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Subscribe to McDermott Will & Emery's PostsIRS Extends Transition Relief for Puerto Rico Qualified Plans to Participate in U.S. Group Trusts and Deadline to Transfer Assets
By McDermott Will & Emery on Dec 28, 2011
Posted In Retirement Plans
by Nancy S. Gerrie and Jeffrey M. Holdvogt On December 21, 2011, the U.S. Internal Revenue Service (IRS) issued Notice 2012-6, which provides welcome relief for U.S. employers with qualified employee retirement plans that cover Puerto Rico employees. Notice 2012-6 provides that the IRS will extend the deadline for employers sponsoring plans that are tax-qualified only...
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IRS Extends Year-End Deadline for Pension Plan Amendments Under Code Section 436
By McDermott Will & Emery on Dec 22, 2011
Posted In Retirement Plans
by Diane M. Morgenthaler, Natalie M. Nathanson and Maureen O’Brien The IRS recently extended the deadline for defined benefit plan sponsors to adopt amendments to comply with Section 436 of the Internal Revenue Code of 1986, as amended (the Code). Code Section 436 was added by the Pension Protection Act of 2006 (PPA) and contains...
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Illinois Supreme Court Clarifies and Broadens Noncompete Enforceability
By McDermott Will & Emery on Dec 15, 2011
Posted In Employment
by Linda M. Doyle, Monica Quinn Halloran and Nathaniel L. Whalen A recent Illinois Supreme Court opinion clarifies and broadens the scope of enforceable noncompete agreements for Illinois employers. For a summary of the court’s opinion and the resulting changes regarding the enforceability of noncompete agreements, click here.
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Understanding Which Deadlines Are Extended by the Recent IRS Guidance for Hybrid Plans
By McDermott Will & Emery on Nov 16, 2011
Posted In Retirement Plans
by Joseph S. Adams, Anne S. Becker and Stephen Pavlick In October 2011, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2011-85 (Notice), announcing their intent to extend certain requirements applicable to hybrid pension plans such as cash balance plans. Given the highly technical nature of cash balance plans...
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New Notice Requirements for Retirement Plans Seeking IRS Approval of Church Plan Status
By McDermott Will & Emery on Oct 24, 2011
Posted In Retirement Plans
by Ralph E. DeJong, Todd A. Solomon and Patrick D. Ryan Revenue Procedure 2011-44 modifies the procedures for submitting a private letter ruling request that a retirement plan constitutes a church plan to include a requirement that the applicant provide a notice to certain interested persons. The guidance provides rules regarding the timing and method for providing...
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ALJ Finds Employee’s Facebook Comments Unrelated to Working Conditions are not Protected Under the NLRA
By McDermott Will & Emery on Oct 17, 2011
Posted In Employment, Labor
by Stephen D. Erf, Heather Egan Sussman and Sabrina E. Dunlap Two weeks ago, we wrote about a decision from an Administrative Law Judge (ALJ) (available here) finding that the National Labor Relations Act (NLRA) protected an employee’s Facebook comments made about his employer. Last week, an ALJ issued another decision involving social media and the...
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Domestic Partner Developments- A Breakfast Discussion Sponsored by WEB Network
By McDermott Will & Emery on Oct 7, 2011
Posted In Employment, Health and Welfare Plans
Tuesday, October 25, 2011 (7:30am breakfast and networking, 8:00am program) Since June 1, 2011, Illinois has recognizee civil unions, and insured employee benefits plans in Illinois must offer a civil union partner the same benefits as offered to an opposite-sex married partner. Other states, like New York, have recently gone further, and offer full recognition...
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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 McDermott Will & Emery on Oct 3, 2011
Posted In Labor, Retirement Plans
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...
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New PBGC Guidance Provides Premium Penalty Relief for Certain Late Payments and for Faulty Alternative Premium Funding Target Elections
By McDermott Will & Emery on Sep 28, 2011
Posted In Retirement Plans
by Joseph S. Adams, Maureen O’Brien and Patrick D. Ryan On September 14, 2011, the Pension Benefit Guaranty Corporation (PBGC) issued a notice (Notice) that provides relief to pension plans from penalties associated with certain late payment of premiums and situations involving the failure to properly elect the alternative premium funding target (APFT) to calculate...
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NLRB Releases Report on Social Media Decisions
By McDermott Will & Emery on Sep 20, 2011
Posted In Employment, Labor
by Sabrina E. Dunlap, Stephen D. Erf and Heather Egan Sussman In April 2011, we issued a blog post outlining some of the National Labor Relations Board’s (NLRB) decisions regarding employee use of social media (the post can be accessed here). In an effort to provide guidance on the issue, the Acting General Counsel of the NLRB...
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