Regulatory Developments to Watch: Non Competes and ERISA
The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2024”.
Though perhaps not top of the agenda for boards of directors in 2023, there have been significant developments in two unrelated but important areas that boards should be mindful of heading into 2024—the increasing efforts to eliminate (or at least weaken) employee non-competition restrictions and regulatory developments in the ERISA pension plan fiduciary space.
Non-Competes
2023 saw a surge in significant developments restricting non-compete agreements and other restrictive covenants, both from federal agencies and state legislatures. Many of these developments are still unfolding and the trend toward restriction is likely to continue throughout 2024.
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