before January 1, 2009) where the contract is fully vested and enforceable by the employee.

Indirect Compensation. The disclosure of “indirect compensation” (compensation received from a source other than the plan or plan sponsor) has been expanded to include both identification of the payer and a description of the arrangement between the payer and the covered service provider (“CSP”), affiliate or subcontractor pursuant to which the indirect compensation is paid.

Aligning Regulations. The final rule modifies the information that must be provided by recordkeepers and others to 401(k) and other plan fiduciaries, so as to better align the disclosure with what is required in the participant-level disclosure regulation. It also adds a requirement to disclose information that is necessary for the plan administrator to comply with the participant-level disclosure regulation if that information is within the control of (or reasonably available to) the CSP.

Investment Disclosure – Recordkeeping and Brokerage Services. The final rule continues to require investment disclosures from CSPs of record keeping or brokerage services to an individual account plan that permits participants and beneficiaries to direct the investments of their accounts, if one or more designated investment alternatives are made available in connection with those services.

However, under the final rule, a CSP may comply by providing the directed investment account issuer’s current disclosure materials, or by providing information replicated from the issuer’s materials. The final rule focuses on whether the institution issuing the materials, not the materials themselves, is regulated. The designated investment alternative issuer must be (i) a registered investment company (a mutual fund), (ii) an insurance company qualified to do business in a state, (iii) an issuer of a publicly traded security, or (iv) a financial institution supervised by a state or federal agency. The CSP must act in good faith, must not know that the materials disclosed are incomplete or inaccurate and must provide the plan fiduciary with a statement that they are not making a representation as to the accuracy of the materials.

Form of Disclosure. The EBSA has reserved a place in the final rule for future guidance that would require a CSP to provide a guide or index or other specified format for disclosures. Until then, the EBSA has included a sample guide to initial disclosures in the appendix of the final rule.

Timing of Disclosures. A CSP must now notify a plan fiduciary of changes to investment-related information at least annually. The 60-day deadline (required in the interim final rule) remains for changes to all other information the CSP previously disclosed. Further, upon the written request of the plan fiduciary or plan administrator, a CSP must furnish any other information relating to the compensation received in connection with a contract or arrangement that the covered plan needs to comply with ERISA reporting and disclosure requirements. The final rule changed the original rule slightly in that requested information generally must be furnished reasonably in advance of the date on which the responsible plan fiduciary or plan administrator states that it must comply with the applicable reporting and disclosure requirements (as opposed to the 60-day response deadline in the interim final rule).

Compensation. The final rule adds to and clarifies the definition of compensation. Compensation may be expressed as a monetary amount, formula, percentage of plan assets or a per capita charge for each participant or beneficiary. It also specifically permits a CSP to provide a “reasonable and good faith” estimate of compensation if it is not otherwise readily able to describe its compensation, as long as the CSP can explain the methodology and assumptions used to prepare the estimate.

Plan Fiduciary Relief. A plan fiduciary has an exemption from certain prohibited transaction rules if the CSP fails to provide required disclosures so long as various requirements are met. The exemption originally stated that if the CSP failed to provide the information upon request, the plan fiduciary was required to consider whether to continue the relationship with the CSP. The final rule now requires a plan fiduciary to terminate the relationship if the CSP fails to provide requested information relating to future services.

Even with the short delay in effective date, there is very limited time for plan fiduciaries to begin preparing to comply with the participant-level fee disclosure regulations. That said, fiduciaries should begin preparing now to comply with the new rules. If you have any questions regarding the new fee disclosure rules or would like more information about how we can help, please contact one of the following attorneys, who are members of the Employee Benefits Team at BINGHAM GREENEBAUM DOLL LLP:

Mary G. Eaves   (502) 587-3569  
Benjamin J. Evans   (502) 587-3678
Frank J. Bitzer   (513) 455-7672 
Kathryn Cimera  (317) 968-5568  
Carl C. Lammers   (502) 587-3575

Bingham Greenebaum Doll LLP attorneys volunteered to lead a number of these conversations, taking time to explore challenging – and sometimes controversial – topics. Over the course of Radio Golf’s run, 572 patrons took part in the discussions, raising questions and offering new perspectives to the facilitators, cast members and one another. All told, Bingham Greenebaum Doll LLP’s Community Conversations have engaged more than 1,000 patrons this season. The firm is proud to be a part of these thought-provoking discussions and continues to welcome opportunities to involve the community in meaningful dialogue.

We invite you to view the video below for more information about Bingham Greenebaum Doll LLP’s partnership with the IRT and its upcoming title sponsorship performance, God of Carnage, opening March 2.

Employers should remember that the Board’s current policy offers employees strong protection when they are posting Facebook messages, tweeting, and engaging in other social media activities, because these activities are often protected under the Act. Nevertheless, the Acting General Counsel’s report confirms that there are limits to this protection, such as when employees’ comments are solely “individual gripes,” or when the activities are so disparaging or disruptive that they lose the Act’s protection. Employers who are seeking to regulate their employees’ online comments should click the links below to view the four lessons that can be gleaned from Mr. Solomon’s recent report.

1. Employees’ “Individual Gripes” Generally Are Not Protected.
2. Be Careful When Addressing Individual Gripes That Are Attempting To Incite Group Action.
3. Some Social Media Activities Can Go Too Far, And Lose The Act’s Protection.
4. Social Media Policies Should Be Carefully Drafted.

Altogether, while it can be difficult to determine when an employee’s online comments have gone beyond the Act’s protection, the Acting General Counsel’s report helps clarify some of this ambiguity. Employers should remember that, although they may take some actions to protect their online reputation from employee criticism, the Board provides strong protections for employees who are utilizing social media in attempts to improve working conditions. 

This article is reprinted with permission from HRKentucky.com

Recently a conclusion has been made and fines have been issued to the Indiana State Fairgrounds and the organization in charge of constructing the stage. Bingham Greenebaum Doll’s Phil Fowler was asked to comment on the issued fines on Indiana’s WIBC Radio. He explains that greater fines were issued to the parties who knew that a problem existed and could arise during inclement weather. To learn more, listen to the story on the WIBC website.

Bingham Greenebaum Doll co-chairman Phil Scott and Lexington Managing Partner Carolyn Brown were interviewed by Business Lexington’s Tom Martin about the decision for both firms to merge.  An excerpt of the interview follows. 

“TM (Tom Martin): In recent years, we have seen a number of law firm mergers in the region. Why did this move make sense for Greenebaum?”

“PS (Phil Scott): It made sense that we would have the depth, the experience, the talent that is necessary to handle the business affairs of our clients…It’s not unlike a football team in many respects: The more good players that I have as a coach, the better chance I have to field a winning team on behalf of our clients.”

Martin touched on topics regarding the strengths of each legacy firm, the similarity between office culture and goals, as well as the state of the legal industry today with new technology and a declining economy.

“TM: Carolyn Brown, what is the lay of the land out there for prospective law school grads? What does it look like on the entry level these days?”

“CB (Carolyn Brown): Well, that’s a subject near and dear to my heart, considering I have a son who is a first-year law student. My thought on that is it’s challenging. If you want to be assured of employment, you really need to work hard and be at the top of your class, and that’s exactly what I’ve told my son, because I think it is a challenging time for graduating lawyers to find positions. There are opportunities out there, but it’s just much tougher than it used to be, and with the economy the way it is, I don’t see that turning around in any real short-term period.” 

To read the full article, check out the Business Lexington website.

High school students from Broad Ripple Magnet, T.C. Howe Community, Muncie Central, South Putnam, Daleville, Northwest, and Coy Home School, along with several Ivy Tech Community College students, filed in to the theater last Thursday morning for the performance. I was particularly thrilled to welcome two of the groups that morning: the first being my own alma mater, Daleville High School, and the second being T.C. Howe Community High School. I’m especially proud of Bingham Greenebaum Doll’s partnership with Howe. Our firm was able to provide tickets for their group of students through our sponsorship of the IRT.

While I didn’t have the chance to stay for the entire performance, I suspect it had quite an impact on these students. Radio Golf is the last installment of August Wilson’s plays exploring the African American experience of the twentieth century. Specifically, Radio Golf takes place in the mid-to-late 1990s – a time not unfamiliar to these students.

Fortunately for our community, the IRT has found a great way to blend the educational process with entertainment. I’m proud to know that I’m not only a part of a theater that challenges and enthralls patrons of all ages, but that I’m also part of a firm committed to helping make these experiences available to students across central Indiana.