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Asset sale exception to multiemployer withdrawal liability upheld

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • May 20 2011

Underfunded multiemployer pension plans assess "withdrawal liability" to a contributing employer if the employer ceases to contribute to the plan either wholly (a "complete withdrawal") or where there is a 70 percent or more reduction in contributions (a "partial withdrawal"

Recent cases involving beneficiary designations

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • September 29 2010

Two recent cases are instructive when it comes to determining the validity of beneficiary designations

401(k) plan fiduciaries possibly liable for stock fund mismanagement and excessive recordkeeping fees

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • July 8 2011

In March 2010, we reported on a federal district court case in which the court ruled in favor of plan fiduciaries and the plan recordkeeper following the commencement of a lawsuit claiming mismanagement of unitized company stock funds and payment of excessive fees to the plan recordkeeper and the plan trustee

MEWA held to be not fully insured under ERISA

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • April 15 2011

When unrelated employers join together in an association or other group to purchase or arrange for health insurance, the association is defined as a "multiple employer welfare arrangement" or "MEWA" under the law

Court upholds ESOP’s use of year-old valuation to process distributions

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • January 4 2011

A federal trial court in New York recently ruled that the sponsor of an employee stock ownership plan (ESOP) did not breach its ERISA fiduciary duties when it used a June 30, 2008 valuation of the company stock to process a distribution in June 2009 to participants whose account values were under $1,000

New COBRA subsidy rules

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • March 19 2010

The Temporary Extension Act of 2010 (TEA), signed into law by President Obama on March 2, 2010, includes a number of important changes to the COBRA premium subsidy provisions enacted as part of the American Recovery and Reinvestment Act of 2009 (ARRA

Profit-sharing contribution required for employee on FMLA leave

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • February 11 2011

The District Court for the District of Columbia ruled that a legal secretary's employer violated the ERISA when it refused to make a year-end contribution to her account in the firm's profit-sharing plan while she was on medical leave under the Family Medical Leave Act (FMLA

IRS issues important reminders for retirement plans

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • April 15 2011

The Internal Revenue Service (IRS) recently issued three reminders addressing the new submission period for determination letter and other rulings, fee changes, and certain corrections through the IRS's Voluntary Correction Program (VCP

Legal challenges to health care reform continue to work through the courts

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • April 15 2011

In late January, a district court in Florida ruled that the Patient Protection and Affordable Care Act (PPACA) is unconstitutional

Requirement of employment on date of payment defeats accrual of bonus payment

  • Hodgson Russ LLP
  • -
  • USA
  • -
  • March 25 2010

In a chief counsel advice memorandum, the IRS reviewed the proper treatment of accrual of a bonus payment