Joseph K. Urwitz
Subscribe to Joseph K. Urwitz's PostsJoseph (Joe) K. Urwitz focuses his practice on employee benefits, executive compensation and Employee Retirement Income Security Act (ERISA) fiduciary matters. He advises clients on a wide range of issues, including fiduciary duties and prohibited transactions, employee benefit matters arising in mergers and acquisitions, benefits issues unique to nonprofit entities, deferred compensation arrangements, equity award and bonus plan design, employment and severance arrangements, and qualified plan work. Read Joe Urwitz's full bio.
Employee Benefits Programs in May
By McDermott Will & Emery, Jacob Mattinson, Joseph K. Urwitz, Lisa Loesel, Lisa Schmitz Mazur and Ruth Wimer on Apr 27, 2017
Posted In Employee Benefits, Employment, Labor, Retirement Plans
Join members of the McDermott Employee Benefits team in May at one of these programs covering a variety of employee benefits topics. The John Marshall Law School The Center for Tax Law & Employee Benefits 14th Annual Employee Benefits Symposium | May 1, 2017 | Chicago, Illinois | Speaker, Joseph S. Adams Proposed 457(f) Regulations: Opportunities and...
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Considerations in Designing Severance Plans and Arrangements for Tax-Exempt Organizations
By Joseph K. Urwitz on Feb 23, 2017
Posted In Employee Benefits, Retirement Plans
There are numerous reasons why organizations exempt from taxation under Internal Revenue Code Section 501(c) (3), as amended (the “Code” and, such organizations, “Tax-Exempt Entities”) may offer severance payments to employees who incur involuntary terminations of employment. For example, severance that is conditioned on the departing employee’s execution of a release of claims in favor...
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An Overview of the New Section 457(f) Regulations
By Joseph K. Urwitz and Ralph E. DeJong on Nov 3, 2016
Posted In Benefit Controversies, Employee Benefits, Employment, Executive Compensation
On June 22, 2016, the Internal Revenue Service (IRS) issued proposed regulations under Section 457(f) of the Internal Revenue Code of 1986, as amended (Code). These long-awaited regulations were first previewed in IRS Notice 2007-62. In that Notice, the IRS announced its intention to issue proposed regulations that would harmonize the rules for deferred compensation plans of tax-exempt organizations (and state...
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Top Universities Hit with Retirement Plan Lawsuits: Lessons for Plan Sponsors
By Joseph K. Urwitz and Todd Solomon on Sep 20, 2016
Posted In Benefit Controversies, Retirement Plans
The recent wave of 403(b) lawsuits against more than a dozen prominent US universities could herald similar suits for other 403(b) plan sponsors. Plan sponsors can minimize their risk by reviewing their plan governance procedures, investment policy statements, and plan investment lineup and fee structure. Read the full article here to learn more.
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Proposed Changes to Form 5500 Would Significantly Increase Reporting Obligations for Health and Welfare Plan Sponsors
By Joseph K. Urwitz and Megan Mardy on Aug 16, 2016
Posted In Health and Welfare Plans
On July 11, 2016, the Department of Labor (DOL) and Internal Revenue Service (IRS) announced a proposal to implement significant changes to the forms and regulations that govern annual employee benefit plan reporting on Form 5500. The proposed changes, which were published in the Federal Register on July 21, 2016, would considerably increase the annual...
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Proposed Changes to Form 5500 Reporting Requirements May Have Significant Impact on Retirement Plan Sponsors
By Joseph K. Urwitz, Megan Mardy and Sarah L. Engle on Aug 11, 2016
Posted In Health and Welfare Plans, Retirement Plans
On July 11, 2016, the Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) announced a proposal to implement sweeping changes to the forms and regulations that govern annual employee benefit plan reporting on Form 5500. The proposed changes, which were published in the Federal Register on July 21, 2016,...
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IRS Issues Regulations Affecting Compensation Arrangements at Tax-Exempt Organizations
By Andrew Liazos, Joseph K. Urwitz, Mary K. Samsa and Ralph E. DeJong on Jun 22, 2016
Posted In Executive Compensation
On June 21, the IRS issued long awaited proposed regulations under Section 457 of the Internal Revenue Code that affect a broad range of compensation arrangements at tax exempt organizations. If a compensation arrangement is subject to Section 457(f), the employee is immediately taxed upon earning a vested right to receive “deferred compensation” that might...
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DOL Releases Final Regulations to Expand ERISA ‘Fiduciary’ Definition
By McDermott Will & Emery, Brian Tiemann and Joseph K. Urwitz on May 10, 2016
Posted In Labor, Retirement Plans
After more than five years of development and revision, the US Department of Labor (DOL) released final regulations to redefine a “fiduciary” under the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Internal Revenue Code of 1986, as amended (the Code). Read the full article.
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View From McDermott: Conduct Regular Reviews to Ensure Compliance with FICA Tax Withholding Rules
By Joseph K. Urwitz and Ruth Wimer on Apr 28, 2016
Posted In Employment, Retirement Plans
Sponsors of nonqualified deferred compensation plans should pay close attention to the special tax withholding rules under the Federal Insurance Contributions Act (FICA) to avoid paying interest and penalties, and potentially being sued by plan participants. FICA tax on nonqualified deferred compensation must be withheld when compensation vests, not later when actually paid out. Failure...
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Form 5500 Deadline Extension Repealed
By Allison Wilkerson, Joseph K. Urwitz and Sarah L. Engle on Mar 11, 2016
Posted In Health and Welfare Plans
On December 4, 2015, President Obama signed the Fixing America’s Surface Transportation Act (FAST Act). In addition to authorizing $305 billion in funding for federal highway projects, the FAST Act also repeals the recently enacted extension to the Form 5500 filing deadline included in the Surface Transportation and Veterans Health Care Choice Improvement Act (Surface...
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