Erin Turley Erin Turley

Subscribe to Erin Turley's Posts
  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.

Final Rule for Selecting Retirement Plan Investments Leaves “ESG” Behind

By , and 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...

Continue Reading

How Advisers Serving MEPs and PEPs Can Be Conflicted

By 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...

Continue Reading

COVID-19 — Tax Planning Opportunity for Defined Benefit Participants?

By , and 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...

Continue Reading

COVID-19 FAQs: For Employee Benefits & Executive Compensation

By , , , , , , , , , , and 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...

Continue Reading

HSA Eligibility Not Disrupted by COVID-19 (Novel Coronavirus) Testing and Treatment

By , and 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...

Continue Reading

Investor Guidelines for Shared Value Creation in Employee Ownership Transitions Unveiled

By and 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...

Continue Reading

On Top of ESOP Developments: Insights from the 42nd ESOP National Conference

By and 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...

Continue Reading

Selling a Family or Multi-Shareholder Business to an ESOP

By 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...

Continue Reading

Fridays With Benefits Webinar | The Triage Unit: Cutting Health Plan Costs Without Sending Benefits to the Emergency Room

By and on Apr 11, 2019
Posted In Employee Benefits, Health and Welfare Plans

Join us Friday, April 19 as Erin Turley and Judith Wethall discuss some of the innovative strategies organizations are employing to achieve transparency, reduce fees and provide enhanced offerings when negotiating multi-year health and welfare benefit plan contracts. Our lively 45-minute discussion will cover emerging trends you can leverage at the negotiating table, including Pharmacy...

Continue Reading

Worker Classification: Complications Beyond the Front Page

By , , , and on Feb 7, 2019
Posted In Employee Benefits, Employment

When California’s Dynamex decision rolled out the “ABC test”, it placed the burden on the employer to prove independent contractor (IC) status. In a presentation at the Employment and Employee Benefits Forum in California, McDermott’s lawyers discussed the implications of Dynamex, as it applies to various types of employers as well as those using staffing...

Continue Reading