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Articles by Alan Wilmit
New York Employers Must Act Quickly To Comply With The Trapped At Work Act
SS Seyfarth Shaw LLP More With approximately 1,000 lawyers across 17 offices, Seyfarth Shaw LLP provides advisory, litigation, and transactional legal services to clients worldwide. Our high-caliber legal representation and advanced delivery capabilities allow us to take on our clients’ unique challenges and opportunities-no matter the scale or complexity.
New York Employers Must Act Quickly to Comply with the Trapped at Work Act | JD Supra
Seyfarth Synopsis: As we closed out 2025, Governor Kathy Hochul signed into law the New York “Trapped at Work Act,” which amends the New York Labor Law by prohibiting employers from requiring “employment promissory notes” and similar stay‑or‑pay provisions as a condition of employment. The law took effect on December 19, 2025. Background Effective December 19, 2025, New York’s Trapped at Work Act (the “Act”) significantly restricts the use of stay‑or‑pay provisions in employment agreements.
New York Employers Must Act Quickly to Comply with the Trapped at Work Act
As we closed out 2025, Governor Kathy Hochul signed into law the New York “Trapped at Work Act,” which amends the New York Labor Law by prohibiting employers from requiring “employment promissory notes” and similar stay‑or‑pay provisions as a condition of employment. The law took effect on December 19, 2025. Effective December 19, 2025, New York’s Trapped at Work Act (the “Act”) significantly restricts the use of stay‑or‑pay provisions in employment agreements.
Coffee Talk With Benefits Episode 21: Pension Risk Transfers And Litigation Risk: What Fiduciaries Need To Know (Podcast)
In this episode, Richard is joined by Alan Wilmit, serving as co-host, as they welcome Ada Dolph, a Partner in Seyfarth's ERISA Litigation group, to unpack the complexities of pension risk transfers (PRTs). Ada explains what PRTs are, how they're used to manage pension liabilities, and why they're drawing increased scrutiny. The conversation covers recent litigation trends, the impact of the Supreme Court's Thole decision, and the evolving focus on Article III standing.
Coffee Talk With Benefits Episode 21: Pension Risk Transfers and Litigation Risk: What Fiduciaries Need to Know
Click here to listen to the audio. In this episode, Richard is joined by Alan Wilmit, serving as co-host, as they welcome Ada Dolph, a Partner in Seyfarth’s ERISA Litigation group, to unpack the complexities of pension risk transfers (PRTs). Ada explains what PRTs are, how they’re used to manage pension liabilities, and why they’re drawing increased scrutiny. The conversation covers recent litigation trends, the impact of the Supreme Court’s decision, and the evolving focus on Article III standing.
How Now, High Five? IRS Issues Proposed Regulations For The Expanded Definition Of "Covered Employee" Under Section 162(m) That Applies Beginning In 2027
SS Seyfarth Shaw LLP More With more than 900 lawyers across 18 offices, Seyfarth Shaw LLP provides advisory, litigation, and transactional legal services to clients worldwide. Our high-caliber legal representation and advanced delivery capabilities allow us to take on our clients’ unique challenges and opportunities-no matter the scale or complexity.
How Now, High Five? IRS Issues Proposed Regulations for the Expanded Definition of “Covered Employee” Under Section 162(m) that Applies Beginning in 2027 | Seyfarth Shaw LLP - JDSupra
Seyfarth Synopsis: On January 16, 2025, the IRS issued proposed regulations under Section 162(m) of the Internal Revenue Code of 1986 (the “Code”), which limit the amount of compensation a publicly held corporation may deduct for wages paid to its “covered employees” to $1 million per year.
Federal District Court Dismisses Another 401(k) Forfeitures Suit
Seyfarth Synopsis: Since September 2023, there have been at least 25 lawsuits filed claiming the ability to choose between using 401(k) forfeitures to reduce plan expenses or the plan sponsor's contributions is a fiduciary choice, and that choosing to reduce the plan sponsor's contributions constitutes a violation of ERISA's fiduciary duties. In the latest decision in connection with a defendant's motion to dismiss such a 401(k) plan forfeiture claim, in Barragan v. Honeywell Int'l, Inc.
Federal District Court Dismisses Another 401(k) Forfeitures Suit | JD Supra
Katie Harp, Unsplash Seyfarth Synopsis: Since September 2023, there have been at least 25 lawsuits filed claiming the ability to choose between using 401(k) forfeitures to reduce plan expenses or the plan sponsor’s contributions is a fiduciary choice, and that choosing to reduce the plan sponsor’s contributions constitutes a violation of ERISA’s fiduciary duties. In the latest decision in connection with a defendant’s motion to dismiss such a 401(k) plan forfeiture claim, in Barragan v.
Two Texas District Courts Issue Orders Delaying the Effective Date of DOL Fiduciary Rule and Related Amendments to Seven Prohibited Transaction Exemptions
Seyfarth Synopsis: Orders issued by the Eastern District of Texas on Thursday July 25 and the Northern District of Texas on Friday July 26 indefinitely delayed the September 23, 2024 effective date of the Department of Labor’s revised regulation defining when a party becomes an “investment advice” fiduciary (the “New Fiduciary Rule”) and amendments to seven related prohibited transaction exemptions (“PTEs”). In Federation of Americans for Consumer Choice v.
Third Time's A Charm Or Three Strikes You're Out? The Department Of Labor Finalizes Its Third Revised Investment Advice Fiduciary Rule
On April 23, 2024, the DOL finalized its 2023 proposed package of amendments to the regulations defining who is a fiduciary under ERISA by virtue of providing investment advice for a fee, and amendments to seven existing prohibited transaction exemptions.This latest iteration of the fiduciary rule, the DOL's third attempt at revising this rule, was published in the Federal Register on April 25, 2024, and is set to become effective September 23, 2024 (although there is a one-year transition...
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