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“Plain” Advice to Retirement Plan Sponsors

I don’t know about you, most of the advice I got growing up was usually wrong. Maybe some very unsuccessful people surrounded me when I was younger, but advice can be biased and self-serving at times. The best advice I would...more

Supreme Court Will Hear Same-Sex Marriage Issue

The U.S. Supreme Court will hear arguments in four same-sex marriage cases in April, potentially settling the divisive issue by the end of the current term. The justices will consider an appeal from the 6th Circuit decision...more

Ohio Employers to Pay More FUTA on 2014 Q4 Tax Returns

As a result of Ohio’s failure to repay outstanding federal loans related to the state’s unemployment insurance, Ohio employers will be unable to claim the maximum state unemployment tax credits on their 2014 federal...more

FirstPay Decision: IRS Bests Trustee in Local Tax Case

A decision last month from the U.S. Court of Appeals for the Fourth Circuit marks a disappointing end to a decade-long tax case affecting many Washington-area businesses. The case, Wolff v. United States of America, Adversary...more

Deja-Vu All Over Again: Congress Once Again Retroactively Increases Mass Transit Benefit Limits

Prior to the enactment of the Tax Increase Prevention Act of 2014 (“TIPA”) in December 2014, effective for 2014, mass transit commuters were only able to contribute a maximum of $130 per month on a pre-tax basis toward their...more

In Florida, Recognition of Same-Sex Marriage Will Impact Employers

On January 6, Florida became the 36th state to recognize same-sex marriage. This development came as the result of several recent state and federal court decisions finding Florida's ban on same-sex marriage an...more

Pick Plan Providers Just Because They Are Cheap Is A Bad Idea

My wife loves a good bargain; I have lots of credit card bills to prove that. Seriously, my wife is an excellent shopper because she is a savvy shopper. My wife likes a good bargain and it’s about value, getting something in...more

IRS Filing and Reporting Requirements for ISO Exercises and ESPP Stock Transfers

This Client Alert is intended to remind you of certain year-end reporting requirements under Section 6039 of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to stock issued to employees (or former...more

Annual Notices for ISOs and ESPPs due February 2, 2015

Companies that grant incentive stock options (ISOs) are required to provide notices to current and former employees who exercised ISOs during the preceding calendar year. Similar notices must be given to current and former...more

In-Plan Roth Rollovers and After-Tax Contributions: Maximizing Deferrals with Limited Future Tax Liability

Plan sponsors seeking to provide employees with the ability to make after-tax contributions to a 401(k) plan may be interested in adding, along with the common Roth contribution feature, non-Roth after-tax contribution and...more

Seventh Circuit Again Considers Partial Terminations of Retirement Plans

When a tax-qualified retirement plan is terminated, the Internal Revenue Code (Code) generally requires that all participants in the plan be fully vested in their plan benefits. The Code also requires full vesting for those...more

Monthly Benefits Update - December 2014

Illinois Becomes the First State to Require Automatic Retirement Savings Program for Workers Without Access to a Workplace Retirement Plan - On January 5, 2015, outgoing Governor Quinn signed landmark legislation that...more

ISS Issues FAQs on Equity Plan Scorecard

As reported in my October 24, 2014 post, Institutional Shareholder Services Inc. (“ISS”), a leading proxy advisory firm, has adopted a new “scorecard” approach to evaluating public company equity compensation plans.  In a...more

How Often Can You Make an IRA Rollover?

The short answer is that it depends on the type and timing of prior IRA rollovers, as well as which IRA and type of IRA makes the distribution and which type receives the rollover. A "rollover" occurs when you withdraw cash...more

2015 New Year Tips for Retirement Plan Providers

With a new year, comes a renewed focus on business now that the holidays are behind us. For the retirement plan provider, there is never enough time to rest on their laurels because of the competitive nature of the business....more

Client Alert: New Safe Harbor 402(f) Notice

On November 24, 2014, the Internal Revenue Service (IRS) issued Notice 2014-74, which updates and amends the safe harbor explanations for eligible rollover distributions to reflect recent changes in the law. ...more

Third Circuit Limits ERISA Fiduciary Liability

Former and current annuity holders sued John Hancock Life Insurance Company in New Jersey federal court several years ago, alleging that, as a service provider to their 401(k) plans, John Hancock was an ERISA fiduciary and...more

2015 New Year’s Resolutions For Plan Sponsors

A New Year’s resolution is a promise that a person makes to achieve one or more personal goals, projects, or the reforming of a habit. The big deal about a New Year’s Resolution is that it is made in anticipation of the New...more

Executive Compensation – It May be Limiting Your Choices

Many community banks have been under fire recently. Added regulatory burdens, additional disclosure responsibilities, cleaning up bad loans, streamlining the organization, staying ahead of cybersecurity threats, and, perhaps...more

The Conduct Code for Retirement Plan Sponsors

When we were in school, there was a conduct code. For some of us that have occupations that require a license, we have a code of conduct to follow as well. Unfortunately for plan sponsor, no one ever tells them that their...more

Compensation Issues – Revisited

We have completed another retirement plan audit season and have noticed a number of common errors occurring with compensation. I previously discussed these issues in my blog series “Compensation: The Missing Link – Part 1”...more

IRS Simplifies Tax Reporting for Individuals With Canadian Retirement Plans

Under Article XVIII(7) of the United States-Canada Tax Treaty, a U.S. citizen or resident may elect to defer U.S. income taxation on income accruing under a Canadian registered retirement savings plan (RRSP) or registered...more

One 60-Day IRA Rollover Per Year Is The Final Answer

Although the Internal Revenue Code trumps IRS Publications, practitioners tend to use the Publications as the initial resource when handling day-to-day tax issues. However, the Publications were not part of petitioner’s...more

VAT Charged On Invoices Relating To Defined Benefit Occupational Pension Schemes – All Change For HMRC’s Approach

HMRC has released new guidance dealing with the ability of sponsoring employers to recover input VAT in respect of supplier costs for running defined benefit occupational pension schemes. These costs will typically involve a...more

Deferral Elections for 2015 Compensation

As reported in Part 3 of our 2014 End of Year Plan Sponsor “To Do” List, employers that sponsor deferred compensation programs should take action to ensure that deferral elections that apply to compensation that will be...more

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