The U.S. Department of Labor (DOL) on April 23, 2024, issued the Retirement Security Rule (the Final Rule), which expands who qualifies as an investment advice fiduciary for purposes of the Employee Retirement Income Security...more
6/14/2024
/ 401k ,
Amended Rule 702 ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Fiduciary Rule ,
Financial Services Industry ,
Investment Adviser ,
Multi-Factor Test ,
New Rules ,
Prohibited Transactions ,
Retirement Plan
Though the employer shared responsibility provisions of the Patient Protection and Affordable Care Act (PPACA) do not apply to small employers (generally, employers with fewer than 50 full-time equivalent employees), many...more
The U.S. Securities and Exchange Commission (SEC) in November 2022 finally adopted long-anticipated compensation recovery rules applicable to incentive compensation paid to executives by publicly traded companies (SEC Rule)....more
The U.S. Department of Labor (DOL) on Nov. 22, 2022, announced its adoption of amendments to the regulation setting out retirement plan fiduciary duties of prudence and loyalty under the Employee Retirement Income Security...more
12/9/2022
/ Amended Rules ,
Benefit Plan Sponsors ,
Biden Administration ,
Climate Change ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Executive Orders ,
Fiduciary Duty ,
Final Rules ,
Investment Management ,
Retirement Plan
Holland & Knight invites you to read our China Practice Newsletter, in which our authors discuss pertinent Sino-American topics. The firm provides legal assistance to Chinese investors and companies doing business or making...more
11/2/2022
/ Acquisitions ,
Annual Reports ,
Biden Administration ,
CFIUS ,
China ,
Cross-Border Transactions ,
Department of Labor (DOL) ,
Executive Orders ,
Foreign Investment ,
Independent Contractors ,
Infrastructure ,
Mergers ,
Stock Options
Given the significant decline in the stock prices of many companies over the past several months of 2022, a number of companies are reassessing their equity programs and considering repricing outstanding employee stock...more
9/29/2022
/ Disclosure Requirements ,
FASB ,
Incentive Stock Options ,
Proxy Statements ,
Section 409A ,
Securities and Exchange Commission (SEC) ,
Shareholder Approval ,
Shareholders ,
Stock Options ,
Stocks ,
Tender Offers
The IRS on Aug. 3, 2022, issued Notice 2022-33, which extends the deadlines for qualified retirement plans, 403(b) plans and governmental retirement plans (including 457(b) plans) to adopt amendments reflecting certain...more
8/16/2022
/ 401k ,
403(b) Plans ,
457(b) Plans ,
CARES Act ,
Filing Deadlines ,
Internal Revenue Code (IRC) ,
IRS ,
Pension Plan Amendments ,
Plan Documents ,
Qualified Retirement Plans ,
Required Minimum Distributions ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Time Extensions
Under the IRS Employee Plans Compliance Resolution System (EPCRS), as set forth in Revenue Procedure 2021-30, a plan that has been notified of an impending audit cannot remedy issues using the Voluntary Correction Program,...more
The U.S. District Court for the District of Massachusetts has dismissed an Employee Retirement Income Security Act (ERISA) class action lawsuit challenging a retirement plan's use of an outdated mortality table in calculating...more
The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) on Feb. 14, 2022, issued a Request for Information (RFI) to gather input regarding the protection of pensions and retirement savings...more
3/8/2022
/ Biden Administration ,
Climate Change ,
Department of Labor (DOL) ,
EBSA ,
Employee Retirement Income Security Act (ERISA) ,
Executive Orders ,
Financial Services Industry ,
Request For Information ,
Retirement Plan ,
Risk Assessment ,
Risk Management
The Internal Revenue Service (IRS) issued expansive proposed regulations (the Proposed Regulations) on Feb. 24, 2022, reflecting the required minimum distribution (RMD) rules as set out in the Setting Every Community Up for...more
A COBRA subsidy program was enacted in March 2021 under the American Rescue Plan Act (ARPA). On April 7, 2021, the U.S. Department of Labor (DOL) released guidance and model notices on an information…...more
4/14/2021
/ American Rescue Plan Act of 2021 ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employer Group Health Plans ,
Forms ,
Health Insurance ,
Model Forms ,
New Guidance ,
Premium Subsidies ,
Premiums ,
Relief Measures
The recently signed American Rescue Plan Act (ARPA) will have a major impact during the next six months on employers' obligations and considerations in administering COBRA health insurance benefits. Subtitle F of ARPA –...more
3/31/2021
/ American Rescue Plan Act of 2021 ,
Benefit Plan Sponsors ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
Health Insurance ,
IRS ,
Notice Requirements ,
Premium Subsidies ,
Relief Measures ,
Tax Credits
President Joe Biden on March 11, 2021, signed the American Rescue Plan Act of 2021 (ARPA), a $1.9 trillion conglomerate of COVID-19 relief, funding and tax legislation. While numerous other provisions of ARPA have received...more
3/30/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
CEOs ,
Coronavirus/COVID-19 ,
Covered Employees ,
Effective Date ,
Executive Compensation ,
Highly Compensated Employees ,
Section 162(m) ,
Tax Cuts and Jobs Act ,
Tax Planning
The Internal Revenue Service (IRS) has issued guidance to clarify the impact of Section 2203 of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) on the rules for required minimum distributions (RMDs) and...more
The Internal Revenue Service (IRS) released proposed regulations amending Employment Tax Regulations (26 CFR Parts 31 and 35) under section 3405 of the Internal Revenue Code (IRC). The regulations propose new rules for...more
Expanding your international business into the United States is an exciting but sometimes daunting venture when it comes to the myriad rules and regulations at play governing employees and benefits. This alert endeavors to...more
The Internal Revenue Service (IRS) issued Notice 2020-29 and Notice 2020-33 on May 12, 2020, to provide relief from the COVID-19 pandemic (COVID-19) for taxpayers participating in Section 125 cafeteria plans. The provisions...more
Congress has completed three rounds of legislation in response to the COVID-19 pandemic and resulting economic crisis. The first round, which included an $8.3 billion supplemental appropriation, was signed into law on March...more
Because of the international health crisis caused by the coronavirus (COVID-19), retirement plan sponsors, and the compensation professionals and retirement plan administrators that advise plan sponsors, are in unchartered...more
In an opinion issued in Smith v. Rockwell Automation, Inc., et al., No. 19-C-0505 (E.D. Wis.) on Feb. 10, 2020, U.S. District Judge Lynn Adelman denied Rockwell Automation's motion to dismiss a putative class action complaint...more
The Tax Cuts and Jobs Act of 2017 (TCJA) upended public company compensation structures nationwide. Prior to the TCJA, Section 162(m) of the Internal Revenue Code of 1986, as amended, generally provided for a $1 million...more
3/2/2020
/ Acquisitions ,
Compensation & Benefits ,
Corporate Taxes ,
Covered Employees ,
Executive Compensation ,
Mergers ,
Privately Held Corporations ,
Public Hearing ,
Publicly-Traded Companies ,
Section 162(m) ,
Securities Exchange Act ,
Tax Cuts and Jobs Act ,
Tax Deductions
The U.S. Court of Appeals for the First Circuit has held in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund that two Sun Capital Funds were not under common control with Scott Brass...more
The U.S. government has military bases and outposts around the world, and – as it does within the United States – utilizes contractors to support its mission overseas. Because military personnel and employees of government...more
Connecticut recently passed "An Act Establishing a Tax Credit for Employers That Make Payments on Certain Loans Issued to Employees by the Connecticut Higher Education Supplemental Loan Authority" (Act). The Act, signed on...more