Happy New Year! You may have noticed that December 29, 2024 came and went without the Internal Revenue System (“IRS”) issuing a new Employee Plans Compliance Resolution System (“EPCRS”) Revenue Procedure to incorporate the self-correction of eligible inadvertent failures in
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How Do You Like Them Apples?-The Second Circuit Requires Apples-to-Apples Comparison in Excessive Fee Complaints
On December 10, 2024, the United States Court of Appeals for the Second Circuit upheld a lower court’s dismissal and denial of leave to file an amended complaint in a case against Deloitte LLP alleging that its retirement plan (Plan)…
IRS Releases Form For Making Section 83(b) Election
Under Internal Revenue Code section 83(b), taxpayers who receive property, such as stock, in exchange for services that is subject to forfeiture, or is unvested for a certain period, may elect to pay income tax on the fair market value…
IRS Issues Guidance On Long-Term, Part-Time Employees In 403(b) Plans
On October 3, 2024, the IRS issued guidance on applying the Long-Term, Part-Time Employee (LTPT) rules to 403(b) plans beginning in 2025, as enacted in the legislation known as SECURE 2.0 in IRS Notice 2024-73 (Notice). The LTPT rules were…
IRS Issues Interim Guidance on Qualified Student Loan Payments
SECURE 2.0 codified that for plan years beginning after 2023, 401(k), 403(b), governmental 457(b) and SIMPLE IRA plans can provide matching contributions based on a participant’s repayment of student loan obligations that meet the requirements to be a qualified student…
Texas Court Strikes Down FTC Non-Compete Rule
As reported in previous posts, on April 23, 2024, the Federal Trade Commission (FTC) issued a final rule that generally prohibits covenants not to compete (Rule). The rule was set to become effective September 4, 2024. See FTC’s Non-Compete Rule…
Court Denies Expanding Preliminary Injunction on FTC Non-Compete Rule
As reported in my previous article, Court Grants Preliminary Injunction Against FTC Ban on Non-Compete Agreements, the District Court granting the preliminary injunction from the FTC enforcing its ban on non-compete agreements limited the relief to only the plaintiff…
Court Grants Preliminary Injunction Against FTC Ban on Non-Compete Agreements
As I wrote in April, a lawsuit filed by Ryan, LLC in the United States District Court for the Northern District of Texas, challenged the recently adopted Federal Trade Commission’s (FTC) rule making most non-compete agreements unenforceable (Rule). See FTC’s…
FTC’s Non-Compete Rule Affecting Executive Compensation Challenged in Courts
On April 23, 2024 the Federal Trade Commission (FTC) issued its final rule that prohibits most non-compete clauses. The rule is effective 120 days after its publishing in the Federal Register (scheduled for May 7). However, lawsuits challenging the rule…
Notice 2024-02 Guidance on Distributions to the Terminally Ill
This article is the fifth in the series addressing the 81 pages of guidance on the legislation known as SECURE 2.0 (the Act) enacted on December 29, 2022, issued by the IRS on December 20, 2023 as Notice 2024-02 (Notice).…