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Uniformity argument fails despite income tax on employee 401(k) contributions but not on employer 401(k) contributions (Pa. Commw. Ct. Dec. 16, 2010)

In Boguslavsky v. N. Pocono Sch. Dist. , 2010 Pa. Commw. LEXIS 677 (Pa. Commw. Ct. Dec. 16, 2010) [ enhanced version available to lexis.com subscribers / unenhanced version available from lexisONE Free Case Law ], a taxpayer's complaint against a school district alleged, inter alia, that the district's...

Troutman Sanders LLP: Interest Rate for 401(k) Plan Participant Loans May Need to Be Prime Plus 2%

By Jonathan A. Kenter , Evelyn Small Traub , Jeffery R. Banish , Lynda M. Crouse , Tina A. DeNapoli , Jeanne E. Floyd , Stephen G. Gorell , Kristina Rae Jones , Edith "Edie" Margaret Lindsay , Roger S. Reigner Jr. , Mamta K. Shah and Wallace "Wally" M. Starke During a recent phone...

Williams Mullen: Case Holds That ERISA Claims Based On Initial Investment Decisions Are Time-Barred

BY: MARK S. THOMAS & ROBERT W. SHAW In a suit brought under the Employee Retirement Income Security Act of 1974, as amended ("ERISA") against Bank of America and its Corporate Benefits Committee, the U.S. District Court for the Western District of North Carolina held that certain...

Year-End Tax Planning Tips

With the holidays upon us, it's time to do some planning that can help reduce your tax bill this year. Contributing to your retirement plan is a fast and easy way to cut your taxes, while building your nest egg. The federal limit for 401(k) contributions this year is $16,500 if you are under...

Ballard Spahr LLP: CFPB Confirms Mortgage Loan Originators May Participate in Qualified 401(k) Plans

The Consumer Financial Protection Bureau has confirmed that Regulation Z (which implements the Truth in Lending Act) does not prohibit mortgage loan originators from participating in qualified profit-sharing 401(k) or employee stock ownership plans (Qualified Plans). Issued on April 2, 2012, Bulletin...

Troutman Sanders LLP: The Next Frontier in Fiduciary Oversight Litigation?

By Jonathan A. Kenter and Gail H. Cutler In the latest of a series of high-profile class action suits against large 401(k) plans, ABB, Inc., a North Carolina power generation products manufacturer, and its 401(k) plan committees, were held jointly and severally liable, for a record $37 million in damages...

Ballard Spahr LLP: Supreme Court Denies Review of Second Circuit Cases Adopting Moench Presumption for Fiduciaries of ERISA-Governed Plans

By Patricia A. Smith , Brian M. Pinheiro , and Erin K. Clarke The U.S. Supreme Court recently refused to grant certiorari for two 2011 Second Circuit stock drop decisions that had adopted the " Moench presumption" for determining whether fiduciaries imprudently invested assets in employer...

Ballard Spahr LLP: IRS Grants Retirement Plan Distribution Relief to Hurricane Sandy Victims

By Brian M. Pinheiro In the wake of Hurricane Sandy, the IRS has issued guidance that permits individuals affected by the storm and its aftermath to access the assets in their retirement plans and individual retirement accounts. To be eligible for the special relief, the employee or former employee...

What the Fiscal Cliff Deal Means for Retirement Accounts

The fiscal cliff deal has not only affected income and estate taxes, but it has also changed how retirement rollovers are handled. Roth Rollovers The new provision gives freedom to retirement account holders. Anyone with a 401(k) , 403(b), or a similar plan may rollover their funds into a Roth...

McNees Insights on Estate Planning: Who Gets Your IRA? – 6 Common Mistakes

By David M. Watts, Jr. | Do you want your heirs to have to chase after your 401K or IRA money? Many of us have a significant portion of our assets held in retirement plans, such as 401Ks and IRAs, and your Will does not control who gets your 401K or IRA. Therefore, it is important to make sure you...