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IRS Offers Two New Due Diligence Safe Harbor Procedures for Accepting Rollovers into Qualified Plans

On April 3, 2014, the Internal Revenue Service released Revenue Ruling 2014-9 (the Ruling), which provides guidance helpful to the administration of rollovers by tax-qualified retirement plans by...more

4/9/2014 - Due Diligence IRA Rollovers IRS Qualified Retirement Plans Retirement Plan Safe Harbors

The Honeymoon Is Over: IRS Says It Is Time to Amend Plans to Cover Same-Sex Spouses

On April 4, 2014, the Internal Revenue Service (IRS) released Notice 2014-19, which provides a series of Q&As regarding the application of the U.S. Supreme Court’s decision in United States v. Windsor and the IRS’s prior...more

4/8/2014 - IRS Marriage Same-Sex Marriage SCOTUS Tax Benefits US v Windsor

Legal Alert: DOL Proposes 408(b)(2) Disclosure Guide

On March 12, 2014, the Department of Labor (DOL) published in the Federal Register a proposed amendment to its disclosure requirements for “covered service providers” to retirement plans under ERISA § 408(b)(2) that would...more

3/13/2014 - Disclosure Requirements DOL Employee Benefits ERISA Retirement Plan

Roll Over, Bobrow: Surprising Tax Court Decision on IRA Rollover Rules

On January 28, 2014, the U.S. Tax Court held in Bobrow v. Commissioner that the rule limiting IRA rollovers to one per 12-month period in Internal Revenue Code Section 408(d)(3)(B) applies across all of a taxpayer’s IRAs,...more

2/19/2014 - IRA IRA Rollovers

2013 in Review: ERISA Individual Prohibited Transaction Exemptions and Advisory Opinions

In 2013, the Department of Labor (DOL) maintained a modest program of advance guidance under the Employment Retirement Income Security Act of 1974, as amended (ERISA), in response to requests from the regulated community....more

1/7/2014 - DOL ERISA Prohibited Transactions

Legal Alert: DOL and Treasury Update 2013-2014 Regulatory Agendas for Employee Benefits

On November 26, 2013, the U.S. Department of Labor (DOL) updated its Semi-Annual Regulatory Agenda. This publication takes the form of a Federal Register notice to comply with certain administrative requirements. The DOL’s...more

1/7/2014 - Cafeteria Plans DOL Employee Benefits Executive Compensation IRS Priority Guidance Plan Regulatory Agenda Retirement Plan U.S. Treasury

A Marriage Made in Washington: Treasury and IRS Recognize Same-Sex Marriages for Tax Purposes

On August 29, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS), following the U.S. Supreme Court’s decision in United States v. Windsor, jointly announced the issuance of Revenue Ruling...more

9/3/2013 - DOMA IRS Marriage Same-Sex Marriage SCOTUS Tax Benefits U.S. Treasury US v Windsor

Legal Alert: DOL and Treasury Update 2012-2013 Regulatory Agendas for Employee Benefits

The principal regulators of U.S. employee benefits have recently published updates to their guidance plans for the coming months. - On July 3, 2013, the U.S. Department of Labor (DOL) updated its Semi-Annual Regulatory...more

7/17/2013 - DOL Employee Benefits IRS New Regulations U.S. Treasury

Legal Alert: IRS Issues Transition Relief Guidance on PPACA Reporting and Employer Penalty

On July 9, the Internal Revenue Service (IRS) released Notice 2013-45 (the Notice), granting transition relief from the “Employer Shared Responsibility” provisions and certain health plan reporting requirements under the...more

7/12/2013 - Affordable Care Act Deadlines Delays Employer Mandates Healthcare IRS Pay or Play Penalties Shared Responsibility Rule Transition Relief U.S. Treasury

Legal Alert: DOL Opines on Plan Expense Reimbursement Credits

In Advisory Opinion 2013-03A (July 3, 2013), the Department of Labor opined that revenue sharing and similar amounts carried on the books of a retirement plan service provider as a credit due the plan, if properly structured,...more

7/12/2013 - DOL ERISA Reimbursements Retirement Plan

Legal Alert: PPACA Update: Employer Penalties Delayed

On July 2, 2013, the Obama administration announced that it will delay enforcement of the employer shared responsibility penalties under the Patient Protection and Affordable Care Act (PPACA) until 2015. The one-year...more

7/5/2013 - Affordable Care Act Deadlines Delays Employer Mandates Healthcare Pay or Play Tax Penalties

Legal Alert: Fall of the DOMA-n Empire: Practical Employee Benefits Implications

On June 26, the U.S. Supreme Court decided United States v. Windsor, striking down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional and holding that same-sex marriages recognized under state law...more

7/2/2013 - Discrimination DOMA Employee Benefits Equal Protection ERISA Federalism Same-Sex Marriage SCOTUS US v Windsor

Legal Alert: DOL Proposes to Substitute Creditworthiness Determinations for Credit Ratings in ERISA Prohibited Transaction Class...

On June 21, 2013, the Department of Labor (DOL) published proposed amendments to certain class exemptions required by Section 939 A of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which directs federal...more

7/1/2013 - Credit Ratings Dodd-Frank DOL ERISA Exemptions

Legal Alert: Top 10 Considerations for Employee Benefit Plans After Windsor

Yesterday’s U.S. Supreme Court decision in United States v. Windsor struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional, and held that the federal government must recognize and accept...more

6/27/2013 - DOMA Due Process Employee Benefits Equal Protection Income Taxes Same-Sex Marriage SCOTUS US v Windsor

Legal Alert: DOL Proposes Short-Term Relief for and then Prohibition of Many Cross-Collateralization Agreements for IRAs and ERISA...

On May 24, 2013, the U.S. Department of Labor (DOL) proposed to amend ERISA Prohibited Transaction Class Exemption 80-26 (PTE 80-26) to allow an indemnity, security interest or other cross-collateralization agreement with a...more

5/30/2013 - Cross-Collateralization Agreements DOL ERISA IRA Prohitibed Transactions

Legal Alert: Tax Court Finds Indirect Prohibited Transaction in IRA

In Peek v. Commissioner (May 9, 2013), the U.S. Tax Court ruled that two taxpayers had engaged in an indirect “prohibited transaction” with their individual retirement accounts (IRAs) when they provided personal guarantees...more

5/22/2013 - ERISA IRA Prohibited Transactions Promissory Notes

Legal Alert: DOL Issues Advance Notice of Proposed Rulemaking on Lifetime Income Estimates in Plan Participant Statements

On May 7, 2013, the Department of Labor released an advance notice of proposed rulemaking (ANPRM) that seeks commentary on requiring a projection of estimated lifetime income to be included in participant statements from...more

5/9/2013 - DOL ERISA Retirement Plan

Legal Alert: President's 2014 Budget Includes Employee Benefits Proposals

On April 10, 2013, the White House released its Fiscal Year 2014 Budget (the Budget), which includes a number of proposals related to employee benefit plans. Although it is unlikely that all of the proposals will ultimately...more

5/1/2013 - Employee Benefits ESOP Federal Budget Form 5500 IRA PBGC Retirement Plan Tax Deductions

Legal Alert: IRS Rules on Account-Opening Bonuses in IRAs and 529 Plans

The Internal Revenue Service (the Service) recently released PLR 201310043 (December 11, 2012), which addresses account - opening bonuses credited to an individual retirement account (IRA) or section 529 college tuition...more

3/14/2013 - 529 Plans Bonuses IRA IRS Reporting Requirements

Legal Alert: DOL Resolves Important ERISA Issues About Cleared Swap Transactions

In Advisory Opinion 2013-01A (February 7, 2013), the Department of Labor (DOL) issued an important advisory opinion addressing the treatment under the Employee Retirement Income Security Act of 1974, as amended (ERISA), of...more

2/14/2013 - DOL ERISA Retirement Plan Swap Agreements Swap Clearing

2012 in Review: ERISA Individual Prohibited Transaction Exemptions

In 2012, the Department of Labor (DOL) continued a fairly active program of issuing individual exemptions from the prohibited transaction rules of ERISA. These rules generally prohibit, among other things: - Sale and...more

1/8/2013 - Conflicts of Interest DOL ERISA Exemptions Fiduciary Duty IRS PTEs

Legal Alert: The Fix Is In: IRS Updates Retirement Plan Correction Programs

The Internal Revenue Service (IRS) provided some alternative entertainment on New Year’s Eve by releasing the long-awaited updated Employee Plans Compliance Resolution System (EPCRS) revenue procedure on December 31, 2012....more

1/8/2013 - 403(b) Plans Defined Benefit Plans EPCRS IRS Retirement Plan

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