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New Jersey Issues Guidance on BEIP Grant Conversion

This month the New Jersey Economic Development Authority (the Authority) provided businesses with guidance, in the form of Frequently Asked Questions, on how to elect to have their unpaid Business Employment Incentive Program...more

M&A and 401(k): A Cautionary Tale

Mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations or their operating units are transferred or combined. It was also the name of a really boring class I took at...more

How a Retirement Plan Sponsor Can Avoid Being a Patsy

I always say that you should never be a spectator in your own life; you need to be an active participant in shaping your own life. Too often, a retirement plan sponsor acts like a spectator when the plan sponsor neglects...more

Collective Investment Trusts as Retirement Plan Investment Options: Important Tax and ERISA Considerations [Video]

Nexsen Pruet tax and employee benefits attorney Sue Odom says retirement plan fees and expenses have been the “hot topic” for the past several years. We’ve seen increased regulation through disclosure requirements and...more

The New Fiduciary Rule: What It Means To Plan Sponsors

If you’re a retirement plan sponsor and, unless you’ve been living under a rock, you’ve probably heard about the Department of Labor’s (DOL) attempt to change the definition of fiduciary. What you probably don’t know is how...more

Private Equity Funds, Controlled Groups, and Multi-Employer Plan Withdrawal Liability: The Lessons of Sun Capital Partners vs. New...

Both the Internal Revenue Code (the “Code”) and the Employee Retirement Income Security Act (“ERISA”) contain rules that aggregate trades and businesses under common control. For the most part, these rules are intended to...more

July 11 Deadline to Convert Unpaid N.J. BEIP Grant to Tax Credits

Under New Jersey’s Business Employment Incentive Program, approved businesses that created jobs in New Jersey were awarded annual cash grants. Nearly 500 businesses were awarded grants valued at $1.6 billion. Unfortunately,...more

The Accidental Entrepreneur Part I

Overview - Both of my parents were comfortably retired by my age after a thirty year career with the federal government. Currently, my retirement date is the lesser of age 95 or my passing. Like a lot of people in the...more

April and May 2016 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more

High Net Worth Family Tax Report, Vol. 11, No. 1

IRS Addresses a Section 1031 Exchange of Aircraft - While we usually think of real property as the asset most often exchanged under Section 1031 of the Internal Revenue Code, the provisions of that are by no means...more

Unique Executive Compensation Issues for Tax Exempt Organizations [Video]

Nexsen Pruet tax and employee benefits attorney Sue Odom continues her video series. In this installment, Sue discusses how exempt organizations are unique when it comes to structuring executive benefit programs. Exempt...more

Things About Plan Providers That Shouldn’t Impress Plan Sponsors

There are certain things in life we really should be impressed by, but we always end up being impressed by the wrong things. People are impressed by looks and money rather than the character of a person or their generosity....more

CFOs of Smaller Reporting Companies May Be Considered “Covered Employees” for Purposes of Section 162(m)

The $1,000,000 limitation on deductions imposed by Section 162(m) of the Internal Revenue Code applies to “covered employees.” In Notice 2007-49, the IRS defined the term “covered employees” as follows...more

Quebec 2016-2017 Budget: Continued Fiscal Discipline

On March 17, 2016, the Quebec government (Government) unveiled the 2016-2017 budget (Budget). The Government confirmed that it balanced the books for 2015–16 and anticipates maintaining a balanced budget for 2016–17. The...more

You Shouldn’t Hire Your Friends Or Family As Your Retirement Plan’s Provider

Friends and family are a great campaign for discounts at a department store or through a phone bill. However thanks to something called fiduciary duty and prohibited transactions, it’s never a good idea for retirement plans...more

UK Budget 2016: Employment tax

In the UK Budget 2016, the Chancellor made a number of announcements in relation to employment-related taxes. The following are some of the more interesting matters....more

UK Tax Measures—Spring 2016 Budget

The spring budget includes a number of announcements that relate to taxation, the most significant of which is a “roadmap” for UK corporate taxation through 2020....more

Routine Mistakes That 401(k) Plan Sponsors Aren’t Aware Of

They often say that the road to hell is paved with good intentions. Like I always say, whoever made that quote up must have been a 401(k) plan sponsor. The problem with being a plan fiduciary is the liability that goes with...more

What A Retirement Plan Financial Advisor Needs And Where To Get It

A checklist is an informational aid that is used to reduce failure by compensating for the lack of memory and attention of people. It also helps to ensure consistency and completeness in carrying out a task. I’ve learned the...more

Saudi Arabia Update - February 2016

Legal developments - Local partner requirement reported to cease - Saudi Arabia seeks to draw investors to help reduce its reliance on oil exports and aims to facilitate foreign companies' investment in its market....more

The Complete And Total Worthlessness Of The 401(k) Fiduciary Warranty

I am a firm believer in the idea that what you see is what you should get. If you’re promised the moon, anything short of it is wrong. Some of the biggest disappointments in my life are when I was sold a bill of goods that...more

Blog: Is Section 162(M) Just “A Gnat On An Elephant”?

According to an interesting article, “The Executive Pay Cap That Backfired,” by Allen Sloan, published in ProPublica on February 12, not only did tax code Section 162(m) not achieve its intended goal, it actually backfired –...more

Mistakes A Plan Sponsor Should Correct Before An IRS or DOL Audit

I have been in the retirement plan business for over 17 years and I have met too many plan sponsors who don’t care that their plan isn’t being run correctly. What makes them eventually care is when they are audited by the...more

Features That Turn Your 401(k) Plan Into A 401(k) Disco

There is a difference between throwbacks vs. vintage clothing. A throwback is a sports uniform styled to resemble the uniforms that a team wore in the past. Vintage clothing are actual clothing garments from another era. I...more

Good News for Safe Harbor Plan Sponsors: The IRS Will Allow Mid-Year Changes

On January 29, 2016, the Internal Revenue Service issued guidance on mid-year changes to safe harbor plans under Internal Revenue Code Sections 401(k), and 401(m). Notice 2016-16 significantly expands the permissible mid-year...more

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