Employee stock ownership plans (ESOPs) have been used as a business succession strategy by employers across many industries. In the cannabis industry, ESOPs have come and gone and come again as a trendy topic promising to fix...more
6/27/2025
/ 401k ,
Acquisitions ,
Agribusiness ,
Business Ownership ,
Business Succession ,
Cannabis-Related Businesses (CRBs) ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
ESOP ,
Internal Revenue Code (IRC) ,
IRC Section 280E ,
Liquidity ,
Mergers ,
Retirement Plan ,
S-Corporation ,
Stocks ,
Tax Planning ,
Taxation ,
Valuation
On April 17, 2025, the Supreme Court decided Cunningham v. Cornell University, unanimously holding that a plaintiff can state a valid claim under ERISA by merely alleging that a plan used “plan assets” to pay a service...more
4/25/2025
/ 401k ,
Benefit Plan Sponsors ,
Cunningham v Cornell University ,
Defined Contribution Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
ERISA Litigation ,
Fiduciary Duty ,
Motion to Dismiss ,
Prohibited Transactions ,
Retirement Plan ,
SCOTUS
On February 6, 2025, a Pennsylvania federal judge gave preliminary approval to a $2.1 million settlement resolving a class action involving the Pride Mobility ESOP. This case is one of six brought so far—and the second to...more
On March 11, President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law. Among other provisions, ARPA provides for a 100 percent COBRA subsidy for up to 6 months for anyone who lost health coverage because of...more
Certain deferred compensation plans and agreements maintained by publicly held corporations and subject to Section 409A of the Internal Revenue Code may need to be amended before December 31, 2020, to reflect changes in the...more
On May 12, 2020, the Internal Revenue Service (IRS) released new COVID-19 guidance (Notice 2020-29 and Notice 2020-33), providing both temporary and permanent flexibility to Internal Revenue Code section 125 cafeteria...more
On May 4, 2020, the Internal Revenue Service (IRS) issued 14 FAQs on Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). As noted in a prior post, Section 2202 of the CARES Act generally...more
On Friday, March 27, President Trump signed into law an updated version of a congressional response to the COVID-19 pandemic, entitled the Coronavirus Aid, Relief, and Economic Security Act (the “Act”). The Act includes...more
The current COVID-19 public health crisis raises important issues in connection with 401(k) retirement plans that plan sponsored need to consider carefully. Below, we have outlined some of the issues that might arise from the...more
The novel coronavirus (COVID-19) pandemic raises many employee benefit and compensation considerations for employers. In this alert, we examine key issues relating to COVID-19 and provide suggested strategies for employers to...more
3/25/2020
/ Coronavirus/COVID-19 ,
Disability Benefits ,
Disability Insurance ,
Employer Group Health Plans ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Paid Leave ,
Paid Sick Leave Act ,
Sick Leave ,
Sick Pay ,
Tax Credits
As the end of the year approaches, employers should be aware of important year-end deadlines and considerations related to their retirement and health and welfare plans. We have compiled a list of these deadlines and provide...more
Beginning February 1, 2017, the Internal Revenue Service (IRS) stopped accepting applications for determination letters for individually designed plans, other than for new plans and terminating plans. This change in IRS...more
U.S. Department of Labor final regulations for disability claims under the Employee Retirement Income Security Act (ERISA) plans become effective on April 1, 2018. Plan sponsors should do two things: (1) review plans that...more