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Sun Capital Court Finds that Common Industry Practices Exposed PE Funds to Pension Plan Liabilities

A group of related private equity (“PE”) funds were found liable for a bankrupt portfolio company’s pension plan debts in the latest and most worrisome decision in the long-running Sun Capital Partners III, LP v. New England...more

IRS Provides Additional Guidance on Treatment of Same-Sex Marriages under Benefit Plans

In IRS Notice 2015-86, the Internal Revenue Service (IRS) provided guidance to sponsors and administrators of employee benefit plans regarding the application of the U.S. Supreme Court’s decision in Obergefell v. Hodges to...more

IRS Releases Advice Addressing Section 162(m) and CFO Compensation of Smaller Reporting Companies

Section 162(m) of the Internal Revenue Code (Code) limits, subject to certain exceptions, a public company’s federal income tax deduction for compensation paid to any “covered employee” to $1 million in any taxable year. A...more

Final Regulations Will Affect Default Risk for Borrowers with Pension Plans

The Pension Benefit Guaranty Corporation (the PBGC) has adopted final regulations relieving certain sponsors of defined benefit pension plans from the obligation to report certain events that signal an increase in the plan’s...more

SEC Proposes Broad Executive Compensation Clawback Rules in Connection with Accounting Restatements

Recovery provisions would apply on a no-fault basis to executive officers of virtually all exchange-listed companies who received incentive-based compensation during the three fiscal years preceding an accounting restatement...more

DOL’s Proposed Prohibited Transaction Exemption: Best Interest Contracts

This is the second in a series of client advisories regarding the U.S. Department of Labor’s re-proposed regulations (Proposed Rule) defining who is a fiduciary under ERISA and the Code as a result of providing investment...more

IRS Gives QLACs the Green Light: Final Regulations Issued

On July 1, 2014, the Internal Revenue Service (“IRS”) issued final regulations (“Final Regulations”) that permit employers and IRA providers to offer “qualified longevity annuity contracts” or “QLACs” under defined...more

IRS Releases Further Guidance for Retirement Plans on Treatment of Same-Sex Spouses

In IRS Notice 2014-19 and accompanying FAQs, the Internal Revenue Service (“IRS”) issued long-awaited guidance addressing the treatment of same-sex spouses under qualified retirement plans such as 401(k) and defined benefit...more

Treasury and IRS Adopt “State of Celebration” Rule for Same-Sex Marriages—Implications for Employee Benefit Plans

The U.S. Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued guidance treating a same-sex couple as “married” for all Federal tax purposes as long as the couple was legally married in a state...more

PE Fund Deemed a 'Trade or Business'—May Be Liable for Portfolio Companies' Pensions

The First Circuit Court of Appeals recently became the first federal appellate court to hold that a private equity (“PE”) fund can be a “trade or business,” and thus potentially included in a “controlled group” with its...more

Perspectives - Fall 2012 | Volume 3, Edition 2: An Executive Compensation, Benefits & Human Resources Law Update

In This Edition: - Year-end Deadline for Correcting Section 409A Deferred Compensation Arrangements That Condition Payment on an Employee Release or Covenant: By December 31, 2012, all deferred compensation...more

Limiting Private Equity Fund Exposure to the ERISA Obligations of Portfolio Companies

In welcome news for private equity (“PE”) funds, a recent district court opinion determined that two PE funds and their bankrupt portfolio company were not a “controlled group” and thus the PE funds were not responsible for...more

11/26/2012  /  ERISA , PBGC , Private Investment Funds

Year-end Deadline for Correcting Section 409A Deferred Compensation Arrangements Conditioned on Employee Release or Covenant

By December 31, 2012, all deferred compensation arrangements in which payment is contingent on employee action, such as execution of a release of claims, must either include payment-timing restrictions that comport to IRS...more

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