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Why A Plan Sponsor Should Get A Plan Review

Retirement plan sponsors tend to be reactive rather than pro-active. They would rather not spend money to undergo a plan review and assume everything is fine until they run into a big compliance issue or mistakes are...more

Ballard Opinion Letter Program to Replace IRS Determination Letter Program

The Internal Revenue Service has largely ended its determination letter program by which sponsors of individually designed retirement plans can obtain confirmation that their plan documents are tax-qualified. The IRS has...more

Much-Anticipated Section 871(m) Dividend Equivalent Guidance Provides Promised Transition Relief

The U.S. Internal Revenue Service (the “IRS”) has released Notice 2016-76, providing anticipated guidance and transition relief for certain dividend equivalent transactions described in section 871(m) of the U.S. Internal...more

A “Crystal Ball” On Life After The New ERISA Fiduciary Rule

The Department of Labor’s (DOL) new fiduciary rule that is going to go in effect in April 2017 is going to have a profound change in how financial advisors work with their retirement plan clients. It’s unchartered waters,...more

The ERISA Litigation Newsletter - November 2016

This month we review a recent Second Circuit decision addressing ERISA plan status as a class member in a securities shareholder class action. As discussed in the article, the decision exposes a potential conflict among the...more

IRS Announces Additional Procedure for Accepting Late Retirement Plan Rollovers

The Internal Revenue Code (IRC) provides that distributions from certain retirement arrangements (e.g., qualified retirement plans, individual retirement accounts (IRAs), §403(a) annuity plans, §403(b) tax-sheltered...more

Employee Benefits Developments - November 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November, 2016. ACA Information Reporting – Bad News and Good News - First, the bad news: The 2016 final...more

Things That Won’t Help A Retirement Plan Sponsor Limit Their Liability

When I was a teenager, we were told that eating oat bran would lower cholesterol and it didn’t. We’re told that cracking our knuckles will cause arthritis and it doesn’t. We’re told that going outside when it’s cold with wet...more

Your Daily Dose of Financial News

The Financial Stability Board—that Swiss-based grand collection of central bankers and regulators from the world’s biggest economies—has upped the systemic importance ranking for three of America’s biggest banks, including...more

Glaring Problems A Plan Sponsor May Not Be Aware Of When They Think Everything is OK

I knew a family member who would never go to the doctor for preventative care. She always reasoned that if she went to a doctor, that meant she was sick. That meant that her goal was avoiding the doctor at all costs. It’s...more

The To-Do List For 401(k) Plans Now: 2016-2017 Edition

Being a retirement plan sponsor is a tremendous responsibility and the problem is that most plan sponsors don’t understand that. Plan sponsors often act passive because they hire retirement plan providers to help them. The...more

Could your Oil and Gas Interest Cause You to Be Responsible for Multiemployer Plan Withdrawal Liability?

I noticed an interesting case from the Tenth Circuit which found that a two to three percent working interest in an oil and gas venture could generate self-employment income for the owner of that interest. The individual in...more

A Trump Presidency: Potential Impact on Employee Benefits Law and Policy

For many months, we have been speculating about how the results of the 2016 presidential election would impact employee benefits policy going forward. Now that Donald Trump has won the election and Republicans have secured a...more

2016 End of Year Plan Sponsor “To Do” List (Part 1) Executive Compensation

As 2016 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. Like last year, we are presenting our “To Do” Lists in three separate Employee Benefits Updates. Part 1 of...more

401(k) Plan Providers’ Behavior To Avoid That Loses Clients

Over the past 18 years as an ERISA attorney, I have some pretty weird reasons why retirement plan providers get fired. I’ll never get the financial advisor who was fired because the client’s new Chief Executive Officer wanted...more

IRS Releases Benefits and Contribution Limits for 2017

The Internal Revenue Service (IRS) recently issued its annual update regarding dollar limitations on contributions and benefits applicable to tax-qualified retirement and welfare plans for 2017. Please see full...more

New IRS Corrections Guidance Puts A Premium On Careful Qualified Plan Drafting

On September 29, 2016, the Internal Revenue Service (IRS) issued Revenue Procedure 2016-51 (Rev. Proc. 2016-51), which updates the Employee Plans Compliance Resolution System (EPCRS) and changes how sanctions will be...more

IRS Announces 2017 Retirement Plan Dollar Limits

The IRS recently announced cost-of-living adjustments for 2017 in Notice 2016-62. The key dollar limits, along with last year’s limits, are noted below....more

Recaps from Proskauer’s 21st Annual Trick of Treat Tax Exempt Seminar

Proskauer’s 21st Annual Trick or Treat Seminar was held on Thursday, October 27. The Seminar discussed: Best Practices for Document Retention: One Size Does Not Fit All...more

Employee Benefits Developments - October 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of October, 2016. 2017 Benefits Limits Announced - The Internal Revenue Service and Social Security...more

How to Pick Your Retirement Plan Providers

Too often, retirement plan providers are selected at the family dinner table, the golf outing, or at a house of worship. While those are nice places for social gatherings, they are not the ideal place for selecting retirement...more

IRS Announces 2017 Qualified Plan Limits; Pumpkin Spice Inexplicably Lacking

Late each October, the IRS gets around to announcing the cost of living adjustments for qualified plans for the upcoming year. This year was no exception, and here they are [Plan Limits]. Unlike last year, 2017 brings some...more

2017 Qualified Plan Cost of Living Increases, 2017 Social Security Taxable Wage Base 2

The Internal Revenue Service has announced the cost-of-living adjustments for the various qualified retirement plan limits. Some of the limits shown below remain unchanged from last year, but others have increased....more

IRS Annual Limits on Qualified Plans for 2017

IRS Annual Limits on Qualified Plans for 2017 On October 27, 2016, the Internal Revenue Service released the 2017 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement...more

2017 Cost of Living Adjustments

The Internal Revenue Service has announced the 2017 cost of living adjustments to various limits. The adjusted amounts generally apply for plan years beginning in 2017. Some of the adjusted amounts, however, apply to calendar...more

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