News & Analysis as of

Profit Sharing

It’s time for Profit Sharing Payment in Mexico!

As provided by the Mexican Federal Constitution and the Federal Labor Law (FLL), employees are entitled to receive profit participation on their employer’s profits every fiscal year. Ten percent of the company’s taxable...more

Litigating Against a Former Employer for Additional Compensation

At the end of an employment relationship, a former employee may assert that he or she is entitled to additional compensation from a former employer. This could be, for example, in the form of bonus, commissions, or profit...more

Important Changes to the IRS Determination Letter Program for Retirement Plans

by Morrison & Foerster LLP on

The Internal Revenue Service (“IRS”) has modified procedures governing favorable determination letters for individually designed qualified retirement plans, including 401(k), profit sharing, defined benefit, and cash balance...more

DOL Updates Guidance on Proxy Voting by Plan Fiduciaries

by McNair Law Firm, P.A. on

On December 29, 2016, the U.S. Department of Labor (the “DOL”) released Interpretive Bulletin 2016-1 (“IB 2016-1”) relating to the voting of proxies on securities held in employee benefit plans. IB 2016-1 withdraws the...more

Forfeiture of an LLP Member's Profit Share

by Dechert LLP on

A recent English Court decision confirms that members of LLPs who breach their fiduciary duties are at risk of having their remuneration (including that received by way of profit share) forfeited. This is in addition to...more

In Case You Missed It: Launch Links - September, 2016

by WilmerHale on

Some interesting links we found across the web this week: Will tech IPOs come back to life in the fall? 2016 has been the slowest year for IPOs since 2009, likely because of new issues raised by recent tech...more

India: A False Dawn for Foreign OSV Owners

by Reed Smith on

India’s ambitious drive to reduce dependence on foreign hydrocarbon imports is expected to spur almost US$30 billion of exploration and production investments including in the offshore sector. An increase in offshore...more

IRS Announces Major Qualified Plan Determination Letter Program Change

by GableGotwals on

The Internal Revenue Service has published very important new guidance on assuring employer sponsored pension and profit sharing plans qualify for tax exemption. Revenue Procedure 201637, 2016-29 Internal Revenue Bulletin,...more

The DOL Script

by Ary Rosenbaum on

I had a client who had been undergoing a Department of Labor (DOL) audit. Their mistake? Years ago, a former participant asked for a distribution from this trustee directed profit sharing plan (so no 401(k)) and my client...more

Quebec’s Energy, Mining Sectors Searching for Clarity on Social Acceptability

On February 16 2016, Quebec’s Energy and Natural Resource Minister, Pierre Arcand, tabled a green paper (referred to in French as the “Livre Vert”) at the National Assembly, outlining five guidelines regarding social...more

Tax and Employee Benefits Alert: Important April 30, 2016 Deadline to Adopt Updated Pre-Approved Defined Contribution Retirement...

by Nexsen Pruet, PLLC on

All employers who are using a pre-approved form for their 401(k), profit sharing, or other defined contribution plan must sign updated documents on or before April 30, 2016 to preserve the tax-qualified status of the plan. ...more

Joint Venture Governance And Business Opportunity Issues

by Jackson Walker on

The joint venture is a vehicle for the development of a business opportunity by two or more entities acting together, and will exist if the parties have: (1) a community of interest in the venture, (2) an agreement to share...more

The OFCCP’s War Path: Federal Contractors Take Note

by Robinson & Cole LLP on

Subject to very limited exceptions, employees of federal contractors must be permitted to discuss their compensation without retaliation or fear of intimidation. Federal contractors will be required to provide paid sick...more

Hell Freezes Over in California: Private Optometry and Optical Companies Compromise

by Buchalter on

The California Optometric Association (COA) and national optical companies ended their historic stand-off and agreed on legislation that provides a route for optometrists to co-locate with companies that dispense eyeglasses...more

Domestic Partnership Agreements: Financial Disclosures and Privacy

by Carlton Fields on

To reduce risk of later attack on the domestic partnership agreement, domestic partners should make fair and reasonable financial disclosures to each other prior to signing the agreement. Each partner should disclose to the...more

Major Changes in IRS Qualified Retirement Plan Determination Letter Procedure Announced

by GableGotwals on

The Internal Revenue Service (IRS) has announced that, effective January 1, 2017, the existing procedure for issuance of favorable IRS determination letters for qualified pension, profit-sharing and 401(k) plans will be...more

A Bad Deed is Not Entirely Unpunished

Richard Thomas embezzled nearly $20,000,000 from his employer. The employer then kept Thomas’s profit sharing account of about $21,000 as an offset against the embezzled amount. Of course, this violated ERISA’s...more

Pay Versus Performance Rules Proposed by Securities and Exchange Commission

by Stinson Leonard Street on

On April 29, 2015, the U.S. Securities and Exchange Commission (SEC) issued another proposed rule under the Dodd-Frank Act, this time with respect to the pay versus performance requirements of Section 953(a) of the Act. ...more

Assignment 101: Considerations for Landlords and Tenants in Negotiating Assignment Clauses

by Pepper Hamilton LLP on

Assignment clauses are lease provisions that are often not given appropriate consideration by tenants in lease negotiations. Likewise, landlords’ standard anti-assignment clauses may not cover some transfer scenarios that...more

IT companies in São Paulo State: act by April 30 to open mandatory profit-sharing negotiations

by DLA Piper on

The current collective bargaining agreement applicable to IT companies based in São Paulo, signed on January 30, 2015 (CBA), includes an obligation for employers to send a request to the workers' union to open negotiations to...more

Ninth Circuit: Spousal Consent Not Required Under Top-Hat Plans

The Ninth Circuit held that a participant’s brother, rather than his spouse, was the proper beneficiary of benefits under a profit sharing plan. In so holding, the Court found that: (a) the participant’s first wife, who was...more

So What May Changes To The Employee Share Scheme Landscape Look Like?

by DLA Piper on

In our recent article from 4 August 2014 we noted the building momentum for the Federal Government to change the laws which currently apply to Australian employee share schemes. Recently a mainstream media publications...more

Mexico's New E&P Contracts

by King & Spalding on

Historical Background - Early Mexican E&P: Early in the last century, Mexico became both an important oil producing nation and trendsetter in nationalization of oil industries. In the process it told a...more

Recent Employee Benefits Developments

by Thompson Coburn LLP on

Amending Retirement Plans to Recognize Same-Sex Marriages Plan sponsors need to review retirement plan documents and operations to determine whether changes are needed in response to last year's Supreme Court decision in U.S....more

The DOL script Plan Sponsors don’t want to hear

by Ary Rosenbaum on

I have a client who had been undergoing a Department of Labor (DOL) audit. Their mistake? Years ago, a former participant asked for a distribution from this trustee directed profit sharing plan (so no 401(k)) and my client...more

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