Employee Benefits & Executive Compensation Blog

The View from Proskauer on Developments in the World of Employee Benefits, Executive Compensation & ERISA Litigation

Subscribe
Visit Blog
By: Proskauer Rose LLP

Blog Authors

Aaron Feuer
Anthony Cacace
Amy Covert
Ali Fawaz
Achille Gerbouin
Abraham Gutwein
Amanda H. Nussbaum
Tony Oncidi
Andrea Rattner
Adam Scoll
Ahuva Warburg
Annie (Chenxiaoyang) Zhang
Brian DeShannon
Benjamin Flaxenburg
Bali Kumar
Brian Neulander
Benjamin Saper
Caroline Cima
Colleen Hart
Douglas Dahl
Damian A. Myers
David Picon
Elise M. Bloom
Elizabeth Down
Emily Erstling
Edward S. Kornreich
Elizabeth M. Mills
Ellen Moskowitz
The ERISA Litigation Group
Gabrielle Fox
Gary Tashjian
Elizabeth B. Herdes
Herschel Goldfield
Ira G. Bogner
Ira Golub
Jacquelyn Weisman
Jake Lutz
Justin Alex
Joe Clark
James Huffman
Jacklina Len
Jacob L. Hirsch
James Napoli
Joseph Clark
Joshua Miller
Jennifer Rigterink
J. Robert Sheppard III
Katrine Berger
Kyle Hansen
Kristen J. Mathews
Katrina McCann
Lindsey Chopin
Laura Fant
Lisa A. Berkowitz Herrnson
Lisa Schlesinger
Michael Album
Mark W. Batten
Mary Bresnan
Malerie Bulot
Miriam S. Dubin
Madeline Chimento Rea
Myron Rumeld
Michael Spencer
Noa Baddish
Nathan Bentley
Nicole Eichberger
Neal Schelberg
Neil V. Shah
Peter Marathas
Paul M. Hamburger
Pamela Onufer
Randall Bunnell
Roberta Chevlowe
Russell Hirschhorn
Ruthanne Minoru
Roger Cohen
Robert Projansky
Robert Rachal
Ryan Blaney
Richard Zall
Stacy Barrow
Stacey Cerrone
Sean McGrath
Steven Einhorn
Seth Safra
Sara C. Richland
Sunghee Sohn
Steven A. Sutro
Sean M. Webb
Steven Weinstein
Todd Castleton
Tulio Chirinos
Tzvia Feiertag
Todd Mobley
Thelma Ofori
William Fogleman

Latest from Employee Benefits & Executive Compensation Blog

In each case, the answer depends on whether the document and operation are in compliance with the many technical requirements for section 403(b) plans. IRS officials have recently indicated that the IRS expects to launch audit initiatives this summer targeting section 403(b) plan compliance, so now is a good time for employers with section 403(b) plans to take a close look at their documents and administrative practices. Tax-exempt organizations and public schools often sponsor section…
Over the past several years, the ERISA plaintiffs’ bar has targeted university-sponsored 403(b) plans, arguing that the plan fiduciaries breached their fiduciary duties and engaged in prohibited transactions in connection with offering certain investment options and the administrative fees associated with such plans. Among other things, they have argued that the plan fiduciaries offered too many investment options, and that the investment options were imprudent because they were too expensive and/or underperformed. They also have…
On May 1, 2019, the IRS released Revenue Procedure 2019-20 which provides for a limited-scope expansion of its determination letter program for individually designed plans. Beginning on September 1, 2019, the IRS will accept determination letter applications submitted for the following types of plans: Statutory hybrid plans (e.g., cash balance or pension equity plans). Applications will need to be filed during the 12-month period beginning on September 1, 2019 and ending on August 31, 2020.…
In this episode of the Proskauer Benefits Brief, partner Paul Hamburger, and associate Katrina McCann discuss the suspension of benefits rules, and the unique and interesting issues that arise when defined benefit plan participants work beyond their normal retirement age.  Plan sponsors and administrators should tune in, as these rules are quite complicated and are often misunderstood.  Listen to the podcast…
In this episode of the Proskauer Benefits Brief, Paul Hamburger, co-chair of Proskauer’s Employee Benefits & Executive Compensation Group, and associate Joe Clark discuss how the attorney-client privilege rules apply in an employee benefit plan context. The attorney-client privilege allows for the free flow of information between an attorney and a client in order to insure that the client gets the best possible representation. We discuss the various specific rules that apply in the employee…
As discussed here, the IRS’s initial interpretation of a new excise tax under Section 4960 of the Internal Revenue Code could catch for-profit employers who set up foundations, trusts, PACs, and other tax-exempt entities off guard.  The tax is 21% of certain compensation paid to the top five highest paid employees of the tax-exempt entity.  Although the tax was designed to apply for compensation to high-paid executives of tax-exempt entities, an aggregation rule in…
The First Circuit held that a plaintiff failed to timely exhaust her administrative remedies under a long-term disability plan because the plan’s 180-day time limit for submitting appeals commenced on the date the plaintiff received notice of the decision that it was going to terminate her long-term disability benefits, not the actual date her benefits were terminated.  In so ruling, the Court rejected plaintiff’s argument that the doctrine of substantial compliance and the state’s notice-prejudice…
Massachusetts Institute of Technology persuaded a federal district court to toss a jury demand in a case alleging that the MIT 401(k) plan fiduciaries breached their duties by charging unreasonable administrative and management fees, engaging in prohibited transactions and failing to monitor those to whom the fiduciaries delegated their responsibilities.  In so ruling, the court held that plaintiffs had no Seventh Amendment right to a jury trial because actions under ERISA to remedy alleged violations…
One de-risking tool for employers with defined benefit pension liabilities is to allow participants to receive lump-sum distributions. Although lump sums result in a short-term cash drain, they reduce the plan’s long-term liability—reducing the sponsor’s exposure to contribution volatility. Over the last several years, there has been a question whether lump-sum cashouts may be offered to retirees who are already receiving annuities. Ironically, the concern was based on the IRS’s minimum required distribution rules. Although…
In a unanimous decision authored by Justice Sotomayor on February 26, 2019, the Supreme Court held that the 14-day deadline to seek permission to appeal a decision granting or denying class certification under Federal Rule of Civil Procedure 23(f) cannot be extended through the doctrine of equitable tolling. Nutraceutical Corp. v. Lambert. The Court reversed the Ninth Circuit’s decision, which had accepted a petition filed more than 14 days after the trial court’s decertification…