Nancy Gerrie

Nancy Gerrie

McDermott Will & Emery

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IRS Permits Puerto Rico-Qualified Plans in U.S. Group Trusts, Extends Deadline for Certain Puerto Rico Spin-Offs

The U.S. Internal Revenue Service (IRS) recently issued Revenue Ruling 2014-24, which expressly permits retirement plans that are tax qualified only in Puerto Rico (Puerto Rico-only plans) to continue to pool assets with...more

10/21/2014 - Employee Benefits IRS Puerto Rico Retirement Plan

Inside M&A - Fall 2014

Managing Compliance Risks in M&A Transactions - Buyers can acquire unintended and potentially very damaging liabilities together with target business or assets. Analyzing the financial situation of a target company,...more

10/15/2014 - Compliance DOJ Due Diligence FCPA Integration Risk Assessment SEC Successor Liability Target Company Valuation

PBGC Intends to Monitor Lump-sum and Annuity Cashouts Under Defined Benefit Plans

The Pension Benefit Guaranty Corporation (PBGC) stated in a filing published in the Federal Register on September 23, 2014, that it intends to require that plan sponsors report to the PBGC “certain undertakings” to cashout or...more

10/3/2014 - Annuities Benefit Plan Sponsors Defined Benefit Plans Distribution Rules PBGC Pensions Reporting Requirements

Tax Prepayment Window Closes on October 31, 2014, for Puerto Rico Retirement Plans

On July 1, 2014, Puerto Rico adopted new legislation (Tax Act 77), which provides a window from July 1, 2014 – October 31, 2014, for participants in Puerto Rico retirement plans to prepay at reduced rates Puerto Rico income...more

10/2/2014 - Income Taxes New Legislation Puerto Rico Retirement Plan

PBGC Coverage May No Longer Apply to Puerto Rico-Only Qualified Retirement Plans

Employers that sponsor defined benefit qualified retirement plans benefiting only Puerto Rico employees should be aware that Pension Benefit Guaranty Corporation (PBGC) coverage may no longer apply. Last year, the PBGC...more

8/5/2014 - Employee Benefits ERISA PBGC Pensions Qualified Retirement Plans Retirement Plan

Non-U.S. Retirement Plans Must Comply with or Claim Exemption from FATCA by July 1

In January 2013, the Internal Revenue Service (IRS) published final regulations under the Foreign Account Tax Compliance Act (FATCA). FATCA is intended to make it more difficult for U.S. taxpayers to conceal assets held in...more

6/11/2014 - FATCA FFI Foreign Banks Income Taxes Retirement Retirement Plan Tax Evasion

IRS Rules Captive Reinsurance Arrangement Involving Retiree Medical Benefits Qualifies as Insurance for Federal Tax Purposes

On May 18, 2014, the Internal Revenue Service (IRS) ruled that an employer’s wholly owned captive insurance subsidiary could reinsure the employer’s retiree medical benefit risks and still qualify as insurance for federal tax...more

6/2/2014 - Captive Insurance Company Healthcare IRS Medical Benefits Reinsurance Retirement

View From McDermott: Expanded In-Plan Conversion Opportunities Will Boost Roth 401(k) Balances

The number of defined contribution plans (including 401(k), 403(b) or 457(b) plans) with a Roth feature has grown significantly in recent years. Roth 401(k) is gaining popularity due in part to tax hedging or tax...more

4/10/2014 - 401k Income Taxes IRA Roth Conversions

Inside M&A - Winter 2014

Delaware Court of Chancery Upholds Forum Selection Bylaws - In recent years, virtually every merger and acquisition (M&A) transaction of significant size involving a U.S. public company has been challenged in court. ...more

2/20/2014 - Board of Directors Corporate Taxes Shareholder Litigation Shareholders

IRS Expands Guidance on In-Plan Roth Conversions

Recent IRS guidance clarifies a number of outstanding questions regarding “in-plan conversions” of non-Roth balances to Roth balances in 401(k), 403(b) and governmental 457(b) plans. In particular, the guidance confirms that...more

2/4/2014 - 401k 403(b) Plans 457(b) Plans IRA IRS Roth Conversions

Additional Time for Employers to Amend and File Puerto Rico Qualified Retirement Plans

The Puerto Rico Treasury Department recently issued Circular Letter No. 13-02, extending the deadline for employers that sponsor qualified retirement plans benefiting Puerto Rico employees to adopt amendments and file for...more

7/16/2013 - Qualified Retirement Plans Retirement

New Law Expands “In-Plan” Roth 401(k) Conversions

The American Taxpayer Relief Act of 2012 (the "fiscal cliff" bill) allows employers to amend 401(k), 403(b) and governmental 457(b) plans to permit participants to convert pre-tax account balances to Roth account balances. ...more

1/10/2013 - 401k American Taxpayer Relief Act Fiscal Cliff Income Taxes IRS Roth Conversions

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