News & Analysis as of

Benefit Plan Sponsors Employee Stock Ownership Plans

Kaufman & Canoles

ESOPs, Benefits & Compensation Q2 2024 Client Update

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On behalf of the ESOPs, Benefits & Compensation team, we hope your Summer is off to a great start. In the time of family vacations and out-of-office replies, the pace of employee benefits changes—both large and small—remains...more

Kaufman & Canoles

ESOPs & Employee Benefits Q1 2024 Client Update

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On behalf of the ESOPs & Employee Benefits team, we hope you’re enjoying the first days of Spring, when the longer days allow more time to ponder the ever-changing landscape of employee benefits compliance. Please find below...more

Holland & Knight LLP

The Law on ERISA Plan Arbitration Provisions Remains Unsettled

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As previously discussed, courts continue to disagree over the enforceability of mandatory arbitration provisions containing class action waivers set forth in benefit plans governed by the Employee Retirement Income Security...more

Goodwin

A Step Towards Guidance Instead of Regulation by Litigation in the ESOP Space

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Employee Stock Ownership Plans (ESOPs), their sponsors and participants, and other industry players will welcome the news announced by the ESOP Association on April 14, 2023, that the Department of Labor (DOL) has committed...more

Kaufman & Canoles

ESOPs & Employee Benefits Q1 2023 Client Update

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Welcome to Spring! We hope the new season finds you ready for the upcoming benefits changes that 2023 has in store. ...more

Robinson Bradshaw

Tenth Circuit Prohibits Class-Action Waivers in Benefit Plan Documents

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It is no secret that many businesses minimize risk by requiring arbitration of disputes on an individual basis. The exposure created by a single claim pales next to that presented by a class claim, asserted under Rule 23, on...more

McDermott Will & Emery

IRS Announces 2023 Employee Benefit Plan Limits

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The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social...more

Kaufman & Canoles

ESOPs & Employee Benefits Client Alert

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Retirement Plan RMD Updates Bring Employers New Challenges - Among the many other tasks retirement plan sponsors must navigate, they need to focus on a few new rules aimed at required minimum distributions (or “RMDs”). While...more

Wiley Rein LLP

Fifth Circuit: No Fiduciary Liability Coverage for Claim Against Third-Party ESOP Trustee

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The United States Court of Appeals for the Fifth Circuit recently upheld an insurer’s denial of fiduciary liability coverage for claims brought against a third party appointed by the insured to manage its employee stock...more

Fisher Phillips

2021 Limits for Benefit Plans

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The IRS has announced the 2021 dollar limits impacting retirement plans and IRAs. The agency also issued welfare plan limits, as well as ACA penalties. The chart below summarizes these 2021 figures along with the...more

McAfee & Taft

Defined contribution plan restatement period begins

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The IRS has recently issued to document vendors opinion letter approvals for updated pre-approved defined contribution plan documents. This starts the next cycle of required defined contribution plan document restatements. If...more

Foley & Lardner LLP

ESOP Valuation and Other Considerations in the Age of the Coronavirus

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Many corporate clients that currently sponsor employee stock ownership plans (“ESOPs”) are addressing ESOP plan administration matters for the plan year ending December 31, 2019 (or another recent non-calendar plan year-end...more

Goodwin

Top 10 Compensation and Benefits Issues for Employers in Light of the COVID-19 Pandemic

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As the COVID-19 pandemic continues to unfold, many employers are faced with questions about the impact of economic changes and workforce reductions on their compensation and benefits arrangements. This alert is intended to...more

Proskauer - Employee Benefits & Executive...

IRS Reiterates Requirement to Sign Plan Documents and Amendments

At the heart of tax qualified retirement plan compliance is a requirement to timely adopt plans and plan amendments. Failure to adopt plan amendments when required can result in plan disqualification. Accordingly, it is very...more

Faegre Drinker Biddle & Reath LLP

IRS Announces 2020 Dollar Limits for Employee Benefit Plans

The IRS has announced the dollar limits for contributions and benefits in retirement plans and certain deferred compensation plans for 2020. We have compiled a chart summarizing the key limits below, including how they...more

McDermott Will & Emery

[Event] Pre-Conference Lunch & Learn At The ESOP Association’s 2019 Las Vegas Conference - November 13th, Las Vegas, NV

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Mark your calendar and join fellow friends of employee ownership for a series of interactive discussions concerning key issues facing ESOP companies and professionals, as we lead up to The ESOP Association’s Conference. ...more

Proskauer - Employee Benefits & Executive...

Final Hardship Distribution Regulations, Part Two: Implementation Considerations

As discussed in our prior blog entry, the IRS recently released final regulations making a number of significant changes to the rules applicable to hardship distributions from 401(k) and 403(b) plans. As part of our...more

American Conference Institute (ACI)

[Event] ERISA Litigation – Valuable insights on how to prevent, manage and defend against rising, costly ERISA disputes - November...

Ensure that You are Equipped with the Latest Updates and Strategies to Prevent, Manage and Defend Against Rising, Costly ERISA Disputes - This annual event is your best opportunity to gain best practices for your everyday...more

Holland & Knight LLP

Recently Issued IRS Snapshot Provides Guidance for S Corporation ESOPs

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• The Internal Revenue Service (IRS) has released an "Issue Snapshot" on preventing the occurrence of a nonallocation year for S corporation employee stock ownership plans (ESOPs) under Section 409(p) of the Internal Revenue...more

Holland & Knight LLP

Courts Continue to Rule on Retirement Plan Mandatory Arbitration Provisions

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• Some retirement plans, including employee stock ownership plans (ESOPs), have in the past few years included terms and provisions that require participant breach of fiduciary claims to be resolved in arbitration on a...more

Winstead PC

Retirement and Welfare Benefit Limits and Updated Form 5500s and Penalties

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With annual enrollment in full steam ahead mode, we have now received a number of remaining limits from the Internal Revenue Service. Attached is a chart that shows all of the limits for both retirement and welfare benefit...more

BCLP

2019 Qualified Plan Limits Released

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The Internal Revenue Service released the 2019 dollar limits for retirement plans, as adjusted under Code Section 415(d). We have summarized the new limits (along with the limits from the last few years) in the chart below...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - December 2017

Plan Features And Services Aren't A Fit For Every Plan Sponsor. There is nothing out there that is a fit for everything. Did you ever buy a car and the dealer was trying to sell you things you didn't really need like...more

Snell & Wilmer

2017 End of Year Plan Sponsor “To Do” List (Part 2) Annual Cost of Living Adjustments

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As 2017 comes to an end, we are happy to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end...more

Dentons

The Costly Tax Consequences of ESOP Disqualification

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Over the past several years, the IRS has renewed its focus on auditing Employee Stock Ownership Plans (ESOPs), in part because of allegedly abusive arrangements (for a quick overview, see Courtney’s ESOP post). Unfortunately,...more

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