Benefits Blast

On January 30, 2023, the White House announced its intent to extend both the COVID‑19 National Emergency and the COVID‑19 Public Health Emergency declarations to May 11, 2023, and to end both emergency declarations on that date. The Public Health Emergency was initially declared by the Department of Health and Human Services as of January 27, 2020. The Secretary of Health and Human Services has authority to renew the Public Health Emergency in increments of 90 days.

Rule 10b5-1 trading plans in essence provide corporate insiders an affirmative defense to insider trading liability in circumstances where, subject to certain conditions, a trade was executed pursuant to a written plan adopted when the executive was not aware of material nonpublic information. Executive officers and directors are not required to complete trades using 10b5-1 plans, but they are quite popular with executive officers and directors because of the protection they provide.

The Benefits Bulletin provides timely and consistent updates on industry hot topics.

Autumn’s chill has settled in, which means the 2022 proxy season is just around the corner. Given (1) the continuing impact of the COVID-19 pandemic and related supply chain issues and (2) the unprecedented interest in issues surrounding executive compensation, it is important to prepare early to avoid any unanticipated hitches and take advantage of opportunities to proactively address compensation matters through effective proxy disclosures, well-executed shareholder engagement, and informed compensation committee actions. 

Recently released FAQs confirm the view of the Departments of Labor, Treasury, and Health and Human Services (the “Departments”) that employers can provide incentives under a group health plan (either in the form of premium discounts or surcharges) to encourage employees to receive COVID-19 vaccines. Such premium discounts or surcharges are permissible if offered through a wellness program as described under the Affordable Care Act (“ACA”) final wellness program regulations.