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Brown University Only Partially Successful in 403(b) Lawsuit


By , and on Jul 24, 2018
Posted In Benefit Controversies, Fiduciary and Investment Issues, Retirement Plans

A federal judge in Rhode Island recently permitted several claims against Brown University to proceed in a lawsuit alleging that the university and its fiduciaries breached their fiduciary duties under the Employee Retirement Income Security Act of 1974, as amended (ERISA), by mismanaging Brown’s defined contribution plans. This decision follows the recent decision in a...

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Are Your Executive Compensation Arrangements Safe from the New Disability Regulations?


By and on Feb 13, 2018
Posted In Employee Benefits, Executive Compensation

Beginning April 1, 2018, new disability claim regulations may apply to some executive compensation arrangements. Given this pending regulatory deadline, employers need to analyze which of their executive compensation arrangements may be subject to the enhanced requirements for disability claims review. Continue Reading.

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Tax Reform Bill Becomes Law: Lessons for Tax-Exempt Organizations


By , , , and on Dec 28, 2017
Posted In Employee Benefits, Executive Compensation, Retirement Plans

Tax-exempt organizations—especially hospitals and health systems—face a new tax reality now that both houses of Congress have voted to pass the final tax reform bill. Continue Reading.

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Final Senate Tax Bill: Outlook for Tax-Exempt Organizations


By , , and on Dec 7, 2017
Posted In Employee Benefits, Executive Compensation

The Senate’s final tax reform bill contains several troubling provisions for tax-exempt organizations but represents an improvement over last month’s proposed legislation, which caused concern across the nonprofit sector. Continue Reading.

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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...

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Supreme Court Rules in Favor of Church-Affiliated Hospitals in Church Plan Litigation


By and on Jun 8, 2017
Posted In Employee Benefits, Retirement Plans

In a major victory for church-affiliated hospitals, the US Supreme Court overturned three appellate court rulings and decided unanimously that church-affiliated hospitals can maintain their pension plans as “church plans” exempt from the Employee Retirement Income Security Act of 1974, as amended (ERISA), regardless of whether a church actually established the plan. Impacted health systems,...

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Proposed 457(f) Regulations: Opportunities and Challenges


By , and on Jun 6, 2017
Posted In Employee Benefits, Executive Compensation

The 2016 proposed regulations significantly expanded 457(f) plan sponsors’ ability to permit elective deferrals, use noncompetition agreements and make larger severance payments than otherwise permitted under 409A without immediate taxation to participants. In a recent presentation, Ruth Wimer, Mary Samsa and Joseph Urwitz discuss the surprising opportunities with respect to tax-exempt and governmental entities’ “ineligible...

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View From McDermott: Employee Benefit Plan Considerations for Health Systems in 2017


By and on Apr 4, 2017
Posted In Employee Benefits, Health and Welfare Plans

Amy Gordon, Jeffrey Holdvogt, Susan Nash and Mary Samsa wrote this bylined article on health system employee benefit opportunities and challenges in 2017. The authors urged health systems to review internal controls for 403(b) plan compliance and new design opportunities for 457(f) plans, to review their short- and long-term health plan operation in light of...

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IRS Issues Regulations Affecting Compensation Arrangements at Tax-Exempt Organizations


By , , and 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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View From McDermott: Is Tibble the End of Revenue Sharing?


By and on Mar 30, 2016
Posted In Fiduciary and Investment Issues, Retirement Plans

Ten short years ago, revenue sharing seemingly presented a “win win” opportunity for third-party administrators (TPAs) and defined contribution plan sponsors. TPAs generally retained all revenue sharing payments received from plans’ investment fund companies in exchange for administrative services provided to the investment funds. In recognition of the revenue sharing received from the investment fund...

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