Joseph K. Urwitz
Subscribe to Joseph K. Urwitz's PostsJoseph (Joe) K. Urwitz focuses his practice on employee benefits, executive compensation and Employee Retirement Income Security Act (ERISA) fiduciary matters. He advises clients on a wide range of issues, including fiduciary duties and prohibited transactions, employee benefit matters arising in mergers and acquisitions, benefits issues unique to nonprofit entities, deferred compensation arrangements, equity award and bonus plan design, employment and severance arrangements, and qualified plan work. Read Joe Urwitz's full bio.
Full Disclosure Required: Lifetime Income Estimates on Defined Contribution Plan Benefit Statements
By Lisa Loesel, Joseph K. Urwitz and McDermott Will & Emery on Feb 9, 2021
Posted In Employee Benefits, Retirement Plans
The Department of Labor provided interim guidance on the new required annual lifetime income disclosures to participants in defined contribution plans, including plans covered under section 401(k) or 403(b) of the Internal Revenue Code, profit-sharing plans and employee stock ownership plans (ESOPs). The Lifetime Income Disclosure Rule is currently scheduled to go into effect on...
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Deja Vu with Retirement Plan Extension 2
By Erin Steele, Joseph K. Urwitz and Lisa Loesel on Jul 9, 2020
Posted In Employee Benefits, Retirement Plans
In response to the administrative difficulties faced by plan administrators due to the ongoing COVID-19 pandemic, the Internal Revenue Service (IRS) recently issued Notice 2020-35, which extends additional retirement plan deadlines for 2020 not previously extended under IRS Notice 2020-23. The IRS also stated that this relief applies for purposes of ERISA if the tax...
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7 Severance Structuring Tips for Tax-Exempt Colleges and Universities
By Erin Steele, Joseph K. Urwitz and Todd Solomon on Aug 20, 2019
Posted In Employee Benefits, Employment, Executive Compensation
In-house counsel and human resources professionals at tax-exempt colleges and universities often face a variety of challenges when structuring, and determining obligations due under, severance arrangements. There are some key considerations to bear in mind, which are outlined in this article. Access the full article.
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Georgetown University Defeats Retirement Plan Fee Litigation and “If a Cat Were a Dog, It Would Bark”
By Chris C. Scheithauer, Erin Steele, J. Christian Nemeth and Joseph K. Urwitz on Jan 29, 2019
Posted In Benefit Controversies, Employee Benefits, Fiduciary and Investment Issues, Retirement Plans
Recently, the US District Court for the District of Columbia dismissed a proposed class action lawsuit brought by former Georgetown employees under the Employee Retirement Income Security Act of 1974 (ERISA) over fees and investments in its two retirement plans. Plaintiffs alleged that Georgetown breached its fiduciary duty of prudence under ERISA by selecting and...
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Top Takeaways for Tax-Exempts from IRS Guidance on Executive Compensation
By Andrew Liazos, Erika Mayshar, Joseph K. Urwitz, Ralph E. DeJong and Robert C. Louthian, III on Jan 10, 2019
Posted In Employee Benefits, Executive Compensation
One of the more controversial and complex provisions of the Tax Cuts and Jobs Act has been the 21 percent excise tax on certain nonprofit executive compensation. On December 31, 2018, the IRS issued interim guidance that addresses how this tax will apply in various situations that commonly arise for tax-exempt employers. Establishing internal systems...
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Free Parking Only Exists in Monopoly: New IRS Guidance Makes Employer-Provided Parking More Costly and Burdensome Than You Think
By David Fuller, Erika Mayshar, Erin Steele, Joseph K. Urwitz, Ralph E. DeJong, Robert C. Louthian, III and Samantha Souza on Dec 20, 2018
Posted In Employee Benefits
As part of its comprehensive 2017 tax reform bill, Congress repealed deductions for Qualified Transportation Fringes including for employer-provided parking, while also requiring that tax-exempt organizations increase their unrelated business taxable income by the nondeductible parking expenses. Recently released IRS Notice 2018-99 addresses some of the year-end tax filing and tax planning concerns for affected...
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IRS Provides 403(b) Plan Relief for Improper Exclusion of Part-Time Employees
By McDermott Will & Emery and Joseph K. Urwitz on Dec 18, 2018
Posted In Retirement Plans
The IRS recently released Notice 2018-95 to provide transition relief to 403(b) plan sponsors that improperly excluded part-time employees from making elective deferrals under their plans. Employers must begin to operate the part-time employee exclusion under their 403(b) plans correctly for the plan year immediately following the transition relief period, which will mean as soon...
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The Top Hat-Exemption After Sikora
By Elizabeth M. Rowe, J. Christian Nemeth and Joseph K. Urwitz on Nov 29, 2018
Posted In Benefit Controversies, Employee Benefits, Executive Compensation, Retirement Plans
The Employee Retirement Income Security Act of 1974 (ERISA) has long been a source of complex and often-expensive litigation for employers. However, as the number of actions brought by employees under ERISA have surged, employer-defendants have often relied on the so-called top-hat exemption to dismiss certain claims involving executives. Now, several federal courts of appeals...
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Employers with Massachusetts Employees Must File Health Insurance Responsibility Disclosure Form by November 30
By Joseph K. Urwitz on Nov 20, 2018
Posted In Employee Benefits, Health and Welfare Plans
Any employer who has six or more employees in Massachusetts in any calendar month after November 2017 is required to complete a Health Insurance Responsibility Disclosure (HIRD) form by November 30, 2018. The HIRD form is used by MassHealth to collect information about employer-sponsored insurance offerings. The Massachusetts Department of Revenue recently published a set of...
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IRS Corrections Go Digital in 2019
By Joseph K. Urwitz, Lisa Loesel and Maggie McTigue on Oct 23, 2018
Posted In Employee Benefits, Retirement Plans
Late last month, the IRS released the latest version of its Employee Plans Compliance Resolution System, the IRS’s program for correcting retirement plan errors. The newest version of the correction program—effective beginning in 2019—includes mostly minor changes and clarifications. Most importantly, however, it requires electronic filing of Voluntary Correction Program submissions beginning April 1, 2019....
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