On April 2, 2024, the US Department of Labor (DOL) issued an amendment establishing new rules (New QPAM Rules) for what is commonly referred to as the "QPAM Exemption." The QPAM Exemption is the main exemption relied upon by...more
On April 23, the Federal Trade Commission (FTC) voted 3-2 to approve a Final Rule (the Final Rule) that, if allowed to take effect, would ban nearly all non-competes with employees and other workers and substantially change...more
On February 10, the US Securities and Exchange Commission (SEC) issued 15 new Compliance and Disclosure Interpretations (C&DIs) to implement the "pay versus performance" (PvP) disclosure rules that were adopted on August 25,...more
On January 5, the Federal Trade Commission (FTC) promulgated a proposed rule that would effectively ban all non-competes with employees and other workers (Proposed Rule). If adopted in its current form, the Proposed Rule...more
Key Points
- The US Court of Appeals for the First Circuit reversed a lower court decision which held that two affiliated private equity funds with indirect ownership interests in the same portfolio company were liable for...more
1/22/2020
/ Appeals ,
Controlled Groups ,
Employee Retirement Income Security Act (ERISA) ,
Joint and Several Liability ,
Multiemployer Plan ,
Partnership-in-Fact ,
PBGC ,
Pensions ,
Portfolio Companies ,
Private Equity Funds ,
Reversal ,
Sun Capital Partners ,
Withdrawal Liability
On August 21, the IRS issued Notice 2018-68, Guidance on the Application of Section 162(m) ("Notice"). Internal Revenue Code ("Code") Section 162(m) places a limitation on the amount publicly traded companies are permitted to...more
Effective for claims filed after April 1, 2018, employee benefit plans governed by the Employee Retirement Income Security Act (ERISA) must comply with the US Department of Labor's new disability claims regulations....more
As much has been written regarding the repeal of the performance-based exception to the $1 million dollar deduction limitation under Code Section 162(m) under the Tax Cuts and Jobs Act (the Act), we have highlighted certain...more
The Tax Cuts and Jobs Act proposed by the US House of Representatives on November 2 (House Bill) proposes major modifications to employee and partner compensation and benefits-related provisions of the Internal Revenue Code,...more
11/10/2017
/ Carried Interest ,
Corporate Taxes ,
Deferred Compensation ,
Excise Tax ,
Executive Compensation ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Partnerships ,
Pending Legislation ,
Recharacterization ,
Section 409A ,
Tax Exempt Entities ,
Tax Reform ,
Vesting
This is an update on the upcoming effective date of the "fiduciary rule" or "fiduciary advice rule" (the "Rule") that was issued under the US Employee Retirement Income Security Act of 1974 (ERISA). The Rule was published by...more
The US Department of Labor (DOL) has issued its first set of FAQs under the fiduciary investment advice rule (the “Rule”) and related prohibited transaction exemptions. In general, the Rule provides that parties providing...more
11/21/2016
/ Best Interest Contract Exemptions ,
Broker-Dealer ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Institutions ,
Grandfathered Obligations ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Retirement Plan
The IRS recently issued proposed regulations under Internal Revenue Code Section 457 that address, among other things, the interplay between Code Section 457(f) and Code Section 409A. Additionally, the IRS issued clarifying...more
8/4/2016
/ Deferred Compensation ,
Forfeiture ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Section 409A ,
Section 457(f) ,
Severance Agreements ,
U.S. Treasury ,
Vesting
On March 28, the US District Court for the District of Massachusetts held that, under the Employee Retirement Income Security Act of 1974 (ERISA), two private equity funds (1) were engaged in a trade or business, and (2) had...more