News & Analysis as of

Forfeiture Internal Revenue Code (IRC)

Jackson Lewis P.C.

Use of Plan Forfeitures Not the Slam Dunk It Used to Be

Jackson Lewis P.C. on

A recent rash of class action lawsuits in California claim that using forfeitures to reduce future employer contributions to tax-qualified retirement plans runs afoul of the Employee Retirement Income Security Act (ERISA)....more

Verrill

Use of Retirement Plan Forfeitures: The IRS Proposed Regulations, Recent Litigation, and the DOL’s Position

Verrill on

In five recently filed class action lawsuits, 401(k) plan participants allege that plan fiduciaries violated ERISA by using plan forfeitures to offset employer contributions instead of paying plan expenses. The use of...more

Dickinson Wright

Mastering Retirement Plan Forfeitures: A Deep Dive into IRS’s 2023 Proposals & Fiduciary Litigation Trends

Dickinson Wright on

When a participant terminates employment without being fully vested in their qualified retirement plan account, the non-vested portion of the account is a “forfeiture.” While forfeitures are a common element of most...more

Groom Law Group, Chartered

IRS Updates Regulations for Use and Timing of Forfeitures

Over the years, the Internal Revenue (IRS)/Treasury had an item on their annual guidance plan to update the existing regulations on forfeitures. Well, that guidance is finally here in the form of proposed regulations and it...more

Morrison & Foerster LLP

What Is an 83(b) Election, and Do I Need to File One?

If you’re reading this, chances are this is not the first time you’ve heard of the 83(b) election (and if it is, then definitely keep reading). The “83” in “83(b) election” refers to Section 83 of the Internal Revenue Code,...more

McDermott Will & Emery

Proposed 457(f) Regulations: Opportunities and Challenges

The 2016 proposed regulations significantly expanded 457(f) plan sponsors’ ability to permit elective deferrals, use noncompetition agreements and make larger severance payments than otherwise permitted under 409A without...more

Pillsbury Winthrop Shaw Pittman LLP

A New Landscape - Compliance clarifications and planning opportunities for governmental and tax-exempt employers sponsoring...

On June 22, 2016, the Internal Revenue Service (IRS) published its long-awaited proposed regulations (the Proposed Regulations) under Section 457(f) of the Internal Revenue Code (the Code). Section 457(f) governs the taxation...more

Katten Muchin Rosenman LLP

Proposed Treasury Regulations Provide Additional Flexibility, Clarity and Planning Opportunities to Sponsors of Deferred...

The IRS recently issued proposed regulations under Internal Revenue Code Section 457 that address, among other things, the interplay between Code Section 457(f) and Code Section 409A. Additionally, the IRS issued clarifying...more

Bond Schoeneck & King PLLC

Employee Benefits: Steps Eligible Tax-Exempt and Governmental Employers Should Take Regarding the New Proposed Deferred...

After more than nine years of waiting, eligible tax-exempt, state government and local government employers (collectively, "Tax-Exempt and Governmental Employers") finally have received the guidance long promised by the...more

Pierce Atwood LLP

IRS Issues Proposed Regulations Under Code Section 457(f)

Pierce Atwood LLP on

In June 2016, the IRS issued long-awaited proposed regulations under Section 457(f) of the Internal Revenue Code of 1986, as amended. While the proposed regulations will generally apply to compensation deferred under a plan...more

Locke Lord LLP

IRS Issues Proposed Regulations Affecting Deferred Compensation Plans of Tax-Exempt Organizations

Locke Lord LLP on

On June 21, 2016, after more than 15 years of ongoing deliberations, the U.S. Department of the Treasury (the Dept. of Treasury) issued proposed regulations under Section 457 of the Internal Revenue Code of 1986 (the Code),...more

Mintz - Employment Viewpoints

The Impact of Recently Proposed Regulations on Ineligible Nonqualified Plans Under Internal Revenue Code § 457(f)

The Treasury Department and the Internal Revenue Service recently issued comprehensive proposed regulations governing nonqualified plans subject to tax under Internal Revenue Code § 457. Code § 457 prescribes the tax rules...more

Seyfarth Shaw LLP

IRS Proposes Regulations on 457(f) Plans for Tax-Exempt Employers

Seyfarth Shaw LLP on

It took only 9 years since first announcing its intention to issue regulations, but the IRS has finally issued proposed regulations for deferred compensation arrangements sponsored by tax-exempt and governmental employers. ...more

Proskauer Rose LLP

IRS Issues Proposed Regulations Under Code Section 457

Proskauer Rose LLP on

On June 21, 2016, the Internal Revenue Service (IRS) issued long-awaited proposed Treasury Regulations prescribing rules under Section 457 of the Internal Revenue Code (the "Code") for the income taxation of deferred...more

Nexsen Pruet, PLLC

Tax Alert: New Executive Compensation Regulations Clarify Timing of Taxation

Nexsen Pruet, PLLC on

The Internal Revenue Service recently published final regulations under Section 83 of the tax code. These regulations deal with the timing for taxation for grants of property (e.g., stock) that are subject to...more

Sherman & Howard L.L.C.

IRS Issues Final Regulations on Substantial Risks of Forfeiture under Code Section 83

On February 25, 2014, the Treasury Department issued final regulations identifying the circumstances in which a substantial risk of forfeiture would exist under Section 83 of the Internal Revenue Code (the “Code”)....more

Proskauer - Employee Benefits & Executive...

Tax Reform Proposal Takes Aim at Executive Compensation

On February 26, 2014, U.S. Congressman Dave Camp released a comprehensive tax reform proposal that includes several provisions intended to limit or restrict executive compensation. Congressman Camp’s proposal includes the...more

McDermott Will & Emery

IRS Issues Final Regulations Clarifying Substantial Risk of Forfeiture Under Section 83 of the Internal Revenue Code

McDermott Will & Emery on

The Internal Revenue Service (IRS) recently released new final regulations under Section 83 of the Internal Revenue Code (the Code) that confirm several positions that it has successfully taken in litigation about what is ...more

Mintz

Tax Court Provides Color on “For Cause” Termination Under Code Section 83

Mintz on

On December 16, 2013, the Tax Court decided a case that sheds important light on the meaning of the term “substantial risk of forfeiture” under section 83 of the Internal Revenue Code of 1986, as amended (the “Code”). The...more

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