The Internal Revenue Service (“IRS”) recently published new proposed regulations1 under Sections 421, 422, and 424 of the Internal Revenue Code (the “Code”) regarding statutory stock options. The new proposed regulations supplant a previous set of proposed regulations issued almost twenty years ago (on February 7, 1984, to be precise)2 and update the existing final […]
Author: Trucker Huss
In Black & Decker Disability Plan v. Nord, 123-S.-Ct. 1965 (2003), the Supreme Court overturned the Ninth’s Circuit’s application of the “treating physician rule” to ERISA disability cases
The Internal Revenue Service (“IRS”) recently issued Revenue Ruling 2003–102 which allows a Health Flexible Spending Account (FSA) or a Health Reimbursement Arrangement (HRA) to reimburse participants for expenses incurred for eligible non-prescription medicines and drugs, subject to certain limitations. Revenue Ruling 2003–102 states that Internal Revenue Code (“Code”) section 105 (which provides that certain […]
In November 2002, the Department of Labor (“DOL”) issued Field Assistance Bulletin 2002–3 (“FAB 2002–3”) to fill a perceived gap in guidance on float, hoping that plan fiduciaries will review their plans for compliance and take steps to protect themselves from overcompensating their service providers. FAB 2002–3 provides guidance to financial service providers and plan […]
Courts have recently decided a number of new cases involving cash balance plans. The issues involved are major, and the decisions, if upheld, could have drastic implications for all cash balance plans. This article analyzes the possible effects of the two most significant cases: Cooper v. The IBM Personal Pension Plan, 2003–2 USTC P 50,596 […]
Introduction In June 2003, the Internal Revenue Service (the “IRS “) issued Revenue Procedure 2003–44 (the “Revenue Procedure “) in order to simplify and streamline the Employee Plans Compliance Resolution System ( “EPCRS “). EPCRS is a program designed to encourage plan sponsors to correct certain qualification failures, and to facilitate the process, while allowing […]
A recent federal district court decision highlights the potential protection that can be provided against liability for breach of fiduciary duty under ERISA by the “settlor function” doctrine when plan investment decisions are incorporated into the terms of the plan document by amendment. Tatum v. R.J. Reynolds Tobacco Company On December 10, 2003, the U.S. […]
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