IRS Notice 2024-63, published Aug. 19, 2024, provides interim guidance for plan sponsors on the SECURE 2.0 Act provision permitting employers to offer matching contributions to their retirement plans — including 401(k) and...more
In a highly welcome development, the IRS recently delayed by two years the deadline for plan sponsors to comply with its requirement under the SECURE 2.0 Act of 2022, that catch-up contributions made on behalf of certain...more
Recently, the IRS released Notice 2023-43, providing interim guidance on Section 305 of the SECURE 2.0 Act of 2022, which expanded the Employee Plans Compliance Resolution System (EPCRS), the system through which plan...more
Background -
On Aug. 25, 2022, the SEC released its final regulations implementing Dodd Frank Section 953(a) Pay for Performance rules (see McGuireWoods’ Aug. 30, 2022, legal alert). These regulations require companies to...more
On Aug. 25, the SEC released its final regulations implementing Dodd Frank Section 953(a) Pay for Performance rules (much to the chagrin of Commissioner Peirce). The rules are extremely complicated and prescriptive in nature...more
On June 3, 2022, the IRS announced it is launching a pilot pre-examination retirement plan compliance program, which generally will be effective immediately (June 2022). This pilot program essentially gives plan sponsors a...more
On Oct. 4, 2021, the U.S. Departments of Labor, Health and Human Services, and Treasury (collectively, the departments) released guidance (FAQs) concerning application of the HIPAA nondiscrimination and Affordable Care Act...more
The IRS recently issued Revenue Procedure 2021-30 (2021 RP) to provide revised procedures for its Employee Plans Compliance Resolution System (EPCRS) — the system through which plan sponsors can correct errors in the form and...more
On July 9, 2021, the Pension Benefit Guaranty Corporation (PBGC) issued an interim final rule implementing its new program providing special financial assistance (SFA) to certain underfunded multi-employer pension plans...more
The IRS recently issued Notice 2020-52 providing flexibility to employers wishing to reduce or suspend safe harbor contributions to safe harbor 401(k), 401(m) and 403(b) plans in light of the economic and business challenges...more
On June 20, the U.S. Departments of Labor, Treasury, and Health and Human Services (the Departments) released a final rule expanding the availability of health reimbursement arrangements (HRAs) employers can use to pay for or...more
The IRS recently issued Revenue Procedure 2019-19 (the 2019 RP) to provide revised procedures for its Employee Plans Compliance Resolution System (EPCRS) – the system through which plan sponsors can correct errors in the form...more
In Trustees of the Suburban Teamsters of Northern Illinois Pension Fund v. The E Company, the 7th U.S. Circuit Court of Appeals on Jan. 29, 2019, affirmed a district court’s judgment ordering a group of closely held...more
Earlier this month, the IRS proposed changes to existing rules governing distributions from 401(k) and 403(b) plans on account of certain financial hardships. The proposed regulations reflect several statutory changes enacted...more
The Internal Revenue Service recently issued Revenue Procedure 2018-52 (the 2018 RP) to provide revised procedures for its Employee Plans Compliance Resolution System (EPCRS) — the system through which plan sponsors can...more
Pension funding obligations for Employee Retirement Income Security Act (ERISA) pension plans are not limited to the immediate employer and sponsor of the pension plan. A recent decision from the 6th U.S Circuit Court of...more
In Bakery and Confectionery Union Fund v. Just Born II, Inc., the 4th U.S. Circuit Court of Appeals on April 26, 2018, affirmed the district court’s judgment requiring Just Born to pay delinquent contributions into the Bakery...more
The 9th U.S. Circuit Court of Appeals recently affirmed the dismissal of an action brought by several multi-employer funds against owners and officers of a Nevada glass and glazing corporation in Glazing Health & Welfare Fund...more
After much delay and uncertainty, the U.S. Department of Labor’s final rule on disability benefit claims procedures is set to become effective April 1. The rule, which applies to ERISA employee benefit plans (including...more
Three years ago, in M&G Polymers USA, LLC v. Tackett, the Supreme Court unanimously vacated a ruling by the SixthCircuit Court of Appeals that a collective bargaining agreement (CBA) vested retirees with lifetime medical...more
This month, the Internal Revenue Service announced changes to the user fee structure for most voluntary correction program (VCP) submissions under its Employee Plans Compliance Resolution System (EPCRS). Previously, such fees...more
On Dec. 22, President Trump signed into law the 2017 Tax Act, the most comprehensive set of changes to the Internal Revenue Code since 1986. Some of the changes affect executive compensation and employee benefits. Because...more
1/2/2018
/ Affordable Care Act ,
Compensation & Benefits ,
Deferred Compensation ,
Employee Benefits ,
Executive Compensation ,
Individual Mandate ,
Internal Revenue Code (IRC) ,
Section 162(m) ,
Section 409A ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform
Last month, Institutional Shareholder Services (ISS) updated its proxy voting guidelines for the upcoming proxy season. The updates, summarized in part below, are effective for shareholder meetings on or after Feb. 1, 2018....more
The Department of Labor (DOL) on Nov. 29 finalized additional delays to major aspects of its fiduciary rule by formally extending, by 18 months, certain transition period deadlines and applicability dates. Consequently, in...more
Plan administrators seeking a standard termination of a defined benefit pension plan must comply with very specific Employee Retirement Income Security Act (ERISA) rules and Pension Benefit Guaranty Corporation (PBGC)...more