A Summary Of And Comment On Its Effects On Independent Retirement Systems
Signed by Governor Brown in 2012, California's pension reform legislation went into effect as of January 1, 2013, although certain provisions are not effective until the expiration of the relevant collective bargaining ...
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Health Care Reform: Are You A “Large” Employer
A large employer is one that for a year employed an average of at least 50 full-time employees (at least 30 hours per week) on business days during the preceding calendar year. In order to make this determination, the employer must not only count all of its full-time employees, it must count the ...
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ESOPS & Limited Liability Companies: Converting To A Corporation
Want an ESOP But Have an LLC? Convert!
Business owners frequently choose to operate as a limited liability company (LLC) because it provides for a less formal governance structure and the option to be taxed as a partnership. But, the downside for LLC owners considering an ESOP is ...
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403(b) Plans – Managing Them Can Be Like Herding Cats
Right now, the vast majority of 403(b) plans are loose financial arrangements with too many investment choices and very little, if any, employer involvement. A so-called non-employer-sponsored, or non-ERISA, plan is essentially an accommodation by employers to allow their employees to have pre-tax ...
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The Delinquent Filer Voluntary Compliance Program – Over-The-Counter Relief
In 1995, the Department of Labor (DOL) established its Delinquent Filer Voluntary Compliance (DFVC) Program to enable plan sponsors to file all the appropriate returns and to pay reduced penalties.
If you have an employee benefit plan for which an annual report should have been filed, but which ...
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ERISA Section 510 Claims
ERISA section 510 makes it unlawful for any person to discharge, fine, suspend, expel, discipline, or discriminate against a participant or beneficiary for exercising any right to which he is entitled or may become entitled under an ERISA plan. It also makes it unlawful to discharge, fine, ...
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Corporate Succession Planning And The CPA
There is no denying that all privately held companies will, at some point, be sold to or merge with a third party, transferred to family members, sold to their employees – or not survive. Very few companies have the option of going public. Because most non-publicly traded corporations eventually ...
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Successor Fiduciaries Can Be Personally Liable For Fiduciary Breaches
In this article, we address the question of whether a successor can become personally liable for a breach of fiduciary duty under ERISA (and the federal common law of trusts), if the breach occurred prior to the fiduciary’s appointment as trustee. We also will look into whether a successor trustee ...
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ESOP Distributions Policies: How Can You Modify Or Amend Them?
It is a fairly common practice for ESOP plan documents to contain references to ESOP distributions "policies" that are separate from the plan document itself and that are administered, or modified or amended, by plan fiduciaries (committees, trustees or the company). Generally, the practice is ...
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