The IRS has long permitted sponsors of individually designed pension and 401(k) retirement plans qualified under Section 401(a) of the Code to obtain a favorable determination letter on the status of their tax-qualified...more
The Internal Revenue Service (IRS) is strategically working to execute the statutory changes that were outlined by the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019. However, the IRS’s efforts...more
4/12/2022
/ 403(b) Plans ,
501(c)(3) ,
Deadlines ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Contributions ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
U.S. Treasury
The US Department of Labor (DOL) recently issued guidance concerning a new exemption under the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with the provision...more
7/16/2021
/ Banks ,
Broker-Dealer ,
Department of Labor (DOL) ,
Disclosure ,
Employee Retirement Income Security Act (ERISA) ,
Employees ,
Exemptions ,
Fiduciary ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Internal Revenue Code (IRC) ,
Investment ,
Investment Adviser ,
New Guidance ,
Personal Representatives ,
Prohibited Transactions ,
Retirement Plan
The US Department of Labor (DOL) issued an information letter in June 2020 indicating that, in limited circumstances, it will allow defined contribution retirement plans (such as 401(k) plans) to indirectly invest in private...more
9/14/2020
/ 401k ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employees ,
Fiduciary Duty ,
Information Letters ,
Investment Adviser ,
Investment Management ,
New Guidance ,
Private Equity ,
Private Equity Funds ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
Much has been written about the new CARES Act distribution that allows impacted COVID-19 participants to access up to $100,000 in their tax-qualified defined contribution plan penalty-free and with income taxes spread over...more
In-house counsel and human resources professionals at tax-exempt colleges and universities often face a variety of challenges when structuring, and determining obligations due under, severance arrangements. There are some key...more
8/20/2019
/ COBRA ,
Colleges ,
Educational Institutions ,
Employee Benefits ,
Excise Tax ,
Hiring & Firing ,
Restrictive Covenants ,
Retirement Plan ,
Severance Agreements ,
Severance Pay ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Termination ,
Universities ,
Wage and Hour
Joe Urwitz, Todd Solomon and Chris Nemeth discuss provisions of The Employee Retirement Income Security Act of 1974 (ERISA) of particular relevance to tax-exempt entities and their investment managers, as well as ongoing...more
The recent wave of 403(b) lawsuits against more than a dozen prominent US universities could herald similar suits for other 403(b) plan sponsors. Plan sponsors can minimize their risk by reviewing their plan governance...more
9/8/2016
/ 403(b) Plans ,
Benefit Plan Sponsors ,
Breach of Duty ,
Class Action ,
Educational Institutions ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fees ,
Fiduciary Duty ,
Investment Management ,
Retirement Plan ,
Universities
In the last several months, plaintiffs have filed multiple class action lawsuits against plan sponsors, plan fiduciaries and stable value fund providers. These lawsuits, which have involved 401(k) plans sponsored by large...more
6/1/2016
/ 401k ,
Benefit Plan Sponsors ,
Breach of Duty ,
Class Action ,
Duty of Loyalty ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
Investor Protection ,
Retirement Plan
In a no-action letter dated February 18, 2015, the U.S. Securities and Exchange Commission (SEC) extended relief from the application of Rule 482 of the Securities Act of 1933 to certain retirement plans that are exempt from...more
In January 2013, the Internal Revenue Service (IRS) published final regulations under the Foreign Account Tax Compliance Act (FATCA). FATCA is intended to make it more difficult for U.S. taxpayers to conceal assets held in...more
The Internal Revenue Service issued Notice 2014-19 and a set of Frequently Asked Questions on April 4, 2014, clarifying certain retroactive retirement plan implications of the Supreme Court’s Windsor ruling. The guidance...more
Recent guidance issued by the U.S. Department of the Treasury, the Internal Revenue Service (IRS) and the Employee Benefits Security Administration (EBSA) division of the U.S. Department of Labor (DOL) provides some initial...more
10/1/2013
/ Defined Benefit Plans ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
DOMA ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Family and Medical Leave Act (FMLA) ,
Healthcare ,
IRS ,
Retirement Plan ,
Same-Sex Marriage ,
SCOTUS ,
State of Celebration ,
US v Windsor
The Internal Revenue Service recently published final regulations under the Foreign Account Tax Compliance Act (FATCA), which are effective immediately. FATCA imposes significant reporting obligations on both non-U.S....more