Tag: Corporate Governance

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An Employer’s Guide to 401k Plans: A Four-Part Series (Part II)

An Employer’s Guide to 401k Plans: A Four-Part Series (Part II)

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Are you confident in your mastery of 401k fiduciary responsibilities?

Continuing the engaging “Employer’s Guide to 401k Plans“ series with Larry Heller, CFP®, CDFA®, this second installment dives deeper into the crucial topic of 401(k) fiduciary governance. Building on the foundational knowledge from Part I, Larry guides listeners through the intricate responsibilities and best practices essential for effectively managing a 401(k) plan.

Larry Discusses:

  • The broad scope of fiduciary responsibility, extending beyond plan sponsors to key employees involved in plan management
  • The crucial role of adhering to the plan document as the governing ‘bible’ of the plan
  • Common pitfalls in 401(k) management, such as failing to timely notify eligible employees, and the significant consequences of these oversights
  • The pivotal role of 401(k) plans in employee retention and attraction, highlighting their importance as a core employee benefit
  • Investment oversight essentials, including the need for diversification, low costs, regular reviews, and the advantages of model portfolios
  • The necessity of regular benchmarking and impartiality in selecting service providers
  • The importance of education and effective communication about the plan to employees
  • And much more!

 

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Decoding Legal Changes: Unpacking the 2024 Corporate Transparency Act and Proposed Non-Compete Agreement Changes with Yogi Patel (Ep. 145)

Decoding Legal Changes: Unpacking the 2024 Corporate Transparency Act and Proposed Non-Compete Agreement Changes with Yogi Patel (Ep. 145)

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A new year has begun, and with it comes significant legal changes for corporations and small businesses. How should you prepare?

In this episode of the Life Unlimited podcast, host Larry Heller, CFP®, CDFA®, talks to Yogi Patel, managing partner at Outside Legal Counsel, LLP, in a revealing discussion about the details of the Corporate Transparency Act and the potential changes with non-compete agreements in New York State. This discussion is critical for anyone wanting to keep abreast of these legal developments and their potential impacts on business operations.

Larry & Yogi discuss:

  • The 2024 Corporate Transparency Act that becomes effective in January and the new requirements and exemptions imposed under this law
  • The proposed changes concerning non-competition agreements in New York State Labor Law*
  • Strategic Insights for business such as navigating the implications, recommended changes and other crucial aspects like enforcement, exceptions and penalties within these laws
  • And much more!

*Update: On December 22, 2023, New York State Governor Kathy Hochul vetoed the bill that would ban all new non-competition agreements for workers in New York. Lawmakers have indicated they expect to submit a revised bill with a salary threshold.

 

About Yogi Patel:

Yogi Patel, Managing Partner at Outside Legal Counsel LLP, is a versatile legal expert serving a wide array of privately held businesses and professionals. He specializes in commercial transactions, compliance, labor law, and both sides of commercial litigation. Yogi’s expertise extends to advising executives in technology, finance, and medicine on contract, equity, and severance matters, as well as representing parties in restrictive covenant litigations. An Adjunct Professor at CUNY School of Law since 2016, he imparts knowledge in commercial law and mentors law graduates for the New York Bar Exam. Yogi’s background includes roles as in-house counsel in construction and at a boutique law firm, handling diverse legal challenges.