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How 401(k) Plan Sponsors Can Improve Their Plan At Little Cost

There are many ways that a retirement plan sponsor can improve their 401(k) plan, but they usually balk when it comes to the time and the money needed to rectify it. With so many issues regarding their business especially the...more

Retirement Plan “Hustlers” That Retirement Plan Sponsors Should Avoid

There are three important rules of life in the Nelson Algren novel, A Walk on The Wild Side: “Never play cards with a man called Doc. Never eat at a place called Mom's. Never sleep with a woman whose troubles are worse than...more

Concerns For Who You Pick As Your 401(k)’s TPA

I was very lucky that when I started as an ERISA attorney in 1998, I worked as a staff attorney for a third party administrator (TPA). It gave me insight and experience that I could never have gotten as an attorney working...more

District Court Rules on ERISA Liability of Board and ESOP Advisory Committee Members in ESOP Transactions

On Sept. 1, 2016, the U.S. District Court for the Northern District of Illinois issued its decision in the Antioch employee stock ownership plan (ESOP) fiduciary litigation. The court held that the Antioch Board of Directors...more

New Nasdaq Rule Requires Disclosure of Third Party Compensation of Directors and Nominees

Effective August 1, 2016, companies listed on Nasdaq are subject to a new rule requiring annual disclosure of the material terms of agreements or arrangements between directors or director nominees and third parties that...more

Ten Key Legal Issues to Consider When Moving Stateside

Stateside - Even before the uncertainties following the Brexit referendum result, a move to the U.S. was an attractive proposition for high growth UK businesses. Common language, similar culture, access to capital and a...more

Mistakes A Retirement Plan Provider Should Avoid Making

The history of business is littered with big companies making huge mistakes that either forced them out of business or made them quite smaller. Just ask Kodak, who did nothing with the fact that they invented the first...more

What Makes A 401(k) Plan A Target For Litigation

I’ve always been a big fan of 1970’s cinema and one forgotten classic is The Sting, starring Paul Newman, Robert Redford, and Robert Shaw. The title to the movie refers to the exact moment when the con artist finishes the...more

Bridging the Week - August 2016 #3

Another Publicly Traded Firm Sanctioned by SEC For Allegedly Undercutting Whistleblower Protections Through Severance Agreements: Health Net, Inc., a formerly publicly traded company whose securities were registered with the...more

A lifeboat with conditions: new guidance from the PPF

The Pension Protection Fund (“PPF”) has updated its approach to employer restructuring guidance and its general guidance for restructuring and insolvency professionals. These documents set out certain criteria that should be...more

What 401(k) Plan Sponsors Shouldn’t Forget

It’s easy to forget things. Heck, half of the things my wife tells me to do is forgotten by the afternoon. My wife often suggests that I keep a list of things I need to do so I don’t forget. Of course, I forget to keep lists....more

You Might Have A Problem With Your 401(k) Plan When….

There are many situations in life when you clearly have a problem such as leaving the stove on when you leave home, or when the next-door neighbor leased the house to a rock band looking for a place to practice. When it comes...more

Case Note: The Underfunded Union Pension Plan and Asset Purchase Agreements

In a decision handed down by the Seventh Circuit on June 24, 2016, the court warned that a lack of familiarity with the concept of withdrawal liability cannot be used by a buyer of business assets as an excuse to avoid...more

Focus on Incentive Pay Practices?: A Message from the Regulators

Incentive pay is an important part of compensation packages. It allows employers to reward those employees who perform well (and show those employees who do not that under-performing will have negative consequences). ...more

Acquired Fund Fee Expenses and Business Development Companies

The requirement of the Securities and Exchange Commission (the “SEC”) for registered open-end funds to disclose “acquired fund fees and expenses” (“AFFE”) of other funds they invest in, including business development...more

Why 401(k) Plan Providers Should Push Automatic Enrollment

We have a retirement crisis in this country thanks to a Social Security program that has too many retirees to pay to, and the death of the pension plan in the private sector. The fact is that while 401(k) plans are an...more

Impact of DOL’s Final Rule on Business Development Companies

On April 6, 2016, the U.S. Department of Labor (DOL) released its final rule defining who is a fiduciary in connection with investment advice that is provided to benefit plans subject to the Employee Retirement Income...more

SEC Approves Nasdaq’s Proposed Rule on Third Party Payments to Directors and Director Nominees – The “Golden Leash” Disclosure

On July 1, 2016, the Securities and Exchange Commission (the “SEC”) approved, on an accelerated basis, proposed amendments to the listing rules of The Nasdaq Stock Market LLC (“Nasdaq”) to require Nasdaq-listed companies to...more

Individuals Granted Profits Interests Are Treated as Partners, Not Employees

The Internal Revenue Service (the “IRS”) issued temporary and final regulations, effective May 4, 2016, clarifying the employment tax treatment of partners in a partnership that owns a disregarded entity (the “Final...more

Nasdaq Rule Requiring Disclosure of Director “Golden Leash” Compensation Goes into Effect August 1, 2016

A new requirement that Nasdaq-listed companies disclose certain payments made to directors by third parties is scheduled to go into effect on August 1, 2016. The new rule targets so-called “golden leash” payments made to...more

Five on Friday – Five Recent Developments that We’ve Been Watching Closely: July 2016 #2

It’s Friday and time for another overview of developments in the field of business and human rights that we’ve been monitoring. This week’s post includes: the release of the third, and likely final, draft of the World...more

Neglecting The Plan That Will Get 401(k) Sponsors Living on The Edge

When you don’t take care of your teeth, they end up rotting. When you don’t take care of your car, it stops running. When you don’t take care of your finances, you end up going broke. So it’s amazing how many 401(k) plan...more

SEC Approves Nasdaq Rule Requiring Public Disclosure of Payments to Directors by Third Parties

In March 2016, the Nasdaq Stock Market LLC (“Nasdaq”) proposed new rules regarding disclosure of third-party compensation of directors. This third-party compensation, which may not be publicly disclosed, arises when a party...more

Lies that 401(k) Plan Providers May Tell You

I’m a huge fan of Fleetwood Mac (the Stevie Nicks-Lindsey Buckingham years) and was able to see them twice on their last tour. One of my favorite songs of theirs is Little Lies. Christine McVie, who never gets the credit she...more

An Analysis of Nasdaq’s “Golden Leash” Disclosure Rule

On July 1, 2016, the Securities and Exchange Commission (SEC) approved, on an accelerated basis, Nasdaq’s new Rule 5250(b)(3), which requires Nasdaq-listed U.S. companies to publicly disclose any arrangements or agreements...more

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