Todd Solomon
Subscribe to Todd Solomon's PostsTodd A. Solomon is the head of McDermott’s Benefits, Compensation & Employment Practice Group. Todd focuses his practice on designing, amending and administrating pension, profit sharing, 401(k), employee stock ownership and 403(b) plans, as well as nonqualified deferred compensation arrangements. He also counsels privately and publicly held corporations and tax-exempt entities regarding fiduciary issues under the Employee Retirement Income Security Act (ERISA), employee benefits issues involved in corporate transactions, executive compensation matters and the implementation of benefit programs for domestic partners of employees. Read Todd A. Solomon's full bio.
Proposed Minimum Distribution Regulations Prompt Concerns
By Todd Solomon on Jun 22, 2022
Posted In Employee Benefits, Fiduciary and Investment Issues, Retirement Plans
Employee benefits professionals are inquiring about relief options for proposed regulations for required minimum distributions (RMDs). According to this Tax Notes article, the proposed regulations would make determining the RMDs during the plan participant’s lifetime and the designated beneficiary more challenging for plan sponsors, IRA trustees and custodians, and third-party administrators. One of the major...
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The Fiduciary Duties of 457(b) Plans and How to Mitigate Potential Risks
By Todd Solomon on May 19, 2022
Posted In Employee Benefits, Executive Compensation, Fiduciary and Investment Issues, Retirement Plans
Fiduciaries of 403(b), 401(a) and 457(b) retirement plans have come under increased scrutiny in recent years, in part due to participant lawsuits filed against plan sponsors and the resulting media attention. In this presentation with the 457 Consulting Group, McDermott Partner Todd Solomon discusses the fiduciary duties of plan sponsors and how to mitigate potential...
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Proposed IRS RMD Regulations Present Challenges, Risks for 403(b) Plans
By Teal Trujillo and Todd Solomon on Apr 12, 2022
Posted In Employee Benefits, Employment, Fiduciary and Investment Issues, Retirement Plans
The Internal Revenue Service (IRS) is strategically working to execute the statutory changes that were outlined by the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019. However, the IRS’s efforts to streamline the required minimum distribution (RMD) requirements for Internal Revenue Code (IRC) Section 403(b) plans with Section 401(a) qualified plans,...
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Department of Labor Exemption Impacts Investment Advice Fiduciaries
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...
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Easing the Burden: New PBGC Rule Simplifies Multiemployer Plan Withdrawal Liability Calculations
By Lisa Loesel and Todd Solomon on Apr 14, 2021
Posted In Employee Benefits, Labor, Retirement Plans
New guidance streamlines the methods for calculating withdrawal liability for multiemployer union pension plans that have adopted benefit reductions, benefit suspensions, surcharges or contribution increases—a common occurrence with underfunded multiemployer pension plans. Access the article.
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DOL Creates Path for 401(k) Plans to Offer Private Equity Investment Options
By Todd Solomon and Brian Tiemann on Oct 29, 2020
Posted In Employee Benefits, Fiduciary and Investment Issues
In June, the US Department of Labor issued an information letter indicating that it will allow defined contribution retirement plans (such as 401(k) plans) to indirectly invest in private equity funds. While information letters are not binding, this new guidance creates a significant opportunity for plan sponsors to consider investment options that include private equity...
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DOL Proposed Regulations on Proxy Voting
By Todd Solomon and Brian Tiemann on Oct 27, 2020
Posted In Employee Benefits, Fiduciary and Investment Issues
The Department of Labor (DOL) issued a proposed rule with 30-day comment period to address the application of fiduciaries’ duties with respect to proxy voting and exercises of other shareholder rights. The proposal requires fiduciaries to vote any proxy where the matter being voted upon would have an economic impact on the plan and prohibits...
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“Because of Bostock” – Court Delays HHS Rule Re-interpreting Section 1557 Discrimination “Because of Sex”
By Jacob Mattinson, Todd Solomon, Gregory Fosheim, Judith Wethall and Winnie Uluocha on Aug 25, 2020
Posted In Benefit Controversies, Employee Benefits, Health and Welfare Plans
One day before an updated rule of the US Department of Health and Human Services regarding Section 1557 of the Patient Protection and Affordable Care Act took effect, the US District Court for the Eastern District of New York ordered a stay and issued a preliminary injunction precluding the most recent final rules from becoming...
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Multiemployer Pension Plans: Addressing the Issue of Underfunding
By Todd Solomon on Aug 11, 2020
Posted In Employee Benefits, Retirement Plans
A significant issue facing many business owners is the impact of underfunded multiemployer pension plans. This is most common, but not exclusive to, unionized businesses. McDermott Partner and Global Head of the Firm’s Employee Benefits and Executive Compensation Practice Group Todd Solomon joins Domenic Rinaldi, owner and managing partner of Sun Acquisitions, for a recent episode of...
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HHS Finalizes Anti-Discrimination Revisions to ACA Section 1557
By Jacob Mattinson, Judith Wethall, Gregory Fosheim, Winnie Uluocha and Todd Solomon on Jul 14, 2020
Posted In Benefit Controversies, Health and Welfare Plans
On June 12, 2020, the Office for Civil Rights (OCR) of the US Department of Health and Human Services (HHS) finalized a rule under Section 1557 of the Patient Protection and Affordable Care Act (the 2020 Final Rule) that rescinds certain protections afforded to LGBTQ individuals and persons with limited English proficiency. At the same...
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