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Proposed Changes to § 409a Regulations: Greater Clarity and Better Planning Alternatives

Andrew Liazos and Allison Wilkerson wrote this bylined article on Tax Code Section 409A’s deferral and payment requirements for nonqualified deferred com­pensation plans. Recent IRS Section 409A guidance makes “several helpful changes that employers will want to consider and take advantage of,” the authors wrote, and they warned employers that they ignore final IRS “at their peril…in light of the more limited ability to correct errors.”

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Originally published in The Practical Tax Lawyer, Spring 2017

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Third Circuit Holds that a Portion of Post-Petition Withdrawal Liability in Bankruptcy Is Entitled to Priority Over General Unsecured Claims

by Raymond Fernando, Michael Graham, Maureen O’Brien and Maggie McTigue

Recently, the Third Circuit held that withdrawal liability triggered after a bankruptcy filing date may be apportioned to pre- and post-petition service for the debtor, and that the withdrawal liability attributable to post-petition service may be entitled to priority over general unsecured claims under the Bankruptcy Code.  Employers that participate in a multiemployer pension plan should determine the claims impact of withdrawal in light of this court decision and also assess whether filing for bankruptcy protection outside of the Third Circuit is appropriate.

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