Retirement

News & Analysis as of

Maryland Enacts Mandatory Private-Sector Retirement Program That Impacts Most Maryland Employers

Maryland joins California, Connecticut, Illinois, and Oregon in leading state initiatives to set up state-sponsored retirement plans for employees. The Maryland Small Business Retirement Savings Program and Trust (“the...more

About Pink Cadillacs and SECA Taxes

Peterson v. Commissioner is a case that only a tax person could enjoy. It is a new opinion from the 11th Circuit, decided on May 24, 2016. The court’s opinion is 87 pages long and includes a strong dissent on the majority’s...more

Don’t be Phased by Annuity Treatment: Taxation of Distributions During Phased Retirement

On June 10, the Internal Revenue Service (IRS) issued Notice 2016-39 in response to inquiries regarding the appropriate tax treatment under section 72 of the Internal Revenue Code (the Code) for payments received by an...more

New Connecticut Public Act Mandates Retirement Savings Programs

Beginning in 2018, private-sector employers in Connecticut that do not offer their employees a retirement savings plan (i.e.,401(k) or other payroll deduction retirement options) will be required to automatically enroll their...more

Spouses May Qualify for Early Social Security Benefits If They Care for a Child with Disabilities

When a parent of a child with special needs retires and begins receiving Social Security retirement benefits, her child may qualify for Social Security Disability Insurance (SSDI) based on the parent's work record if the...more

NOVITÀ IN MATERIA DI DIRITTO DEL LAVORO

Il presente alert viene redatto al fine di fornire prime indicazioni relative alle ultime novità in materia di Diritto del Lavoro, con particolare riferimento alla disciplina dei controlli a distanza, delle dimissioni e del...more

It’s Good to be the King: Nullus Tempus Allows TN Fund’s Suit on Decade-Old RMBS Buys

Chancellor Carol McCoy allowed a Tennessee state retirement fund’s securities suit over decades-old RMBS purchases to continue last week, holding that time doesn’t run against the king – even on statutes of repose....more

ERISA — 9th Circuit: Plaintiffs Can Now Simultaneously Bring Benefit Payment and Equitable Claims

Lane Powell attorney Mike Baylous writes an excellent summary here on big changes to ERISA in the 9th Circuit. Remember that old argument that equitable claims should be dismissed because they are duplicative?...more

North Carolina Legislative Report

Lawmakers returned to Raleigh for the Regular Session April 25, 2016. The MVA Public Affairs Legislative Report on North Carolina will be distributed weekly during session to keep you up to date on the latest legislative...more

Financial Crimes Enforcement Network Director to Step Down

Jennifer Shasky Calvery announced that she will step down as Director of the US Treasury Department’s Financial Crimes Enforcement Network at the end of May. She has served as FinCEN Director since September 2012. FinCEN has...more

Avoiding Pitfalls When Forced to Start Breaking Your Retirement Piggy Bank

The oldest of the 75 million baby boomers have begun turning 70 in 2016. Becoming a septuagenarian is a milestone in itself, but it also means that soon the IRS will likely be expecting you to start cashing out your...more

Burr Alert: Is Tennessee "Retiring" Its Hall Income Tax?

Tennessee has long been known as a retirement friendly state and usually ranks in the Top 10 of any list identifying the best places in the U.S. for retirement. That reputation is about to be enhanced as Tennessee's...more

District Court Rules Johnson Controls Retirees Not Entitled to Lifetime Health Benefits

A district court in the Middle District of Pennsylvania held that, notwithstanding the Supreme Court’s decision in M & G Polymers USA, LLC v. Tackett, 135 S. Ct. 926 (2015), the Third Circuit’s rule that clear and express...more

Maine WC Board Appellate Division Addresses Several Cases Dealing with the Application of the “Retirement Presumption”

Under the “retirement presumption” (Section 223 of the Act), an employee who terminates active employment and is receiving nondisability pension or retirement benefits is presumed not to have a loss of earnings as the result...more

Blog: Scrutiny Of Director Tenure Continues: Is It The Next Cause Célèbre?

The scrutiny of pale, stale and male boards continues, this time focused on the “stale,” that is, long-tenured directors. According to the WSJ, institutional investors are increasingly questioning whether more turnover on...more

Heard at the 2016 SIFMA Conference

Recently, attorneys from K&L Gates’ Government Enforcement practice group attended the Securities Industry and Financial Markets Association’s (“SIFMA”) Compliance and Legal Society Annual Seminar. We wanted to share with you...more

Higher Education Highlights - Spring 2016

Upcoming changes to the Fair Labor Standards Act salary-basis test may convert many of your smartphone-toting exempt employees into non-exempt employees, requiring you to track the evening and weekend time these employees...more

Alimony Termination Upon a Payor’s Retirement

Alimony payors who plan to retire have standing to seek a termination of their alimony obligation. Under the 2014 amendments to the alimony statute, a court uses one of three standards in deciding such an application to...more

Thomas Baxter to Retire from the New York Fed

Thomas C. Baxter, general counsel and executive vice president of the Federal Reserve Bank of New York, announced his decision to retire from the New York Fed in September, 2016, after 36 years of service. Mr. Baxter also...more

Illinois Supreme Court Strikes Down City of Chicago Pension Reform Legislation

Late last week, in Jones et al v. Municipal Employees’ Annuity and Benefit Fund of Chicago et al (“Jones”), the Illinois Supreme Court struck down Public Act 98-641, which aimed to shore up two ailing Chicago pension funds. ...more

Director of Research at the Federal Reserve Bank of New York Announces Retirement

James J. McAndrews, executive vice president of the Research and Statistics Group and Director of Research of the Federal Reserve Bank of New York, announced that he will be retiring from the FRBNY in June after 28 years at...more

Sixth Circuit Issues Different Opinions on Retiree Medical Coverage After Tackett

For 33 years, unionized employers in the Sixth Circuit had to deal with the holding and, worse still, the application of the decision in UAW v. Yard-Man, Inc., 716 F.2d 1476 (6th Cir. 1983), which created what it called an...more

Last Chance to Use File and Suspend Strategy for Claiming Social Security Benefits

Time is running out to use a potentially very lucrative Social Security benefits-claiming strategy. Spouses will no longer be able to use the "file and suspend" strategy after April 29, 2016. Beware, however, that the new...more

How Likely Are You to Need Long-Term Care?

Planning for retirement and deciding whether to buy long-term care insurance would be a lot easier if you knew your odds of needing long-term care, as well as at what age and for how long. Unfortunately, there's no definite...more

Minnesota Legislative Update: 2016 Legislative Session Preview 02/2016

The second year of the 89th Session of the Minnesota Legislature convenes on March 8, 2016. This year’s session is unusually late and will last an atypically short 11 weeks. The February Forecast released today projects...more

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