In a matter of a few weeks, the COVID-19 pandemic has caused drastic changes to our businesses and personal lives. The effects are already substantial, from those personally affected by illness and shelter-in-place orders to...more
On March 13, 2020, President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the “Stafford Act”) in response to the Coronavirus Disease 19, or COVID-19. This...more
A recent Chief Counsel Memorandum (“CCM”) makes clear that a qualified retirement plan can face disqualification if the plan sponsor cannot provide a copy of an executed plan document or plan amendment upon audit....more
The United States Supreme Court, in a per curiam decision, declined to address whether plan participants sufficiently alleged breach of fiduciary duty claims under the Employee Retirement Income Security Act of 1974, as...more
2/21/2020
/ Appeals ,
Breach of Duty ,
Corporate Officers ,
Dismissals ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Employee Stock Purchase Plans ,
ESOP ,
Failure To Disclose ,
Fiduciary Duty ,
FIfth Third Bancorp v Dudenhoeffer ,
Fraud ,
Inflated Projections ,
Insider Information ,
Misrepresentation ,
Plan Participants ,
Pleading Standards ,
Remand ,
Retirement Plans Committee of IBM v Jander ,
Reversal ,
SCOTUS ,
Securities Violations ,
Vacated
Two bills have been introduced in the Senate that would allow employers to make matching contributions under 401(k), 403(b), governmental 457(b) and SIMPLE plans as if the participant’s student loan payments were salary...more
Today’s installment of our overview of the Proposed Regulations under Code Section 162(m) highlights the expansion of who is a “covered employee.” As a reminder, Code Section 162(m) generally limits the compensatory...more
Series Installment: “publicly held corporation” -
As we noted in our December 24, 2019 blog entry, on December 16, 2019, the Treasury Department released proposed regulations (the “Proposed Regulations”) addressing the...more
It has been several years since the US Supreme Court issued a decision in a case involving the Employee Retirement Income Security Act of 1974 (ERISA). In the upcoming term, the U.S. Supreme Court has agreed to review three...more
On December 16, 2019, the Treasury Department released proposed regulations (the “Proposed Regulations”) to address the amendments made to Code Section 162(m) by the Tax Cuts and Jobs Act (the “Amendment”). As background,...more
In 2017, the IRS significantly limited the ability of plan sponsors to request a determination letter that its individually-designed retirement plan met the tax qualification requirements of the Internal Revenue Code. Since...more
Private equity fund sponsors can breathe a sigh of relief last week as the First Circuit Court of Appeals, reversing a district court finding, held that two separate private equity funds sharing a general partner (Sun Capital...more
The Internal Revenue Service recently published final regulations modifying the rules relating to hardship distributions from Sections 401(k) and 403(b) plans. The final regulations reflect statutory changes affecting...more
The Internal Revenue Service set March 31, 2020 as the last date of the remedial amendment period for tax-exempt organizations and public school systems to self-correct plan document defects in their Section 403(b) plans. ...more
The Internal Revenue Service announced the 2020 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more
11/8/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
HDHPs ,
Health Savings Accounts ,
IRS ,
Popular ,
Retirement Plan
The Internal Revenue Service announced the 2019 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more
11/6/2018
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
ESOP ,
Health Savings Accounts ,
IRS ,
Qualified Retirement Plans ,
Retirement Plan
On August 21, 2018, the IRS issued Notice 2018-68 providing initial guidance on the amendments made to Section 162(m) of the Internal Revenue Code of 1986 (the “Code”) by the 2017 tax reform bill, which has been renamed “To...more
On July 18, the Securities and Exchange Commission adopted an amendment to Rule 701 increasing the threshold that triggers the Rule’s disclosure requirements. As background, Rule 701 provides an exemption from the...more
On June 21, 2018, the United States Court of Appeals for the Fifth Circuit issued its mandate to formally vacate the US Department of Labor’s conflict of interest rule (the “DOL Fiduciary Rule”) and related exemptions,...more
On December 20, 2017, the House of Representatives and the Senate voted to enact the tax reform bill, which has been renamed “To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the...more
On November 2, 2017, the House Republicans released the text of the Tax Cuts and Jobs Act (the “House Bill”), laying out a broad set of changes to the tax code that could dramatically change the ways companies compensate,...more
The Internal Revenue Service announced the 2018 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more
10/25/2017
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
ESOP ,
Health Savings Accounts ,
IRS ,
Qualified Retirement Plans ,
Retirement Plan
Please join the Locke Lord Employee Benefits and Executive Compensation Group for our 29th Annual Employee Benefits Seminar. Our attorneys will provide an overview of current developments related to employee benefit plans....more
Employers seeking to ease the hardships faced by employees in the aftermath of Hurricane Harvey may be looking for ways to provide aid to their own workforces.
Qualified Disaster Relief Payments -
Generally, a payment...more
A 2013 change in the City of Houston’s employee benefits policy to extend benefits to the same-sex spouses of City employees, intended to align the City’s policy with what its legal counsel determined was a federal...more
On May 4, 2017, the House of Representatives passed the American Health Care Act (“AHCA”), the legislation to repeal and replace virtually all of the Affordable Care Act (“ACA”), by a vote of 217-213....more