By David Fuller and Jennifer Hill on Nov 9, 2023
Posted In Employee Benefits, Employment
Asserting that many employers have improperly claimed Employee Retention Tax Credit (ERTC) refunds, the Internal Revenue Service (IRS) released two new announcements that address ERTC claims. Following these new IRS announcements, most employers should consult their legal and tax advisors and consider filing protective refund claims to preserve their employment and income tax positions and to...
By Jennifer Hill, Jacob Mattinson and Patrick Ryan on Dec 22, 2022
Posted In Employee Benefits, Retirement Plans
On November 21, 2022, the US Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed amendment and restatement of the Voluntary Fiduciary Correction Program (VFCP), along with a proposed amendment to the Prohibited Transaction Exemption (PTE) 2002-51. The VFCP allows plan sponsors to voluntarily correct certain fiduciary breaches to avoid civil enforcement...
By Chris Braham, Joseph K. Mulherin, David Fuller and Jennifer Hill on Nov 2, 2022
Posted In Employment, Labor
On October 11, 2022, the United States Department of Labor (DOL) issued its Notice of Proposed Rulemaking (NPRM) seeking to undo the Trump administration’s 2021 independent contractor regulations and revert to the six-factor economic realities test. While the test factors remain the same (for the most part), the DOL’s NPRM advances interpretations of the various...
By Jennifer Hill, Todd Solomon and Brian Tiemann on Jul 21, 2021
Posted In Employee Benefits, Fiduciary and Investment Issues, Retirement Plans
The US Department of Labor (DOL) recently issued guidance concerning a new exemption under the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with the provision of investment advice. PTE 2020-02, Improving Investment Advice for Workers & Retirees (the Exemption), became effective on February 16, 2021. On April...