News & Analysis as of

Natural Disasters

FHA Extends Foreclosure Moratorium for Hurricane Maria Victims in Puerto Rico and U.S. Virgin Islands

by Weiner Brodsky Kider PC on

On March 1, 2018, FHA announced that it is extending its 180-day foreclosure moratorium for FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands for an additional 60-days due to the extensive damage caused by...more

OnRisk: Business Interruption Insurance for Hurricane Losses

by K&L Gates LLP on

In this episode of OnRisk, K&L Gates attorneys John Sylvester and Paul Fuener discuss business interruption insurance for hurricane losses, highlighting important steps that policyholders can take to protect their interests...more

Bomb (Cyclone): The Reboot

by Zelle LLP on

Almost a month to the day after the now-infamous January 4, 2018 “bomb cyclone”, another “bomb cyclone” (Quinn) hit the East Coast. On March 2, 2018, a monster storm slammed into the New England states causing major coastal...more

FHA Expands Foreclosure Relief for Homeowners Affected by 2017 Disasters

by Weiner Brodsky Kider PC on

On February 22, 2018, FHA issued Mortgagee Letter 2018-01, announcing expanded mortgage relief to FHA-insured homeowners who live or work in areas impacted by hurricanes Harvey, Irma, and Maria, as well as California...more

Hot Topics from the Community Association Institute's Law Seminar

by Ward and Smith, P.A. on

Each year, the Community Association Institute ("CAI") assembles the top community association attorneys from around the country to participate in its Community Association Law Seminar, an education and networking event that...more

Drones Helping to Restore Power in Puerto Rico

In the mountains near Ponce, Puerto Rico, after Hurricane Maria tore through, the terrain made it difficult to repair power lines that stretched from peak to peak. For over four months, the entire area was in the dark and so...more

Tax and Budget Bills Include Tax Qualified Retirement Plan Provisions

by K&L Gates LLP on

The tax bill enacted late last year (Public Law No. 115-97) and the budget bill enacted earlier this month (the Bipartisan Budget Act of 2018) included a handful of changes to the rules applicable to tax-qualified retirement...more

Massive Budget Deal Includes Important Changes To Hardship Withdrawal Rules

by Seyfarth Shaw LLP on

On Friday, February 9, 2018, the Bipartisan Budget Act of 2018 (the “Act”) was signed into law by President Trump, ending a brief government shutdown that began at 12:01 a.m. on Thursday, February 8, 2018. In addition to...more

Recent Legislation Impacts Qualified Retirement Plans

by Sherman & Howard L.L.C. on

On February 9, 2018, Congress passed and the President signed – the Bipartisan Budget Act of 2018, H.R.1892 (“BBA”). In addition to funding the federal government through March 23, 2018, the BBA contains a number of tax...more

Gov. Brown’s Executive Order Suspends Certain Retired Annuitant Employment Requirements - Modifications Needed for Disaster...

by Best Best & Krieger LLP on

To ensure adequate staffing levels while responding to recent natural disasters in California, the California Public Employees’ Retirement System has modified the 960-hour limitation related to retired annuitants employed in...more

Louisiana Loses Bid To Vacate Denial Of Reconsideration Of Arbitral Decision In FEMA Assistance Dispute

by Carlton Fields on

FEMA denied a request by the Louisiana Department of Natural Resources (“LDNR”) for assistance restoring barrier islands following Hurricanes Rita and Katrina....more

Hardship Distribution Changes – Tax Reform May Have Unintended Consequences

by Snell & Wilmer on

When tax reform proposals were floating around in the fall of 2017, several early proposals to the Tax Cuts and Jobs Act (the “Act”) included changes to the hardship distribution rules for qualified retirement plans. However,...more

Opening The Pandora’s Box Of Flood Policies, Or How Filing Suit Against Flood Insurers Can Effectively Reduce The Suit Limitations...

by Carlton Fields on

When is an insurer’s “Rejection of Proof of Loss” letter for flood insurance damage, which states on its face that it “is not a denial of your claim,” nevertheless a written denial of claim? According to the Third Circuit in...more

What to Watch: Five Key Features of the Infrastructure Package

by Bracewell LLP on

The President has announced more details regarding the new national infrastructure initiative that he referenced during his State of the Union address. The details suggest the Administration is taking a new approach to...more

“Avoid Groundhog Day – Get An Emergency Response Plan In Place!”

by Steptoe & Johnson PLLC on

On Groundhog Day, Punxsutawney Phil saw his shadow, signaling six more weeks of winter. Given the likely bad weather, these six weeks of “down time” are the perfect opportunity for construction professionals to develop,...more

A Quick Look at What's Ahead on the Water Infrastructure Front

by Downey Brand LLP on

I often joke with my clients that following issues too closely at the federal level can result in whiplash. To that regard, it has been a very active summer in Washington, DC on the water infrastructure front. Here’s a rapid...more

A Possible Formula for Puerto Rico's Hurricane Recovery: Distributed Renewable Energy

by Sullivan & Worcester on

In October 2017, Hurricane Maria swept through the Commonwealth of Puerto Rico decimating the island, taking hundreds of lives and demolishing infrastructure on an enormous scale. In the hurricane’s immediate aftermath,...more

The Bipartisan Budget Act’s Impact on Retirement Plans

On Friday, February 9, 2018, Congress passed, and the President signed, the Bipartisan Budget Act of 2018 (the “Budget Act”). The Budget Act contains a number of provisions that affect qualified retirement plans. Plan...more

Employee Benefits Implications of the Bipartisan Budget Act

by Kelley Drye & Warren LLP on

The Bipartisan Budget Act of 2018 (“Act”) was signed into law on February 9, 2018. It includes certain provisions impacting employee benefits, 401(k) plans in particular. The following is a brief description of some notable...more

FDIC, Federal Reserve Board, and OCC Issue Interagency Statement on CRA Consideration for the U.S. Virgin Islands and Puerto Rico...

by Weiner Brodsky Kider PC on

The interagency statement recently issued by the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board of Governors (FRB), and the Office of the Comptroller of the Currency (OCC) addresses the availability of...more

401(k) Plan Hardship Withdrawals for Casualty Losses

by Baker Donelson on

Consider two fact situations. In one, relatively modest damage occurs to a 401(k) plan participant's principal residence attributable to a hurricane in a federally declared disaster area. In the other situation, lightning...more

The Year in Bankruptcy: 2017

by Jones Day on

The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more

Inclement Weather May Require Employers To Warm To Reasonable Accommodations

by Jackson Lewis P.C. on

To enable employees to deal with natural disasters and severe local weather, employers should prepare to address issues arising from employees’ inability to get to work. By itself, being stuck at home because of a blizzard...more

Deadline to Report Qualified Payments for Disaster Assistance with the Puerto Rico Department of the Treasury is Soon Approaching

by Littler on

On October 4, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination No. 17-21 (AD 17-21) to exclude from gross income certain payments employers made to employees for...more

Natural Disasters in Latin America: A Look Back at 2017

by Zelle LLP on

2017 saw approximately USD 330 billion in losses from natural disasters worldwide, of which around USD 135 billion were insured, according to a Munich Re report. It was the second costliest year on record, only surpassed by...more

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