Tom is a member of the Benefits & Executive Compensation Practice Group, and previously served as a member of the Firm's Executive Committee and as Chair of the Firm's Business & Financial Client Service Department, the Human ...
Tom Breitenbach
Under the special timing rule of Internal Revenue Code Section 3121(v), rather than applying FICA taxes at the time of distribution from a nonqualified plan, FICA taxes may be applied at the later of the performance of services or the elimination of any substantial risk of forfeiture (i.e., when vested). This special timing rule ...
Tom Breitenbach
Just before Christmas and in the last hours of the 2014 assembly, the Ohio legislature quietly passed, and Governor Kasich signed into law, a provision enabling non-governmental employers to amend their 401(k) or 403(b) plans to provide for automatic enrollment and withholding of employee wages. What’s the big deal ...
Tom Breitenbach
Acknowledging our entrance into the 21st Century, the DOL recently announced proposed rules that would mandate electronic filing of the required statements to notify the DOL of the establishment of a new “top hat” plan. Under the current procedures put in place 40 years ago, the DOL estimates that it receives about 2,000 ...
The IRS recent issuance of Notice 2014-54 has gained accolades from various investment advisors as an easy way to convert after-tax salary contributions to a qualified plan to Roth amounts once they become distributable. Claims that this guidance provides an opportunity for a “tax free asset growth strategy” or a ...
Lately we have seen growing interest from clients looking for legal assistance with de-risking their pension plans, whether such plans are frozen or continue to accrue benefits as active plans. Pension liabilities may significantly impact corporate balance sheets, so CFOs are interested in any alternatives available to the ...
Several of our retirement plan clients lately have been the lucky winners of the “audit lottery” – seemingly standard requests by the Department of Labor for additional information and documents in preparation for an on-site audit. It now appears routine for the DOL to request a copy of the fee disclosure documents provided ...
The IRS issued Notice 2014-1 this past Monday to basically confirm what most practitioners assumed would be the favorable tax treatment for same-sex spouses under cafeteria plans, flex spending account plans and health savings accounts. The first-numbered Notice for our New Year is in easy-to-read Q&A format. It’s short ...
Before you question whether there are far-greater concerns worthy of prayer (and I likely agree), let me explain.... Although many retirement, health, disability and life insurance plans must be designed and administered to comply with the complex regulatory requirements of ERISA, most governmental and church plans enjoy ...
This afternoon the Treasury Department and IRS announced that all legal same-sex marriages will be recognized for federal tax purposes wherever marriage is a factor, including the income, estate and employee benefits provisions of the Internal Revenue Code. This ruling, released as Revenue Ruling 2013-17, means that ...
Hopefully the federal government, including both the IRS and DOL, has learned a lesson from the poor communication efforts in implementing Health Care Reform. Too many notice requirements (see my colleague Lyndsey Barnett’s post) and multiple effective dates have confused employees and employers alike and contributed to ...