Finance & Banking, Labor & Employment Law, Nonprofit Law

The ERISA Litigation Newsletter - May 2013

by Justin Alex, Anthony Cacace, Doughlas Dahl, Lisa Berkowitz Herrnson, Jacklina Len, James R. Napoli, Brian S. Neulander, Myron Rumeld, Neal Schelberg | Proskauer Rose LLP on 5/13/2013

This month our articles focus on the availability of damages in complex ERISA class actions and withdrawal liability actions. Jackie Len first provides Proskauer's perspective on the implications for ERISA litigation arising...more

Recent 403(b) Developments

by King & Spalding on 5/8/2013

Background - 403(b) retirement plans are similar to 401(k) plans, but the employers who may establish 403(b) plans are limited to public schools, certain tax exempt employers (including religious and charitable...more

Recent IRS Guidance Concerning 403(b) Plans

by Lisa Berkowitz Herrnson | Proskauer - Not for Profit/Exempt... on 5/1/2013

Final Internal Revenue Code Section 403(b) regulations which became effective January 1, 2009 require that plan sponsors adopt written 403(b) Plan documents. ...more

Compensation and Unrelated Business Income are Focus of IRS Colleges and Universities Report

by Ropes & Gray LLP on 4/29/2013

Just a few weeks before many tax-exempt organizations file their annual Form 990, the IRS yesterday released its final report on the Colleges and Universities Compliance Project, which it had initiated in 2008 by sending...more

403(b) Plans – Correction Of Plan Errors

by Lisa Berkowitz Herrnson | Proskauer - ERISA Practice Center on 4/18/2013

Final Internal Revenue Code Section 403(b) regulations issued December 31, 2009 require that plan sponsors adopt written 403(b) Plan documents. A 403(b) Plan is a form of defined contribution retirement plan that may only be...more

403(b) Plans – Correction Due To Loss Of Tax-Exempt Status

by Lisa Berkowitz Herrnson | Proskauer - ERISA Practice Center on 4/18/2013

What happens if a tax-exempt organization becomes ineligible to sponsor a Section 403(b) Plan because it loses its exempt status under Internal Revenue Code Section 501(c)(3)? As an example, loss of tax-exempt status may...more

IRS Relief for 403(b) Retirement Plans

by Jessica Carter, David Glaser, Meridith Bogart Krell, Bernard O'Hare, Bruce Wolff | Patterson Belknap Webb & Tyler LLP on 3/22/2013

Recognizing that the requirement to have a detailed written plan document for a 403(b) retirement plan was a new and arduous task for many non-profit entities who sponsored such plans, the IRS has now published favorable...more

IRS Issues Final and Temporary Regulations on Supporting Organizations

by Proskauer - Not for Profit/Exempt... on 1/10/2013

Many practitioners have been anxious to leaf through regulations to confidently determine whether an organization is a “functionally integrated” or “non-functionally integrated” Type III supporting organization, and the...more

New DOL Opinion States Certain 403(b) Plans No Longer Exempt from ERISA

by McDermott Will & Emery on 6/13/2012

Recently issued U.S. Department of Labor guidance indicates limitations on the use of an exemption from the Employee Retirement Income Security Act of 1974, as amended (ERISA), for certain 403(b) Plans. ...more

Nonprofit Retirement Plan Fee Disclosure – Action Needed

by Venable LLP on 5/31/2012

Nonprofit organizations that sponsor retirement plans such as 401(k) and 403(b) plans are subject to two separate, but related, newly finalized U.S. Department of Labor regulations regarding disclosure of retirement plan fees...more

Pitfalls for Nonprofits that Receive Federal Funds: Lessons Learned from ACORN

by Venable LLP on 12/12/2011

In this presentation; - The ACORN Case - The GAO’s Review of the Case - GAO’s Findings – Area #1 Volume of Federal Funding - GAO’s Findings – Area #2 Agency Monitoring - GAO’s Findings – Area #3...more

Treasury Releases Long-Overdue Report on Supporting Organizations and Donor Advised Funds

by Proskauer - Not for Profit/Exempt... on 12/9/2011

Along with making significant changes to the rules for supporting organizations (“SOs”) and donor advised funds (“DAFs”) in the Pension Protection Act of 2006 (the “PPA”), Congress directed that Treasury conduct a study on...more

Terminating a 403(b) Plan: Final Regulations Give a Green Light, but Employers Should Proceed with Caution

by Patterson Belknap Webb & Tyler LLP on 11/20/2011

Originally published in the Tax Management Compensation Planning Journal, 39 CPJ 227, 11/04/2011. In July 2007, the Internal Revenue Service (IRS) issued final regulations (the ‘‘Final Regulations’’) under §403(b) of the...more

Recaps from Proskauer's 16th Annual Trick or Treat Tax Exempt Seminar

by Proskauer - Not for Profit/Exempt... on 11/4/2011

Proskauer's 16th Annual Trick or Treat Seminar was held on Monday, October 31, 2011. The Seminar discussed: - Corporate Governance for Not-for-Profit/Exempt Organizations - Maintaining Tax-Exempt Status During...more

Business News Digest- July 2011

by Venable LLP on 7/29/2011

IN THIS ISSUE: Breaking News: Historic Change to Domain Name System — What You Should Know CFPB Targets Debt Relief Services Market for Supervision Chambers, Legal 500 Name Venable Top Advertising Law...more

403(b) Plans: (b) as in Boy, They Can Be a Mess

by Ary Rosenbaum on 6/11/2011

Law is a system of rules and guidelines, usually enforced through a set of institutions. If society didn’t have laws, there would be absolute chaos. Law creates order and acts as a social mediator between people. The Wild...more

IRS Clarifies 403(b) Plan Termination Process

by Katten Muchin Rosenman LLP on 3/15/2011

The Internal Revenue Service recently issued Revenue Ruling 2011 7 (Ruling), which provides additional guidance on the process for terminating a 40 (b) plan. In short, a “403(b) plan” (also known as a “tax-sheltered...more

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Finance & Banking › Labor & Employment Law › Nonprofit Law