Employee Benefits - Locke Lord LLP

First Circuit Holds Affiliated Investment Funds Not Liable For Multiemployer Withdrawal Liability

by Stefan Smith and Lori Basilico | Dec 5, 2019 | Controlled Groups, Withdrawal Liability

Private equity fund sponsors can breathe a sigh of relief last week as the First Circuit Court of ‎Appeals, reversing a district court finding, held that two separate private equity funds sharing a ‎general partner (Sun Capital Partners III and Sun Capital Partners IV) were not jointly and ‎severally liable under the Employee Retirement Income Security Act of 1974, as amended ‎‎(ERISA) for the multiemployer pension withdrawal liability of a portfolio company in which ‎both funds invested.‎

IRS Issues Final Regulations on 401(k) Hardship Distributions

by Lori Basilico | Dec 4, 2019 | 401(k) Plans, IRS

The Internal Revenue Service recently published final regulations modifying the rules relating to ‎hardship distributions from Sections 401(k) and 403(b) plans. The final regulations reflect ‎statutory changes affecting Section 401(k) and 403(b) plans, including changes made by the ‎Bipartisan Budget Act of 2018. ‎

IRS Letters 226-J for 2017 are in the Mail

by Laura L. Ferguson | Nov 25, 2019 | IRS

The IRS has been issuing the 2017 Employer Shared Responsibility Penalty (ESRP) assessments ‎‎(Letter 226-J). The Letter 226-J provides the IRS’ determination of whether an “applicable large ‎employer” may be liable for an ESRP for a particular calendar year and shows the proposed ‎assessment of the penalties based on the Forms 1094-C and 1095-C the employer filed with the ‎IRS, as well as whether or not the employer’s employees received premium tax credits on their ‎individual income tax returns.‎

Time to Restate Your 403B Plan

by Lori Basilico | Nov 21, 2019 | 403(b) Plans, EPCRS, IRS

The Internal Revenue Service set March 31, 2020 as the last date of the remedial amendment period for tax-exempt organizations and public school systems to self-correct plan document defects in their Section 403(b) plans. The “remedial amendment period”, or “RAP” is a period during which a 403(b) plan can be amended to comply with the technical requirements of Section 403(b) of the Internal Revenue Code and related IRS regulations.

Locke Lord QuickStudy: IRS Announces 2020 Retirement Plan Limitations – Most Limits are Increased

by Lori Basilico | Nov 7, 2019 | 401(k) Plans, 403(b) Plans

The Internal Revenue Service announced the 2020 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2020.

CCPA Guide: Does Personal Information Include Employee and Employee Benefit Plan Data?

by Laura L. Ferguson | Sep 5, 2019 | Health and Welfare Plans

Hartford Office Managing Partner Ted Augustinos, Houston Partner Laura L. Ferguson and Dallas Counsel Sean Kilian co-authored an article detailing the California Consumer Privacy Act of 2018 (CCPA) and the new privacy obligations imposed on certain businesses that collect personal information of California consumers.

Locke Lord QuickStudy: Tracking Tax Reform: [Un]Intended Consequences For The ACA

by Laura L. Ferguson | Dec 17, 2018 | Affordable Care Act

Late at night on December 14, 2018, Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas issued his decision in Texas v. U.S., No. 4:18-cv-00167, that the individual mandate under the Affordable Care Act (“ACA”) is unconstitutional due to the removal of the corresponding tax penalty in connection with the passage of the 2017 tax act (which was ultimately named “To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (the “2017 Tax Act”).

Massachusetts Set to Become the State to Offer the Most Far-Reaching Paid Family Leave Program in the Country

Oct 5, 2018 | Health and Welfare Plans

Richard D. Glovsky, Co-Chair of Locke Lord’s Labor and Employment Practice Group, has co-authored an article examining new legislation that includes a number of important provisions impacting businesses with employees in Massachusetts, including paid family leave and an increase in the state’s minimum wage.

Locke Lord QuickStudy: SEC Amends Rule 701 to Increase Disclosure Threshold and Seeks Comment on Further Changes for Compensatory Awards

Jul 20, 2018 | Retirement Plans

On July 18, the Securities and Exchange Commission adopted an amendment to Rule 701 increasing the threshold that triggers the Rule’s disclosure requirements.

First Circuit Holds Affiliated Investment Funds Not Liable For Multiemployer Withdrawal Liability

IRS Issues Final Regulations on 401(k) Hardship Distributions

IRS Letters 226-J for 2017 are in the Mail

Time to Restate Your 403B Plan

Locke Lord QuickStudy: IRS Announces 2020 Retirement Plan Limitations – Most Limits are Increased

CCPA Guide: Does Personal Information Include Employee and Employee Benefit Plan Data?

Locke Lord QuickStudy: Tracking Tax Reform: [Un]Intended Consequences For The ACA

Massachusetts Set to Become the State to Offer the Most Far-Reaching Paid Family Leave Program in the Country

Locke Lord QuickStudy: SEC Amends Rule 701 to Increase Disclosure Threshold and Seeks Comment on Further Changes for Compensatory Awards

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