On November 16, 2022, New Jersey Senate Bill No. 315 (S-315) went into effect, providing new employment protections to eligible employees of certain private healthcare entities that undergo a “change in control.” The law imposes various requirements, including advance notice, offers of continued employment to eligible employees and enhanced protection against termination for at least four months post-close. New Jersey healthcare employers and investors must comply with these laws to avoid employment claims and penalties.
Under S-315, certain healthcare employers must provide advance notice of a sale of the company to employees, and buyers have reduced flexibility in hiring and downsizing their workforces following an acquisition.
WHEN THE LAW APPLIES
S-315 imposes new requirements on New Jersey healthcare employers that undergo a “change in control.” Change in control is defined broadly within the law, and refers to:
“[A]ny sale, assignment, transfer, contribution or other disposition of all or substantially all of the assets used in a health care entity’s operations; or any sale, assignment, transfer, contribution or other disposition of a controlling interest in the health care entity, including by consolidation, merger, or reorganization, of the health care entity or any person who controls the health care entity; or any event or sequence of events, including a purchase, sale, or termination of a management contract or lease, that causes the identity of the health care...
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