Legal updates for: 409A

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Financial Services Weekly News Roundup - February 2015 #4

by Goodwin Procter LLP on

... Study Shows Branch Banking Has Staying Power: Has your smartphone displaced your bank? According to an FDIC study released on February 19, traditional brick-and-mortar offices are maintaining their primacy, despite competitive headwinds from virtual banking. The study noted recent cyclicality in office growth, with trends shaped by four main... more

Employers: Properly Administer Nonqualified Deferred Compensation Plans, or You May Be Held Liable to Participants for Adverse Tax Consequences

by McCarter & English, LLP on

... employer’s liability to retirees for “improper” FICA tax withholding illustrates the importance of diligent administration of nonqualified deferred compensation plans. In the recent case of Davidson v. Henkel Corp., a federal district court found an employer, Henkel Corporation (“Henkel”), liable to... more

Employer Liable For Reduced Value of Deferred Compensation Benefits Due to Failure to Properly Withhold FICA Taxes

by Buchanan Ingersoll & Rooney PC on

... federal district court recently ruled that an employer who failed to timely withhold Social Security and Medicare taxes (FICA taxes) on nonqualified deferred compensation (NQDC) in accordance with the special timing rule was liable to plan participants for the reduced value of their future benefit distributions. Davidson v. Henkel Corp., 2015 WL... more

Venture Capital Coast-to-Coast – January 2015

by McGuireWoods LLP on

...Concern over higher valuations? Apparently not, as $59 billion invested in 2014 breaks the post-crisis record. LPs also set a post-crisis record with $32 billion in commitments to U.S.-based VC funds. PitchBook Data, Inc., Venture Industry Report (2015 Annual).... more

Deferral Elections for 2015 Compensation

by Snell & Wilmer on

...s that apply to compensation that will be earned in 2015 are made by December 31, 2014.  As a general rule, Section 409A requires that compensation deferrals under a nonqualified deferred compensation program be made during the taxable year befo... more

Alert: IRS Announces Adjusted Plan Limits for 2015

by Cooley LLP on types of employee benefit plans, including deferred compensation plans that may be subject to Internal Revenue Code §409A. The amount by which the limits are adjusted each year is based on a cost of living index. Not all limits increase every yea... more

Employee Benefits Developments - August 2014

by Hodgson Russ LLP on

... Departments of the Treasury, Labor, and Health and Human Services issued final regulations addressing the rule in the Affordable Care Act (ACA) that prohibits a group health plan from having a waiting period that exceeds 90 days. The final regulations generally incorporate the proposed regulations issued last February without any substantive... more

An Appreciation for Hedging Your Bets on Deferred Compensation

by Dechert LLP on

... Section 457A of the U.S. Internal Revenue Code of 1986 (the “Code”), certain offshore and other entities are limited in their ability to provide tax-effective deferred compensation to providers of services to those entities. Recently, in Revenue Ruling 2014-181 (the “Ruling”), the Internal Revenue Service (the... more

The ERISA Litigation Newsletter - July 2014

by Proskauer Rose LLP on

... Overview - The end of the U.S. Supreme Court's term brought two significant ERISA decisions. The first concerns the standard of review that courts apply when evaluating ERISA stock-drop claims. As discussed below, the Supreme Court concluded that the "presumption of prudence," which had been adopted by every circuit court to... more