To ensure that your nonqualified deferred compensation remains exempt from the most burdensome provisions of ERISA (such as reporting, funding, testing, and certain fiduciary obligations) you must timely file a one-time statement with the Department of Labor. You must submit a Top Hat Plan Statement to the DOL, as described in the regulations,
There are many factors to consider when contemplating an accelerated payout from your deferred compensation plan, especially potential violations of IRC Section 409A. Short-term deferrals and separation pay plan payments are generally exempt from 409A and therefore not subject to 409A’s anti-acceleration rules. 409A failures may result ...
Wellness plans have become very popular over the past decade. There are many vendors who often make it very easy for an employer to offer a wellness program. And while wellness programs can be a great thing for employers to offer, employers often don’t realize the rules that wellness programs must comply with in order to be legal.
In order for a ...
As Texas continues its rebuilding efforts from the devastating effects of Harvey, your employees may be searching for a way to make a charitable contribution. Employees that want to contribute to the relief efforts might benefit from a leave-based donation program. Through such a program, employers can help employees turn certain types of ...
In light of the devastating storms that hit Texas this week, the IRS issued guidance that provides some relief to the victims of Hurricane Harvey. As it did last year for Hurricane Matthew victims, the IRS is permitting 401(k) plans and similar employer-sponsored retirement plans to make loans and hardship distributions to those affected (and ...