Profit Sharing

News & Analysis as of

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

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

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

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

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

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

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

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

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

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?

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

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

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

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

How To Compensate Key Restaurant Employees

Many, if not all, restaurants have extremely valuable employees, and it is often important to find a way to compensate these employees in such a way as to make sure they stick around long-term. But what is the best way to...more

New Developments Impact Retirement Plans and Other Employee Benefits

Year-End Amendments - The month of December is a bit different in 2013. Typically, we mark this time scrambling to amend 401(k), profit sharing, and money purchase plans in order to maintain their tax-qualified status....more

Employee Benefits Alert: New Developments Impact Retirement Plans & More

Year-End Amendments - The month of December is a bit different in 2013. Typically, we mark this time scrambling to amend 401(k), profit sharing, and money purchase plans in order to maintain their tax-qualified status....more

Bonuses for Physician Employees: Lessons Learned from the Halifax Hospital Case

This week, a federal district court in Florida concluded that a hospital violated Stark as a matter of law by entering into employment agreements with physicians that included bonus compensation that was not based exclusively...more

A new test for the Pacto por México: energy reform – key points for energy companies

President Enrique Peña Nieto has submitted a sweeping Energy Reform Bill (ERB) to Mexico’s Congress. In his recent State of the Union Address, President Peña Nieto confirmed his commitment to move forward decisively with...more

Citing Windsor, Two Courts Extend Spousal Rights To Same-Sex Couples Who Reside In States That Do Not Recognize Same-Sex Marriage

As we previously reported, the decision overturning the federal Defense of Marriage Act (DOMA) left open many questions, including the impact of the decision on states that do not recognize same-sex marriage. Recent decisions...more

OECD Launches Action Plan on Base Erosion and Profit Shifting

The OECD released its Action Plan on Base Erosion and Profit Shifting (BEPS) on Friday. The BEPS initiative was launched earlier this year at the request of the G20 to counter alleged abuses by multinational corporations to...more

Supreme Court Strikes Down Federal Defense Of Marriage Act – Open Questions For Benefit Plan Sponsors

On June 26, 2013, in a 5-4 vote the U.S. Supreme Court ruled that the 1993 Defense of Marriage Act (DOMA) was unconstitutional as a violation of Fifth Amendment guarantees of equal protection and equal liberty....more

Mexican Federal Labor Law Reform: What Companies Doing Business in Mexico Need to Know

Mexico’s new Federal Labor Law (FLL) took effect on December 1, 2012. The reform seeks to modernize Mexico’s labor law. The new FLL’s major, employment related amendments include increased regulation of outsourcing jobs,...more

CFPB Solidifies Loan Originator Compensation Restrictions, Dumps Zero-Zero Requirement

Even though the loan originator compensation rule (the “Final Rule” or “Rule”) finalized by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) in January passed without as much fanfare as the Bureau’s Qualified...more

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