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NJ Federal Court Rules Pension Plan Established By Church-Controlled Hospital Not an ERISA-Exempt Church Plan

On March 31, 2014 the U.S. District Court in New Jersey held that a defined benefit pension plan established by St. Peter’s Healthcare System was not a church plan exempt under ERISA despite the fact that St. Peter’s is...more

California Enacts 409A Legislation Reducing State Tax Penalty

California Governor Jerry Brown signed into law AB1173 on Oct. 4, 2013, reducing the California 409A tax penalty from 20% to 5% for taxable years beginning January 1, 2013. The bill, a victory for California businesses and...more

IRS to Begin Compliance Checks of Non-Governmental Section 457(b) Plans

The Internal Revenue Service recently announced it was conducting “compliance checks” of Section 457(b) plans. This newsletter discusses what those compliance checks involve as well as the steps Section 457(b) plan sponsors...more

IRS Announces Compliance Check Program for Tax-Exempt Employers

Sponsors of 457(b) plans may receive questionnaires aimed at identifying noncompliance issues. On June 3, the Employee Plans Compliance Unit of the Internal Revenue Service (IRS) announced the creation of its Section...more

The ERISA Litigation Newsletter - May 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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