PBGC Coverage May No Longer Apply to Puerto Rico-Only Qualified Retirement Plans

Employers that sponsor defined benefit qualified retirement plans benefiting only Puerto Rico employees should be aware that Pension Benefit Guaranty Corporation (PBGC) coverage may no longer apply. Last...
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UK Pensions Auto-Enrolment Scheme

A radical change to UK pension law is expected to affect tens of thousands of organisations with UK-based employees in 2014.  This follows the imposition of an unprecedented obligation on employers to...
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Individual Responsibility under the ACA

Effective 2014, if a taxpayer is not covered under minimum essential coverage for one or more months, then, unless an exemption applies, the taxpayer is liable for the individual shared responsibility...
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More States Restrict Employers’ Access to Employees’ Social Media Accounts

As first discussed in McDermott Will & Emery’s Privacy and Data Protection 2013 Year In Review, state legislatures are enacting laws limiting employers’ ability to access the social media accounts...
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Camp Tax Reform Proposal Targets Executive Compensation

On February 26, 2014, U.S. House of Representatives Committee on Ways and Means Chairman Dave Camp (R-Mich.) released the proposed Tax Reform Act of 2014 (the Camp Proposal).  In addition to simplifying...
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U.S. Appeals Courts Issue Conflicting Decisions on Whether ACA Permits Tax Subsidies of Health Care Coverage Purchased Through Federal Exchanges

The U.S. Court of Appeals for the District of Columbia struck down the Internal Revenue Service (IRS) rule providing for federal tax credits for health insurance purchased through federal exchanges, while...
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Supreme Court Prohibits Warrantless Mobile Phone Searches, Underscores Individual Right to Privacy

The Supreme Court of the United States’ recent decision prohibiting warrantless mobile phone searches incident to arrest underscores unique privacy concerns raised by modern technology. The decision...
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IRS Ruling Allows Tax-Deferred Stock Rights for Fund Managers

Revenue Ruling 2014-18 holds that stock options and stock-settled stock appreciation rights (stock rights) granted by offshore funds and other entities domiciled in tax-indifferent jurisdictions can be...
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IRS Ruling Allows Tax-Deferred Stock Rights for Fund Managers

Revenue Ruling 2014-18 holds that stock options and stock-settled stock appreciation rights (stock rights) granted by offshore funds and other entities domiciled in tax-indifferent jurisdictions can be...
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Supreme Court Rejects “Presumption of Prudence,” Adopts New Pleading Standards in Fifth Third Bancorp v. Dudenhoeffer

In a highly anticipated decision, the Supreme Court recently ruled that ESOP fiduciaries are not entitled to a presumption of prudence under ERISA in connection with their decisions to buy, hold or sell...
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