Erin Turley
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Erin Turley focuses her practice on employee benefits matters. She has extensive experience handling issues pertaining to the Employee Retirement Income Security Act of 1974 (ERISA) and employee stock ownership plans (ESOPs). Read Erin Turley's full bio.
How to Apply the IRS’s COBRA Premium Subsidy Guidance
By Erin Turley, Jacob Mattinson, Judith Wethall, Sarah Raaii and Teal Trujillo on Jun 9, 2021
Posted In Employee Benefits, Employment, Health and Welfare Plans
On May 18, 2021, the Internal Revenue Service (IRS) issued much-anticipated Notice 2021-31 (the Notice) regarding the Consolidated Omnibus Budget Reconciliation Act (COBRA) premium subsidy provisions of the American Rescue Plan Act of 2021 (ARPA). Under ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs)...
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DOL Move Bodes Well for Socially Conscious 401(k) Investing
By Erin Turley on Apr 20, 2021
Posted In Employee Benefits, Health and Welfare Plans, Retirement Plans
The US Department of Labor’s decision last month to table Trump-era regulations limiting socially conscious investments by retirement plans signals that the Biden administration is considering an embrace of so-called ESG funds, which attempt to advance environmental, social and corporate governance goals. Tabling these regulations brings “the Department of Labor into alignment with the desire...
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Final Rule for Selecting Retirement Plan Investments Leaves “ESG” Behind
By Emily Rickard, Erin Turley and Brian Tiemann on Dec 17, 2020
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans
In recent guidance, the Department of Labor clarified the retirement plan standards for environmental, social and corporate governance (ESG) investing without mentioning the term ESG. The new guidance provides that, when selecting and monitoring plan investments, an Employee Retirement Income Security Act (ERISA) fiduciary must never sacrifice investment returns, take on additional investment risk or...
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How Advisers Serving MEPs and PEPs Can Be Conflicted
By Erin Turley on Aug 7, 2020
Posted In Fiduciary and Investment Issues, Retirement Plans
The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge. In a recent article, Erin Turley, a partner with McDermott Will & Emery, said a potential conflict of interest for advisers...
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COVID-19 — Tax Planning Opportunity for Defined Benefit Participants?
By Erin Turley, Diane Morgenthaler and Todd Solomon on Apr 14, 2020
Posted In Employee Benefits, Retirement Plans
Much has been written about the new CARES Act distribution that allows impacted COVID-19 participants to access up to $100,000 in their tax-qualified defined contribution plan penalty-free and with income taxes spread over three years. However, the CARES Act legislation applies to all “eligible retirement plans” as defined in Code Section 402. So technically the...
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COVID-19 FAQs: For Employee Benefits & Executive Compensation
By Erin Steele, Erin Turley, Evan A. Belosa, Joshua N. Lerner, Jacob Mattinson, Judith Wethall, McDermott Will & Emery, Sarah L. Engle, Brian Tiemann, Allison Wilkerson, Andrew Liazos and William R. Pomierski on Mar 26, 2020
Posted In Employee Benefits, Employment, Executive Compensation, Health and Welfare Plans, Retirement Plans
Coronavirus (COVID-19) raises serious concerns for employers of all shapes and sizes, across all industries and in every business sector. As the impact of COVID-19 continues to grow, many employers are faced with new challenges that affect not only their businesses and their employees, but the health and welfare, retirement and executive compensation plans and...
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HSA Eligibility Not Disrupted by COVID-19 (Novel Coronavirus) Testing and Treatment
By Jacob Mattinson, Erin Turley and Judith Wethall on Mar 12, 2020
Posted In Employee Benefits, Employment, Health and Welfare Plans
A new IRS notice will allow individuals to receive testing and care for COVID-19 without jeopardizing their ability to contribute to a health savings account (HSA). The IRS issued the notice due to the public health threat posed by COVID-19, and the stated need to eliminate potential administrative and financial barriers to testing for and...
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Investor Guidelines for Shared Value Creation in Employee Ownership Transitions Unveiled
By Erin Turley and Ted Becker on Feb 27, 2020
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues
One of the big questions for the employee ownership field is, why has the number of US employee-owned firms failed to grow significantly over the last couple of decades? An upcoming paper from Fifty by Fifty proposes that the barrier to growth is a lack of agency. Employees don’t have the knowledge, skills or capital...
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On Top of ESOP Developments: Insights from the 42nd ESOP National Conference
By Erin Turley and Ted Becker on Aug 1, 2019
Posted In Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans
The 2019 ESOP National Conference, an annual gathering for employee owners from all levels, association volunteer leaders and expert professionals, took place May 22–24. Two McDermott partners, Theodore (Ted) M. Becker and Erin Turley, presented three sessions during the conference, the slides of which are available for download on the conference website. See descriptions of...
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Selling a Family or Multi-Shareholder Business to an ESOP
By Erin Turley on Apr 25, 2019
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs)
In a presentation for the National Center for Employee Ownership (NCEO) Conference, Erin Turley presented on selling a family of multi-shareholder business to an ESOP. She discussed ownership transition alternatives and how to execute the ESOP transaction. Below are a few key takeaways from the presentation. A multi-shareholder-owned company should not be a deterrent selling...
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