Avatar Kay Kemp

Subscribe to Kay Kemp's Posts

Clear as Mud: Defined Benefit Plan Liability with Facility Sales, Restructurings and Cessations


By , and on Jan 8, 2019
Posted In Employee Benefits, Retirement Plans

In certain cases of a facility sale, restructuring or cessation, recently released information by the Pension Benefit Guaranty Corporation (PBGC) leaves many unanswered questions about plan sponsor liability for single-employer defined benefit plans. Given the lack of clarity, these plan sponsors should continue to consult their lawyer in any type of transaction, restructuring or cessation...

Continue Reading



Extension of Nondiscrimination Relief to Certain Closed Defined Benefit Plans


By and on Sep 6, 2018
Posted In Employee Benefits, Retirement Plans

The Internal Revenue Service (IRS) has again extended the temporary nondiscrimination relief for closed defined benefit plans. This extended relief is intended to enable closed pension plans (defined as pension plans that have been closed to new participants before December 13, 2013 but continue to provide ongoing benefit accruals for certain participants) to more easily...

Continue Reading



McDermott Announces Determination Letter Replacement Program, Addressing the Gap in Retirement Plan Compliance


By , , , , , , , , , , , , , , , , , and on Oct 10, 2017
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans

Since the announcement by the Internal Revenue Service (IRS) that sponsors of individually designed retirement plans may no longer receive a periodic determination letter, plan sponsors have faced uncertainty about how to demonstrate compliance for their retirement plans. Our McDermott Retirement Plan Compliance Program, a new opinion letter and operational review program for individually designed...

Continue Reading



Extension of Nondiscrimination Relief to Certain Closed Defined Benefit Plans


By and on Oct 3, 2017
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Retirement Plans

The Internal Revenue Service (IRS) recently extended the temporary nondiscrimination relief for closed defined benefit plans. This extended relief is intended to enable closed pension plans (defined as pension plans that have been closed to new participants but continue to provide ongoing benefit accruals for certain participants) to more easily satisfy certain nondiscrimination testing requirements.  In...

Continue Reading



STAY CONNECTED

TOPICS

ARCHIVES