The Employee Benefits & Executive Compensation attorneys at Chamberlain Hrdlicka represent public companies, large and closely-held private companies, tax-exempt organizations, and the fiduciaries who oversee those entities' employee benefit plans. We understand incentives in the workplace, and we stand ready with an integrated approach to help you deal with them.
From qualified retirement plans, to executive compensation, to fiduciary advice, to health and welfare programs, to mergers and acquisitions, to ERISA litigation, our broad experience helps companies answer questions in these areas of the law. A background in tax, securities, and fiduciary matters is our foundation. A common theme runs through our work in these areas: we specialize in representing employers in protecting their interests and maximizing tax advantages. We understand the work that goes into creating and maintaining incentives in the workplace, and we have the technical skills to help keep a company's employee benefit plans operating at peak efficiency.
At Chamberlain Hrdlicka, we stand with company Boards of Directors, Compensation Committees, and the HR teams that serve those directors and committees, as they seek to provide a stable, productive environment for company executives and workers.
Chamberlain Hrdlicka Blawgs
- Posts by Joshua A. SutinShareholder
Joshua Sutin helps clients unravel complex legal and business issues related to employee benefit plans, tax-exempt organizations, and business tax planning. He counsels both businesses and not-for-profit organizations on the ...
The IRS announced the cost of living adjustments for dollar limitations under pension plans and other retirement-related matters. See Notice 2020-79, https://www.irs.gov/pub/irs-drop/n-20-79.pdf.
In IR-2020-244, https://content.govdelivery.com/accounts/USIRS/bulletins/2a7d379, also provides dollar limitation cost of living adjustments for Both IRAs and pension plans, as well.
In Revenue Procedure 2020-45 the IRS announced the inflation adjustments that will apply to various fringe benefits in 2021. https://www.irs.gov/pub/irs-drop/rp-20-45.pdf
In 2019, the Department of Labor ("DOL") received recommendations from the ERISA Advisory Council to permit fiduciaries of qualified plans to allow uncashed checks of missing participants to be transferred to state unclaimed property funds. https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/about-us/erisa-advisory-council/2019-eac-voluntary-transfers-to-state-programs.pdf
Now, the IRS is making sure employer’s withhold taxes from those uncashed checks. See Revenue Ruling 2020-24, 2020-45 IRB. https://www.irs.gov/pub/irs-drop/rr-20-24.pdf
From Jan. 1 through Dec. 30, a plan is permitted, but not required, to allow qualified individuals to treat a 401(k) plan distribution as a coronavirus-related distribution, or CRD. These distributions (up to $100,000) are not being subject to the 10% early withdrawal tax for distributions prior to age 59.5 and are taxed pro rata over a three-year period. An individual's designation as a qualified individual under the CARES Act only needs to be certified by the plan participant.
The employer/plan sponsor has no duty to inquire whether an individual has in fact satisfied the ...
Notice 2020-29 provides employers the ability to really help their employees through employer sponsored cafeteria plans with component spending arrangements.
This notice temporarily extends the claims period for flexible spending accounts for unused 2019 amounts through the end of 2020. However, this will cause an interesting administrative burden of trying to juggle extended 2019 claims for reimbursement while also processing 2020 claim. There is no clear guidance on how to handle this overlap and timing issues and we don’t see any further guidance coming out of the ...
Employers should not relax their retirement plan reporting requirements even amidst the pandemic, as the penalties have gone significantly up for forms 5500, 5310-A and 8955-SSA.
Section 403 of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), Division O of the Further Consolidated Appropriations Act, 2020 (P.L. 116-94), increases penalties for failure to file certain retirement plan returns effective for returns, statements, and notifications required to be filed after Dec. 31, 2019.
The penalty for failure to file Form 5500 series and Form ...
Chamberlain Hrdlicka has recently launched its Employee Benefits blog, “E-Blawg,” with information on qualified retirement plans, executive compensation, fiduciary advice, health and welfare programs, mergers and acquisitions, and ERISA litigation.
Recent topics include:
- CARES Act Compliance Reminders for Qualified Plans
- Employers help your Employees enjoy a Cafeteria Plan during this Pandemic, but there is a Price Tag
- Retirement Plans Reporting not canceled during the Pandemic, File to avoid increased Penalties
With a background in tax, securities, and ...