Cohen & Buckmann

Irene Bassock, of counsel with Cohen & Buckmann, was interviewed by Harvard Business Review for its article, “Office Reentry Plans Must Account for Medically Vulnerable Employees.” The article discusses ways in which employers can support employees who are most vulnerable to the COVID-19, and others, to help them feel safe when returning to work after the nationwide shutdown caused by the pandemic. One of the suggestions is to have a process in place for fielding…
COVID-19 has made it difficult for some participants to get plan distributions and loans. My latest COVID-19 Compliance Corner column for PLANSPONSOR discusses new IRS relief. https://www.plansponsor.com/covid-19-compliance-corner-irs-eases-spousal-consent-rules-2020/ Each Monday, I will analyze the latest guidance and changes affecting employee benefit plans in the COVID-19 Compliance Corner.…
Equity Compensation: Employer Tax Deposits The IRS recently released a generic legal advice memorandum (GLAM), dated May 18, 2020, that reviews the timing of income inclusion and of tax deposit obligations for a stock-settled option, stock appreciation right (SAR) and restricted stock unit (RSU). The GLAM addresses which date in the process of stock settlement is important for the employment tax deposit rules when the settlement transaction uses a stock transfer agent. Under the general…
Carol Buckmann recently shared her disagreement with Monday’s U.S. Supreme Court decision in Thole v. U.S. Bank in the Law360 article, “Eye On ERISA: Q&A with Cohen & Buckmann’s Carol Buckmann.” In the interview, Carol discusses her surprise with the decision and the sweeping impact it could have on future litigation against retirement plans. Read the Article.
Can participants in a well-funded defined benefit plan sue for fiduciary breach? Applying constitutional law to ERISA suits, the Supreme Court ruled on June 1 in a 5-4 decision (Thole v. U.S. Bank N.A.) that these participants do not have standing to challenge imprudent plan investments because they have no monetary injury. This decision may have immediate impact in cutting off potential defined benefit plan lawsuits based on investment losses during a coronavirus-related recession. It…
Carol Buckmann was quoted in the Law360 article, “New ERISA Suits Could Clarify Plans’ Cybersecurity Duties,” which discusses recent lawsuits that raise new questions for the courts regarding ERISA and its applicability to employers’ cybersecurity measures and data privacy obligations. Carol weighed in on a lawsuit filed in April against Abbott Laboratories and its record-keeper, Alright Solutions, which was also the topic of a recent Insights post, which she explains “could chart a path…
States and individual communities are moving ahead with phased reopenings of their economies. As a result, business owners need specific guidance on what steps they should take to reopen safely for employees, customers, and others with whom their businesses interact. My prior article addressed the importance of following regulatory requirements and best practices established by public health organizations to reopen in a way that reduces health risks, but for employers, the need to manage health…
Co-founding partner Carol Buckmann has been tapped by PLANSPONSOR magazine to author a weekly column titled, COVID-19 Compliance Corner, which debuted on Monday, May 11, 2020. The first column, “Who Qualifies for Coronavirus-Related Distributions?” which quickly became one of the most well-read articles on the PLANSPONSOR website, explains who qualifies for coronavirus-related retirement plan distributions, as prescribed in the Coronavirus Aid, Relief and Economic Security (CARES) Act. The article outlines: Who is eligible for these…
Carol Buckmann, co-founding partner of Cohen & Buckmann, was quoted in a Forbes article titled, “Why Target-Date Funds Still Make Sense for Retirement Investors.” The article discusses why target date funds still may be the right retirement investment strategy, and how and when investors should evaluate their fund’s performance to determine if changes should be made. Carol was quoted saying: “A Morningstar article reports that through March 20, 2020, target date funds lost on average…