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FTC Noncompete Rule Set Aside by Federal Court

On August 20, 2024, a federal court in the Northern District of Texas issued a nationwide injunction blocking a final rule issued earlier this year by the Federal Trade Commission (“FTC”). This final rule would have put an...more

New SEC T+1 Rule Further Tightens Payroll Deposit Timeline for Stock Options and RSUs

Employers who compensate employees through nonqualified stock options or restricted stock units (“RSUs”) should be aware of an upcoming Securities and Exchange Commission (“SEC”) rule change affecting the settlement of...more

SEC’s Final “Clawback” Rule May Pose Code Section 409A Issues for Nonqualified Plan Sponsors

In 2015, the Securities and Exchange Commission (“SEC”) proposed under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“the Dodd-Frank Act”) a requirement for publicly-traded companies to adopt clawback...more

With Proposed Non-Compete Ban, the FTC Joins the Executive Compensation Regulatory Landscape

Employers are accustomed to following rules related to executive compensation from the DOL, IRS, and SEC.  It may be time to add a new acronym to the list – the Federal Trade Commission (“FTC”)....more

SEC Finalizes “Pay-Versus-Performance” Rules Under Dodd-Frank Act

On August 25, the Securities and Exchange Commission (“SEC”) adopted the final rules that require a public company to disclose the relationship between the compensation of its top executives and the company’s financial...more

Administration Budget Proposals Tighten Rules for 409A Violations, VEBA Funding and Indemnity Health Plans

On March 28, the Biden Administration submitted its Fiscal Year 2023 budget proposals reflecting its budget and tax policy priorities, which could surface when Congress resumes work on budget reconciliation. While it is...more

House Passes Build Back Better Act

On November 19, 2021, the U.S. House of Representatives voted to approve the Build Back Better Act (H.R. 5376, the “BBB Act”), the budget reconciliation bill that includes much of President Biden’s economic and social policy...more

2021 Retirement Plan Year-End Amendments and Operational Compliance

As we approach the end of 2021, it’s again time for sponsors of 401(a) and 403(b) plans to review their plan documents and plan operations to ensure compliance with increasingly complex qualification requirements. While...more

House Budget Reconciliation Text Includes Significant Health, Paid Leave, and Retirement Provisions

On September 15, the House Ways and Means and Energy and Commerce Committees advanced components of the Democrats’ $3.5 trillion budget reconciliation package (“Budget Legislation” or “the Legislation”). The Legislation...more

IRS Updates Audit Guide for Nonqualified Plans

The IRS recently updated its Nonqualified Deferred Compensation Audit Techniques Guide. The updated June 2021 Guide (the “2021 Guide”) replaces the previous version published in June 2015 (the “2015 Guide”), and provides a...more

Congress Finalizes COVID-19 Legislation With Health, Tax, and Retirement Changes

On March 10, 2021, the House of Representatives passed the version of the American Rescue Plan Act (H.R. 1319, the “Act”) previously passed by the Senate on March 6. President Biden is expected to sign the legislation on...more

Possible Options for Participant Relief Under Section 409A Plans in the Time of Coronavirus

The coronavirus pandemic has caused widespread economic uncertainty and unanticipated liquidity issues for a wide range of individuals, including plan participants of nonqualified deferred compensation plans. In these...more

IRS Issues Anticipated CARES Act Guidance On Plan Loans and Distributions

On June 19, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-50, which provides clarity to plan administrators and participants on coronavirus-related loans and distributions following the passage of the...more

Proposed Section 4960 Excise Tax Rules for Tax-Exempts: Highlights and Key Features

The Treasury Department (the “Department”) and Internal Revenue Service (“IRS”) recently released detailed proposed rules (the “Proposed Regulations”) interpreting Section 4960 of the Internal Revenue Code (the “Code”). 85...more

Senate Passes Massive Stimulus Bill

On Wednesday, March 25, 2020, the Senate passed the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748, the “CARES Act” or “the Act”). The Act is the largest economic stimulus bill in American history and provides...more

IRS Extends Income Tax Return Payments (but Not Retirement-Related Deadlines)

The IRS issuance of Notice 2020-17 is important first step into providing COVID-19 specific relief under Code section 7508A, which permits (but does not require) Treasury to postpone various deadlines under the Code for...more

Coronavirus Check-Up for Retirement Plans

The last two weeks have seen dramatic changes for communities and businesses as COVID-19 has spread to all parts of the world. Significant disruptions for businesses and individuals have become necessary as we work together...more

SECURE Act Testing Relief for Closed/Frozen Defined Benefit Plans

In recent years, many defined benefit (“DB”) pension plan sponsors have taken action to limit ongoing coverage and benefit accruals of their DB plans.  Over time these plans may have difficulty continuing to satisfy the...more

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