John D. Martini

John D. Martini

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IRS Lays Out Plan for Maintaining Tax Qualification for Individually-Designed Plans after Elimination of the Determination Letter...

On June 29, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-37, which modifies the Determination Letter Program for tax-qualified plans and the requirements for when plan amendments must be adopted by...more

8/1/2016 - Benefit Plan Sponsors Determination Letter Employee Benefits EPCRS IRS Retirement Plan Section 401 Tax Exempt

Individuals Granted Profits Interests Are Treated as Partners, Not Employees

The Internal Revenue Service (the “IRS”) issued temporary and final regulations, effective May 4, 2016, clarifying the employment tax treatment of partners in a partnership that owns a disregarded entity (the “Final...more

7/29/2016 - Disregarded Entities Employee Benefits Final Rules IRS K-1 Partnerships Self-Employment Tax W-2

Federal Regulator Issues Proposed Rule Aimed at Incentive Compensation Policies of Banking Organizations

On April 21, 2016, the National Credit Union Administration (collectively, with the Office of the Comptroller of the Currency, Treasury, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation,...more

5/5/2016 - Comment Period Corporate Executives Corporate Governance Disclosure Requirements Dodd-Frank FDIC Federal Reserve FHFA Financial Crisis Financial Institutions Incentive Compensation NCUA OCC Proposed Regulation Risk Management SEC Vesting

DOL Issues Long-Awaited Final Regulations Defining 'Fiduciary' and Related PTEs

On April 6, 2016, the DOL issued long-awaited final regulations that define who is an investment advice fiduciary for purposes of the ERISA, along with coordinating prohibited transaction exemptions. These rules largely track...more

4/7/2016 - Best Interest Contract Exemptions DOL ERISA Fiduciary Duty Final Rules FINRA Investment Adviser IRA PTEs Retirement Plan

Litigation Alert: Private Equity Funds Liable for Withdrawal Liability Although Each Had Less Than 80% Ownership

Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund - It’s Part 2 of one of the most important withdrawal liability cases in a decade… - In 2013, the First Circuit issued the...more

3/31/2016 - Commercial Bankruptcy Controlled Groups ERISA Investment Portfolios Joint and Several Liability Multiemployer Plan Pensions Private Equity Funds Sun Capital Partners Venture Capital Withdrawal Liability

Courts Reject ERISA-Based Participation and Vesting Challenges to Top Hat Plans

ERISA Sections 201, 301 and 401 provide exclusions from ERISA's substantive protections for "top hat" plans, which are unfunded plans maintained by an employer primarily for the purpose of providing deferred compensation for...more

3/21/2016 - Bargaining Power Corporate Executives Deferred Compensation DOL Employee Benefits ERISA Marriott Summary Judgment Vesting

SEC Narrowly Adopts Contentious CEO Pay-Ratio Rule

On August 5, 2015, in a 3-2 vote, the Securities and Exchange Commission (“SEC”) adopted a long-awaited and contentious rule that requires most public companies to disclose the ratio of their CEO’s annual pay as compared with...more

8/10/2015 - CEOs Disclosure Requirements Dodd-Frank Employees Executive Compensation Final Rules Pay Ratio Proxy Statements Publicly-Traded Companies Regulation S-K SEC Statistical Sampling

IRS Overhauls Determination Letter Process for Individually Designed Plans

On July 21, 2015, the Internal Revenue Service (“IRS”) released Announcement 2015-19, which significantly limits the circumstances under which the IRS will accept determination letter applications for individually designed...more

7/30/2015 - Benefit Plan Sponsors Determination Letter EPCRS IRS Retirement Plan

IRS Provides Helpful Updates to Retirement Plan Correction Program

The IRS has issued Revenue Procedures 2015-27 and 2015-28 (“Rev. Proc. 2015-27” and “Rev. Proc. 2015-28”), which modify the IRS’ retirement plan correction programs known as the Employee Plans Compliance Resolution System...more

6/16/2015 - Automatic Enrollment Benefit Plan Sponsors Defined Contribution Plans EPCRS IRS Retirement Plan Voluntary Correction Program

Unanimous Supreme Court Decision Paves Way for 401(k) Plan Lawsuits

On May 18, 2015, the U.S. Supreme Court rendered a unanimous decision that may pave the way for more lawsuits against ERISA plans alleging a breach of fiduciary duty regarding plan fees and choice of investment alternatives....more

5/26/2015 - 401k ERISA Fiduciary Duty Popular Retirement Plan SCOTUS Statute of Limitations Tibble v Edison Int

SEC Pushes for Enhanced Disclosure of Pay Versus Performance

On April 29, 2015, the Securities and Exchange Commission issued proposed regulations to implement section 14(i) of the Securities Exchange Act of 1934, as added by section 953(a) of the Dodd-Frank Wall Street Reform and...more

5/12/2015 - Disclosure Requirements Executive Compensation Pay-for-Performance Proposed Regulation SEC Total Shareholder Return (TSR)

IRS Finalizes Forms and Instructions for ACA Information-Reporting Requirements

For the 2015 calendar year, the Patient Protection and Affordable Care Act of 2010 (“ACA”) imposes information-reporting requirements on health insurance issuers and employers. Insurers and employers are required to report to...more

2/13/2015 - Affordable Care Act Employer Group Health Plans Employer Mandates Health Insurance IRS Tax Credits

New Hybrid Pension Plan Guidance

The IRS recently issued new final and proposed regulations that provide welcome guidance to sponsors of hybrid pension plans. Hybrid pension plans, such as cash balance plans and pension equity plans, are defined benefit...more

10/21/2014 - Employee Benefits Final Rules Hybrid Plan IRS Pensions

SEC Announces Enforcement Actions Relating to Section 16 Reporting Violations

On September 10, the SEC announced enforcement actions against 28 individuals and investment companies for failing to promptly report their holdings of and transactions in public company stock. The SEC also brought charges...more

9/17/2014 - Compliance Enforcement Enforcement Actions Reporting Requirements SEC Section 16

The DOMA Decision – IRS Guidance on Application to Retirement Plans

Since the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act (“DOMA”) June 26, 2013 (U.S. v. Windsor), there have been many questions regarding the recognition of same-sex spouses for qualified retirement...more

4/10/2014 - IRS Retirement Plan Same-Sex Marriage SCOTUS US v Windsor

Litigation Alert: Trust/Owner Not 'Trade or Business' for Withdrawal Liability Purposes

Pacific Coast Shipyards Pension Fund v. Nautical Engineering, Inc. - On January 13, 2014, the U.S. District Court for the Northern District of California (the "District Court") granted a motion to dismiss, holding that...more

1/23/2014 - ERISA Multi-Employer Pensions Pensions Trustees Trusts Withdrawal Liability

ISS Accepting Peer Group Updates Until December 9

Institutional Shareholder Services, Inc. (“ISS”) recently announced it will accept updates to certain companies’ self-selected peer groups until 5 p.m. EST, December 9, 2013. All companies in the Russell 3000 index with...more

11/26/2013 - ISS

IRS Permits Mid-Year Changes to 401(k) Safe Harbor Contributions

On November 14, 2013, the Internal Revenue Service issued final regulations that permit mid-year reductions or suspensions of safe harbor nonelective contributions, and that modify the rules permitting mid-year reductions or...more

11/19/2013 - 401k IRS Retirement Plan Safe Harbors

IRS Modifies 'Use-or-Lose' Rule for Health FSAs

IRS Notice 2013-71 recently modified the longstanding "use-or-lose" rule for health flexible spending arrangements (FSAs) so that covered individuals may now be permitted to carry over up to $500 in unspent funds in their...more

11/13/2013 - Cafeteria Plans Carryover Basis Flexible Spending Accounts Healthcare IRS U.S. Treasury Use or Lose Rule

Department of Labor Issues Guidance Affecting Same-Sex Marriages

On September 18, 2013, the United States Department of Labor ("DOL") issued EBSA Technical Release 2013-04 ("Release"), which provides that same-sex couples who enter into marriages in jurisdictions that recognize such...more

10/1/2013 - DOL DOMA EBSA ERISA IRS Same-Sex Marriage State of Celebration US v Windsor

Dodd-Frank Executive Compensation Rules: SEC Proposes Rules for CEO/Employee Pay Ratio Disclosure

On September 18, 2013, the Securities and Exchange Commission voted 3-2 to propose a new rule implementing section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This rule, requiring a public company...more

9/23/2013 - Dodd-Frank Executive Compensation JOBS Act Pay Ratio SEC Transparency

The DOMA Decision and Same-Sex Spousal Benefit Issues – IRS Guidance Provides Administrative Relief

On August 29, 2013, the IRS issued Revenue Ruling 2013-17 ("Rev. Rul. 2013-17"), which provides that same-sex couples who enter into marriages in jurisdictions that recognize such marriages will be treated as married for...more

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

Court Strikes Down Shareholder Suit Challenging Compensation Disclosures

On August 2, 2013, a California Superior Court struck down a putative class action brought by shareholders challenging compensation disclosures in a proxy statement in connection with an advisory “say-on-pay” vote....more

8/12/2013 - Disclosure Requirements Executive Compensation Fiduciary Duty Say-on-Pay Shareholder Litigation Shareholder Rights Shareholders

The DOMA Decision – Employee Benefit Plans Bracing for Impact

On June 26, 2013, the United States Supreme Court issued a landmark decision regarding same-sex marriage. While welcomed by proponents of marriage equality for same-sex couples, the decision left many unanswered questions...more

7/12/2013 - Civil Unions DOMA Domestic Partnership Employee Benefits Equal Protection ERISA Estate Tax Healthcare Marriage Retirement Plan Same-Sex Marriage SCOTUS US v Windsor

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