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Hurricane Harvey Relief for Employee Benefit Plans

The Internal Revenue Service and the Department of Labor relaxed some deadlines for eligible employee benefit plans and expanded the availability of withdrawals and loans for eligible defined contribution plan participants in the disaster area. However, the Pension Benefit Guaranty Corporation announced that some of its required filings will not be extended automatically.

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ESOPs and Artisan Distilling

Employee Stock Ownership Plans (ESOPs) are becoming a popular—and tax effective—way for companies to manage succession planning. When structured properly an ESOP can provide huge financial benefits to companies and their employees alike. There have been several craft brewers who have taken advantage of the ESOP structure in the past year, and we expect this trend to pique the interest of craft distilleries. In this article, originally published in Artisan Spirit, Marc E. Sorini and Emily Rickard explore at a very high level some of the issues involved with starting and maintaining a craft distillery ESOP.

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Employee Benefits Programs in May

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 Challenges | May 3, 2017 | Webinar presented by Mary K. Samsa, Joseph K. Urwitz, Ruth Wimer

M&A Workshop: New Developments and Key Legal and Tax Issues Throughout the Life Cycle of a Deal | May 4, 2017 | Chicago, Illinois | Speaker, Joseph S. Adams

Benefits Emerging Leaders Working Group | May 10, 2017 | Chicago, Illinois | Speakers, Lisa K. Loesel, Lisa Schmitz Mazur, Jacob M. Mattinson, Jeffrey Arnold, Sarah Raaii




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IRS Issues Revised Requirements for Employers to Claim FICA Tax Refunds

On March 20, 2017, the Internal Revenue Service (IRS) issued Revenue Procedure 2017-28, which provides guidance to employers on obtaining employee consents used to support a claim for credit or refund of overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act (RRTA). This OTS describes the new procedures and provides valuable information regarding the rules for amending past employment tax returns due to the over- or under-payment of Social Security, Medicare and Federal income tax on employee wages.

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IRS Will Now Permit DC Plan Hardship Withdrawal Self-Certification Summaries

Two recently published memoranda by the Internal Revenue Service (the IRS) indicate that it is permissible for 401(k) and 403(b) plan sponsors and their third party administrators (TPAs) to rely on participants’ written summaries describing their financial hardships when processing hardship withdrawals from plans that apply the safe harbor event rules. Plan sponsors and TPAs may find relief from the former time-consuming, manual reviews of participants’ hardship withdrawal documentation.

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

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 any Affordable Care Act replacement.

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American Health Care Act: Considerations for Employers

On Monday March 6, 2017, the House Republican leadership in the Energy and Commerce and Ways and Means Committees unveiled their signature bill to “repeal and replace” the Affordable Care Act (ACA). The “American Health Care Act” (AHCA) is an effort to make good on President Trump’s promise to dismantle the ACA. Democrats are united in their opposition to the AHCA and other stakeholders have also come out against the bill – while the proposed legislation is subject to modification as it is marked up in committee and debated in Congress, certain provisions of the AHCA, if enacted, will be of particular importance to employers and provide the framework for a strategic road map as employers plan and design future health care benefits for their employees.

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