The Supreme Court agreed on December 13, 2013 to review an issue critical to ERISA “stock drop” cases and important more generally for ERISA individual-account plans that invest in employer stock....more
In furtherance of Section 902 of the American Taxpayer Relief Act of 2012 (ATRA), the Internal Revenue Service (IRS) recently issued Notice 2013-74 updating prior IRS guidance regarding so-called “in-plan” Roth conversions...more
On December 11, 2013, the IRS issued IRS Notice 2013-74 which provides guidance on in-plan Roth rollovers. An in-plan Roth rollover is a rollover within a Section 401(k), Section 403(b) or governmental Section 457(b) plan to...more
On December 4, 2013, Bill No. 39, the Voluntary Retirement Savings Plans Act (the “Act”) was assented to. The Act will come into force as of January 1, 2014. It should be noted however that the time limit applicable to the...more
When my wife and I bought our house, there were quite a few things that the previous owner forgot to tell us such as the fact they never bothered to pull the pipes from the dental office run by a previous owner 20 years...more
I didn’t have such a wonderful time at law school because I felt the administration and much of the faculty weren’t honest when it came to the study of law and more importantly, our job opportunities. There was one law...more
The U.S. government, through a brief submitted by the Solicitor General, is urging the U.S. Supreme Court to consider clarifying when a plaintiff may state a claim against plan fiduciaries for the continued holding of...more
The Internal Revenue Service has issued long-awaited guidance regarding the ability for participants in section 401(k), 403(b), and governmental 457(b) plans to convert balances from pre-tax and after-tax sources into Roth...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
I love Las Vegas and I hate to gamble, which explains why I haven’t been to Atlantic City since 1995. I love the sights, sounds, the entertainment, the food, and everything but gambling. I hate gambling because I don’t like...more
Seven Deadly Sins Every Retirement Plan Provider Should Avoid.
Stuff plan providers should avoid.
The movie Seven taught me that the seven deadly sins are wrath, greed, sloth, pride, lust, envy, and gluttony. It...more
Both chambers of the Illinois General Assembly adopted the Conference Committee Report to Senate Bill 1 on December 3, 2013. The bill provides comprehensive pension reform for four state retirement systems – the Teachers’...more
The movie Seven taught me that the seven deadly sins are wrath, greed, sloth, pride, lust, envy, and gluttony. It also taught me not to open up any boxes delivered by a truck in any desolate place. Seriously, there are many...more
Health & Welfare Plans -
Health Care Reform: Supreme Court Grants Review to Two Cases Challenging ACA’s Contraception Coverage Mandate -
The United States Supreme Court has agreed to hear two cases challenging...more
It’s time to take a short break from all the healthcare changes and focus on your December 1st and 15th deadlines for the following participant notices for calendar year retirement plans...more
Welcome to DLA Piper’s Pensions News publication in which we report on recent developments in pensions legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming...more
The U.S. Department of Treasury and the Internal Revenue Service have issued final regulations providing guidance on permitted midyear reductions or suspensions of safe harbor nonelective and safe harbor matching...more
The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more
Plan sponsors should consider whether they need to make certain plan amendments or provide certain plan notices prior to the end of the year.
The end of the year marks the deadline by which sponsors of qualified...more
As most family law practitioners are aware, ERISA and the Internal Revenue Code (“IRC”) do not permit a participant in a retirement plan to assign or alienate his/her interest in that plan to another person. These rules are...more
With the Holiday season about to start, we know that the end of the year will soon follow. While plan participants maybe more concerned about holiday shopping or the firm’s annual holiday party, it’s a great and necessary...more
On November 15, 2013, the Internal Revenue Service published a notice of proposed rule making (NPRM) along with proposed regulations regarding the treatment of certain income derived from Indian fishing rights-related...more
In This Issue:
- State death taxes can be hazardous to your estate
- Can portability help preserve retirement benefits?
- Provide for family members with special needs using an SNT
On November 14, 2013, the Internal Revenue Service issued final regulations that permit mid-year reductions or suspensions of safe harbor nonelective contributions, and that modify the rules permitting mid-year reductions or...more