It is no secret that a business which is owned by a private equity fund will eventually be sold. As part of the sale process, the potential buyer will examine the employee benefit documents and the plans’ operations to determine if there are any potential risks. If errors are found, the seller may be required …
The Good News and the Bad News: IRS Changes Fee Schedule for the Voluntary Correction Program for Tax-Qualified Retirement Plans
Buried under the news of tax reform and deep within an annual bulletin, the IRS has announced reduced fees for corrections made pursuant to its Voluntary Correction Program (“VCP”). However, fees will not be lower in every circumstance. The EPCRS Program Plan sponsors that make mistakes with respect to the operation or documentation of their …
What to Watch for in 2018: The New Overtime Rule, Take Two
One of the most significant developments in employment law in 2017 was a federal district court in Texas declaring invalid the Obama Administration’s controversial new overtime rule that would have more than doubled the minimum salary level required to qualify for certain overtime exemptions under the FLSA. Although the business community won this battle, employers …
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Why Do I Need a Plan Document for my Welfare Benefit Plan?
An employee comes into your office and requests a copy of the plan document for the medical plan. What document do you give to the employee? One of the basic ERISA rules is that all employee benefit plans must have a written plan document. Under ERISA Section 402, a plan document must include these elements: …
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