The Consolidated Appropriations Act, 2021 (the “Act”) was signed into law by the president on December 27, 2020. The Act, comprised of several pieces of legislation, contains a number of employee benefits-related provisions,...more
1/15/2021
/ CARES Act ,
Carry-Over Basis ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Flexible Spending Accounts ,
HDHP ,
Health Care Providers ,
Retirement Funds ,
Retirement Plan ,
Student Loans
The U.S. Department of Labor’s Employee Benefits Security Administration and the IRS recently issued the following coordinated guidance providing additional relief to employee benefit plan sponsors, fiduciaries, participants,...more
This Alert discusses certain considerations for tax-qualified retirement plan (in particular, 401(k) and 403(b) plan) sponsors and fiduciaries in light of business/market conditions, employee needs and law changes resulting...more
On April 9, 2020, the IRS released Notice 2020-23, which postpones (automatically, without the need for the taxpayer to file for an extension) numerous federal tax deadlines until July 15, 2020, provided that the deadline...more
This Alert discusses certain considerations for employers that sponsor nonqualified deferred compensation plans, in light of business/market conditions and employee needs resulting from the COVID-19 pandemic, with a...more
CARES Act Provides Employee Benefit Plan Relief to Help Employers and Employees Affected by COVID-19 Pandemic-
Key employee benefit plan-related provisions of the Coronavirus Aid, Relief, and Economic Security Act (the...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), which was passed as part of two spending bills signed by President Trump on December 20, 2019, contains extensive changes affecting...more
2/28/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRS ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning
On December 19, 2016, the Department of Labor (“DOL”) issued final rules that significantly expand the existing claims procedures applicable to ERISA-covered benefit plans that provide disability or other benefits conditioned...more
The Internal Revenue Service recently announced retirement contribution limits for 2018 adjusted for cost-of-living considerations. Below is a chart of the 2018 calendar year limits, together with those from 2017....more
Generally, an amount distributed from a qualified retirement plan (including an employer-sponsored plan and an IRA) is excluded from income if it is transferred to another plan within 60 days following receipt. In the past,...more
A U.S. District Court issued a ruling on March 28 that affects pension liabilities for private equity funds and their portfolio companies. Taken further, the ruling potentially changes fundamental rules for tax-qualified...more
4/7/2016
/ 401k ,
Commercial Bankruptcy ,
Controlled Groups ,
Employee Retirement Income Security Act (ERISA) ,
Internal Revenue Code (IRC) ,
Investment Portfolios ,
Joint and Several Liability ,
Joint Venture ,
Multiemployer Plan ,
Pensions ,
Popular ,
Private Equity Funds ,
Sun Capital Partners ,
Withdrawal Liability
A Department of Labor (“DOL”) official recently disclosed a new DOL investigation initiative focusing on the adequacy of defined benefit plan procedures to locate and pay out benefits to terminated vested participants. The...more
3/22/2016
/ Benefit Plan Sponsors ,
Breach of Duty ,
Corporate Counsel ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Duty of Prudence ,
Fiduciary Duty ,
Forfeiture ,
IRS ,
Plan Participants ,
Popular ,
Recordkeeping Requirements ,
Vested Benefits
A recent news bulletin from the IRS serves as a cautionary reminder that plan sponsors retain responsibility for the proper administration of participant hardship distributions and loans, and related recordkeeping...more
An employer’s liability to retirees for “improper” FICA tax withholding illustrates the importance of diligent administration of nonqualified deferred compensation plans.
In the recent case of Davidson v. Henkel Corp.,...more
On April 4, 2014, the Internal Revenue Service issued Notice 2014-19 providing guidance on the application of the U.S. Supreme Court’s decision in United States v. Windsor (“Windsor”) to tax-qualified retirement plans (such...more
The ACA Employer Shared Responsibility Provisions require an employer with at least 50 full-time employees (including full-time equivalent employees) to offer health coverage to its full-time (30 hours per week) employees...more
On October 31, the IRS issued Notice 2013-71, modifying the long-standing “use or lose” rule for health flexible spending arrangements (FSAs). Under the new rule, employers may permit health FSA participants to carry over up...more
Recognizing that unhealthy lifestyles affect people of all ages, including those in the workforce, employers are using legally sanctioned incentives in an attempt to change behavior toward better and healthier choices through...more
On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act of 2010 ("PPACA"). Shortly thereafter, the Health Care and Education Reconciliation Act of 2010 ("HCERA") was signed into law. PPACA...more