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DISCLAIMER: This blog is published for general information only - it is not intended to constitute legal advice and cannot be relied upon by any person as legal advice.  U.S. Treasury Regulations require us to notify you that any tax-related material in this blog (including links and attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties, and may not be referred to in any marketing or promotional materials.  While we welcome you to contact our authors, the submission of a comment or question does not create an attorney-client relationship between the Firm and you. 


New Tax Credit for Paid Leave – Part 2: IRS Issues Helpful Guidance

As expected, the IRS recently issued additional guidance concerning the new paid leave tax credit codified as Code Section 45S. (You can read Part 1 of this series here.)  The guidance, set forth in IRS Notice 2018-17, is presented in the form of 34 questions and answers.  The questions and answers provide guidance to help determine which employees are “qualified” for purposes of the credit, how a year of service is determined, what constitutes wages, how the credit is calculated, and numerous other details.  The questions and answers are highly detailed and this post does not provide a complete review of them. 

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IRS issues updated 402(f) rollover distribution notices

The IRS has issued new model notices for recipients of rollover distributions from qualified retirement plans.  The updated notices reflect changes from the 2017 tax reform act, as wells as regulatory changes enacted since previous versions of the notices were published.

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After the "Epic" Decision, Webinar Explores Pros & Cons of Arbitration Agreements in Employment Contracts

Following the recent Epic Systems Corp. v. Lewis Supreme Court decision holding that employers can enforce class action waivers in arbitration agreements, many employers are re-opening the discussion of whether to include a mandatory arbitration clause in their employment contracts. Join Verrill Dana attorneys Richard Moon, Benjamin Ford, and Chris Lockman for a free hour-long webinar on Wednesday, September 12 at 1:00pm, for an overview of the state of the law, the value and enforceability of arbitration agreements, and the pros and cons of arbitration agreements in employee benefits disputes.

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New Tax Credit for Paid Leave: What Benefits Professionals Should Know

The 2017 Tax Cuts and Jobs Act contains a two-year pilot project, developed by Senators Angus King (I-ME) and Deb Fischer (R-NE), that provides a tax credit to employers that offer at least two weeks of paid leave to low and moderate income employees.  If your company already offers paid leave, it may be able to take advantage of the credit.  If your company has been considering a paid leave policy, this may be the time to implement it. 

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Stronger Than Its Weakest Links: NYU Survives 403(b) Fee Lawsuit

In the first University 403(b) plan fee case to proceed to trial, Sacerdote v. New York University (No. 16-cv-6284 (KBF) (S.D.N.Y. July 31, 2018), the Court found that plaintiffs were unsuccessful in proving that the NYU Retirement Plan Committee breached its fiduciary duties by failing to reduce high recordkeeping fees and failing to remove two underperforming investment options.  Fiduciary obligations are often described in black and white terms.  The Sacerdote opinion is a reminder that practical limitations often interfere with “best practices” for retirement plan fiduciaries – committee members have varied backgrounds and experience, timelines for completing fiduciary objectives are often interrupted, and implementing changes to plan design and operation can be labor intensive and may create disruption for participants.  Sacerdote underscores that sound process and good documentation are key to avoiding trouble when the actions taken by plan fiduciaries are not perfect. 

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