LexisNexis® Legal Newsroom
Health Care Reform Sets Higher Bar for Non-Profit Hospital Exemption Status

Non-Profit and Public Hospitals . New IRC § 501(r) , enacted as part of this year's health care reform legislation, imposes new tax exemption qualification requirements on non-profit hospitals as IRC § 501(c)(3) organizations. IRC § 501(r) applies to any organization operating a facility...

Pension Funding Relief -- Temporary or Here to Stay?

The Pension Protection Act of 2006 [PPA, Pub. L. No. 109-280] was enacted in part to strengthen the minimum funding rules for defined benefit (DB) pension plans. The subsequent financial crisis and recession led to vigorous lobbying by employers for relief from the new rules. On June 25, 2010, after...

New IRS Guidance on Automatic Revocation of Tax-Exempt Status

Generally, an exempt organization is required to file an annual information return. [ IRC § 6033 ] The Pension Protection Act of 2006 added IRC Section 6033(i) which requires organizations that are not required to file an annual information return because their gross receipts fall below certain...

New IRS Guidance on Automatic Revocation of Tax-Exempt Status

Generally, an exempt organization is required to file an annual information return. [ IRC § 6033 ] The Pension Protection Act of 2006 added IRC Section 6033(i) which requires organizations that are not required to file an annual information return because their gross receipts fall below certain...

Sutherland Legal Alert: DOL Releases Final PPA Participant Advice Regulation

By Joanna Myers and Mark Smith On October 25, 2011, the Department of Labor (DOL) published its final regulation implementing the ERISA prohibited transaction exemptions for participant investment advice enacted in the Pension Protection Act of 2006 (PPA). This final regulation brings to a conclusion...

Special Requirements for Applicable Defined Benefit Plans

The Pension Protection Act of 2006 ("PPA") provided extensive new rules to deal with many issues that have proved problematic for cash balance and pension equity plans. Among those new rules were special requirements for "applicable defined benefit plans." The new rules for applicable...

Cutback Relief and Retroactive Effect for Remedial Plan Amendments

It is among the most fundamental tenets of pension law that benefits once earned cannot be taken away. It is made explicit in IRC § 411(a) , reinforced by the specific protection afforded by the anti-cutback rule of IRC § 411(d)(6) . There are few exceptions, but among those is the remedial...

Type III Supporting Organizations - Now That The Dust Has Settled

Type III Supporting Organizations ("SO"), which are those "operating in connection with" one or more supported organizations, are treated as public charities because they support one or more public charities. ("SO" herein refers exclusively to "Type III Supporting Organizations...