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.
IRS Issues Long-Awaited Initial Guidance under Section 162(m)
By Andrew Liazos, Joseph K. Urwitz, McDermott Will & Emery and William R. Pomierski on Aug 23, 2018
Posted In Employee Benefits, Executive Compensation
On August 21, 2018, the IRS issued guidance regarding recent statutory changes made to Section 162(m) of the Internal Revenue Code. Overall, Notice 2018-68 strictly interprets the Section 162(m) grandfathering rule under the Tax Cuts and Jobs Act. Public companies and other issuers subject to these deduction limitations will want to closely consider this guidance...
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Brown University Only Partially Successful in 403(b) Lawsuit
By J. Christian Nemeth, Joseph K. Urwitz and Mary K. Samsa 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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Northwestern University Defeats 403(b) Lawsuit
By J. Christian Nemeth and Joseph K. Urwitz on Jun 12, 2018
Posted In Benefit Controversies, Fiduciary and Investment Issues, Retirement Plans
A federal judge in the Northern District of Illinois recently dismissed a lawsuit against Northwestern University alleging that the University and its fiduciaries mismanaged its retirement and voluntary savings plans. This is the latest decision in a series of class action lawsuits against prominent universities in which plaintiffs allege fiduciary violations of the Employee Retirement...
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Tax Takes Video: Non-Profit Executive Pay
By Joseph K. Urwitz on Mar 27, 2018
Posted In Employee Benefits, Executive Compensation
Partners Mary Samsa and Joe Urwitz discuss the new challenges created for tax-exempts in compensating their executives given the new 21 percent excise tax on pay over $1 million. Now is the time for tax-exempts to be evaluating potential tax planning opportunities for structuring pay to avoid application of the 21 percent excise tax.
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Your Fiduciary Responsibilities and 403(b) Plan Litigation
By J. Christian Nemeth, Joseph K. Urwitz and Todd Solomon on Dec 19, 2017
Posted In Benefit Controversies, Employee Benefits, Fiduciary and Investment Issues, Health and Welfare Plans, Retirement Plans
Joe Urwitz, Todd Solomon and Chris Nemeth discuss provisions of The Employee Retirement Income Security Act of 1974 (ERISA) of particular relevance to tax-exempt entities and their investment managers, as well as ongoing litigation against Section 403(b) plans. Continue Reading.
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McDermott Announces Determination Letter Replacement Program, Addressing the Gap in Retirement Plan Compliance
By Brian Tiemann, Diane Morgenthaler, Jeffrey Holdvogt, Jacob Mattinson, Joseph K. Urwitz, Kay Kemp, Lisa Loesel, Maggie McTigue , Mary K. Samsa, Sarah L. Engle, Allison Wilkerson, Alan D. Nesburg, PC, Andrew Liazos, McDermott Will & Emery and Todd Solomon 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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Internal Revenue Service Updates Golden Parachute Payments Audit Technique Guide, Signaling Key Items IRS May Review on Audit
By Andrew Liazos, Joseph K. Urwitz and McDermott Will & Emery on Aug 24, 2017
Posted In Employee Benefits, Executive Compensation
In early 2017, the IRS updated its Golden Parachute Payments Audit Technique Guide for the first time since its 2005 issuance. While intended as an internal reference for IRS agents conducting golden parachute examinations, the Audit Technique Guide offers valuable insight for both public and private companies, and recipients of golden parachute payments, into how...
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Supreme Court Rules in Favor of Church-Affiliated Hospitals in Church Plan Litigation
By Joseph K. Urwitz and Mary K. Samsa 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 McDermott Will & Emery, Joseph K. Urwitz and Mary K. Samsa 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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Partial Victories to Two Universities in Their Motions to Dismiss Code Section 403(b) Fee Litigation
By McDermott Will & Emery and Joseph K. Urwitz on May 30, 2017
Posted In Employee Benefits, Fiduciary and Investment Issues, Retirement Plans
Multiple large, class action lawsuits have been filed against prominent higher education institutions claiming fiduciary breaches under their Code Section 403(b) plans as a result of insufficient oversight of plan investments, which allegedly caused excessive fees to be paid by participants. Last week, district courts in Georgia and North Carolina, respectively, ruled on defendants’ motions...
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