The Benefit of Benefits

…Because Compensation Is More Than Wages

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By: Trucker Huss

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Scott E. Galbreath, J.D., LL.M (Tax)

Latest from The Benefit of Benefits

In a unanimous decision the Supreme Court has decided the pleading standard necessary to survive a motion to dismiss for a complaint alleging an ERISA fiduciary entered into a prohibited transaction in Cunningham v. Cornell University. That case involved whether fiduciaries breached their duties of prudence and loyalty by paying excessive fees to service…

Happy New Year! You may have noticed that December 29, 2024 came and went without the Internal Revenue System (“IRS”) issuing a new Employee Plans Compliance Resolution System (“EPCRS”) Revenue Procedure to incorporate the self-correction of eligible inadvertent failures in both qualified retirement plans and in IRAs.

Legislative Deadline Missed.

The IRS was directed in…

On December 10, 2024, the United States Court of Appeals for the Second Circuit upheld a lower court’s dismissal and denial of leave to file an amended complaint in a case against Deloitte LLP alleging that its retirement plan (Plan) fiduciaries breached their duty of prudence by allowing the Plan to pay excessive fees to…

SECURE 2.0 codified that for plan years beginning after 2023, 401(k), 403(b), governmental 457(b) and SIMPLE IRA plans can provide matching contributions based on a participant’s repayment of student loan obligations that meet the requirements to be a qualified student loan repayment (QSLP). The Internal Revenue Service (IRS) had previously blessed such a plan design…

As reported in my previous article, Court Grants Preliminary Injunction Against FTC Ban on Non-Compete Agreements, the District Court granting the preliminary injunction from the FTC enforcing its ban on non-compete agreements limited the relief to only the plaintiff bringing the case, Ryan LLC, and not all business nationwide. I predicted that the Plaintiff…

As I wrote in April, a lawsuit filed by Ryan, LLC in the United States District Court for the Northern District of Texas, challenged the recently adopted Federal Trade Commission’s (FTC) rule making most non-compete agreements unenforceable (Rule). See FTC’s Non-Compete Rule Affecting Executive Compensation Challenged in Courts. On July 3, 2024, the court…

On April 23, 2024 the Federal Trade Commission (FTC) issued its final rule that prohibits most non-compete clauses. The rule is effective 120 days after its publishing in the Federal Register (scheduled for May 7). However, lawsuits challenging the rule have already been filed.

Prohibition on Non-Compete Clauses.

Clauses preventing employees, especially higher-paid executives, from…

This article is the fourth in the series addressing the 81 pages of guidance on the legislation known as SECURE 2.0 (the Act) enacted on December 29, 2022, issued by the IRS on December 20, 2023 as Notice 2024-02 (Notice). The first article addressed the extension of the deadline for written amendments and de minimis…