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71 Matching News Items |
| 1. |
Pillsbury Executive Compensation Update, Spring/Summer 2013 (PDF)
Pillsbury Winthrop Shaw Pittman LLP 
July 23, 2013
"[N]ew tax laws enacted in 2012 require the design and purpose of current and future deferred compensation to be reviewed. Further, as companies become more global, it has become necessary to understand how foreign laws may impact these arrangements.... [This publication] explore[s] new developments regarding global stock plans compliance issues, and the legislative impact on the taxation of stock options and other forms of equity compensation, as well as how the 2012 tax law makes deferred compensation a more attractive benefit."
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| 2. |
Pillsbury Law Firm Requests IRS Clarification of Foreign Investment Reporting Rules for Pension Plans (PDF)
Pillsbury Winthrop Shaw Pittman LLP
July 22, 2009
3 pages. Excerpt: In order to diversify their investments, many U.S. qualified retirement plans invest a portion of their trust assets in foreign investment funds. In past years, it has generally been assumed that these investments are not reportable on [the Report of Foreign Bank and Financial Accounts, or 'FBAR'], as long as the plan has a minority interest in the fund. In October 2008, however, the IRS added language to the FBAR instructions stating that 'financial accounts' reportable on FBAR include mutual funds. We understand that certain IRS officials are taking the position that the term 'mutual funds,' for this purpose, includes offshore hedge funds and private equity funds. We believe that this reading is overly broad.
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| 3. |
DOL Ups Its Game on Cybersecurity Program Oversight, Begins Audits
Pillsbury Winthrop Shaw Pittman LLP
June 23, 2021
"In light of the DOL's cybersecurity audit initiative, employers and fiduciaries should act now to ... [1] Review internal cybersecurity programs ... [2] Analyze service providers' cybersecurity programs and update service contracts ... [3] Review participant messaging around cybersecurity awareness and the importance of monitoring retirement plan accounts."
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| 4. |
Year-End Stimulus Bill Permits Extension of FFCRA Leave
Pillsbury Winthrop Shaw Pittman LLP
Dec. 29, 2020
"Covered employers are permitted to extend partially paid FFCRA leave and to claim a payroll tax credit for qualifying leave taken through March 31, 2021. FFCRA rights expire on December 31, 2020, for employees of covered companies who do not voluntarily elect to extend the benefits. Employers must still accommodate employees with disabilities and comply with employee protections mandated by state and local laws."
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| 5. |
Legal Considerations When an Employee Dies
Pillsbury Winthrop Shaw Pittman LLP
Dec. 10, 2020
"When an employee dies -- regardless of the cause -- employers often want to immediately help the employee's family financially in their time of grief, but a number of administrative, legal, and tax-related issues must be considered before an employer pays final compensation and benefits to the beneficiaries or estate of the deceased employee."
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| 6. |
Finding the Proper Balance of Legal and Consulting Advice for Compensation Committees
Pillsbury Winthrop Shaw Pittman LLP
May 14, 2020
"[1] Making room for advisors inside and outside the boardroom.... [2] Going beyond benchmarking and peer group practice.... [3] Advance modeling of disclosures."
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| 7. |
IRS Issues FAQs and Form 7200 for Advance Payment of COVID-19 Employer Tax Credits
Pillsbury Winthrop Shaw Pittman LLP
Apr. 7, 2020
"The IRS has issued FAQs regarding the tax credits for the sick and family leave and employee retention tax credits which provide guidance on eligibility and instructions for claiming the credits. The guidance sets forth the information employers should collect and retain to substantiate eligibility for the qualified sick and family leave tax credits. The IRS has issued Form 7200 to allow qualifying employers to file in advance to receive the refundable tax credits for qualified sick and family leave and the employee retention tax credit."
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| 8. |
ERISA Class Claims Shifted to Defined Benefit Plans in 2019
Pillsbury Winthrop Shaw Pittman LLP
Jan. 2, 2020
"[S]ponsors of defined benefit plans should be wary of adding mandatory arbitration provisions to their plan documents.... [A]n individual participant's arbitration proceeding alleging a fiduciary breach ... could affect the entire plan even in the absence of a class action -- fiduciaries would be subject to the mostly unappealable decision of an arbitrator without the benefit of the more limited exposure otherwise available with individual arbitration."
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| 9. |
Reducing Exposure to 401(k) Plan Class Action Litigation
Pillsbury Winthrop Shaw Pittman LLP
Sept. 5, 2019
"If the board of directors adopts a 401(k) plan, the plan document does not name the company plan sponsor as a named fiduciary but instead names, for example, a benefits committee (comprising subject matter expert employees), and the board exercises no discretion regarding the membership of the committee, the administration of the plan or its investments, then the board has best positioned itself to argue that it is not a plan fiduciary subject to a claim of a breach of fiduciary duties. Not only that, but it has prudently set into motion the best governance practices for the plan."
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| 10. |
The State of Play on Clawbacks and Forfeitures Based on Misconduct
Pillsbury Winthrop Shaw Pittman LLP
June 11, 2019
"[B]ecause implementation of the proposed Dodd-Frank clawback rules may never be finalized, companies are beginning to implement or update executive compensation recoupment and forfeiture rules on their own based on investor sentiment, good governance principles, and recent events at CBS (and other #MeToo moments), Nissan, Equifax and other examples of supervisory failure."
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| 11. |
Winning Say-on-Pay: Top Ten Executive Comp Proxy Tips For 2019
Pillsbury Winthrop Shaw Pittman LLP
Feb. 26, 2019
"Companies should [1] clearly set forth the relationship between pay results and actual financial and total shareholder return (TSR) performance.... [2] tell a good story on why their compensation programs benefit shareholders and disclose performance goals and results in a manner that is succinct and easy to follow.... [3] consider litigation trends surrounding non-employee director compensation and changes to 162(m)."
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| 12. |
IRS Issues Partial Guidance on Repeal of Performance-Based Exception in Section 162(m)
Pillsbury Winthrop Shaw Pittman LLP
Sept. 5, 2018
"[Notice 2018-68] offers a question that concludes that if a plan permits amendments at any time that eliminate future earning credits, only the account balance credited as of November 2, 2017 is grandfathered. Any later earnings on these amounts are not grandfathered, unless that right to earnings is expressly reserved. But this cannot be the correct conclusion."
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| 13. |
A New Era in Compensatory Equity Offerings?
Pillsbury Winthrop Shaw Pittman LLP
July 23, 2018
"The elimination of the comment period means that the SEC did not issue any guidance (transition or otherwise) on the practical implications of the amendment to Rule 701(e). However, the SEC's release provides that, if the effective date of the final rule ... occurs during an issuer's ongoing 12-month testing period, the issuer may rely on the increased $10 million disclosure threshold immediately."
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| 14. |
The Future of the DOL Fiduciary Rule
Pillsbury Winthrop Shaw Pittman LLP
Apr. 11, 2018
"The DOL's non-enforcement policy does not prevent private parties, including service providers and plan participants, from bringing lawsuits challenging the Fiduciary rule or compliance with the Fiduciary rule. Many service providers have expended substantial effort and expense in developing systems and procedures surrounding their investment advice in order to comply with the Fiduciary rule. These systems and procedures have been substantially socialized and adopted by plan fiduciaries, and may now be an expected service or cost of doing business in the retirement and IRA industries."
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| 15. |
Emerging Trends in Pay Ratio Disclosure
Pillsbury Winthrop Shaw Pittman LLP
Mar. 21, 2018
"Few companies use statistical sampling to identify their median employees and ... companies rely on the de minimis exemption, but not the data privacy exemption. Companies also exclude employees acquired in acquisitions. Very few companies use supplemental pay ratios, even if they have pay ratios that are on the higher end of the range."
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| 16. |
Tax Reform: The Shifting Landscape of Executive and Equity Compensation
Pillsbury Winthrop Shaw Pittman LLP
Nov. 17, 2017
"The House passed its [version of the] bill on November 16, 2017.... [On] November 15, 2017, the Senate Finance Committee released its current proposal which ... eliminated certain wide-sweeping amendments included in the initial Senate tax reform proposal.... [A table] summarizes key executive and equity compensation provisions of the House Bill and the Senate Proposal."
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| 17. |
Possible Further Delay of ERISA Fiduciary Rule
Pillsbury Winthrop Shaw Pittman LLP
Aug. 21, 2017
"At this time, the future of the DOL's Fiduciary rule remains unclear.... [F]or now, plan sponsors and named fiduciaries should continue to prepare for full implementation and enforcement ... Many facets of the Fiduciary rule became effective on June 9, 2017. Until the DOL issues further guidance, plan sponsors and named fiduciaries should expect that the remaining portions ... including BICE and the Principal Transactions Exemption will become applicable on January 1, 2018."
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| 18. |
Brace for 2018: The SEC's Pay Ratio Rule
Pillsbury Winthrop Shaw Pittman LLP
Aug. 8, 2017
"Develop a process for collection of information, and consider a reasonable, documented approach to the calculation that is defensible to the SEC, investors and employees.... Conduct a simulated exercise ('dry run') of the pay ratio calculation and disclosure using 2017 compensation data as a baseline.... In drafting disclosures, consider how to frame the methodology, including assumptions, adjustments and any exemptions relied upon.... Provide the compensation committee with a draft of the CEO pay ratio disclosure as early as possible."
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| 19. |
Cybersecurity and the Role of ERISA Fiduciaries
Pillsbury Winthrop Shaw Pittman LLP
Sept. 6, 2016
"[This article provides] a discussion of ERISA fiduciary duties relating to cybersecurity and health and retirement plans, as well as best practices that ERISA fiduciaries should follow to maximize their compliance with such duties and to insulate their exposure to potential liability."
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| 20. |
DOL Issues Final Investment Advice Fiduciary Rules (PDF)
Pillsbury Winthrop Shaw Pittman LLP
June 21, 2016
16 pages. "Sponsors and fiduciaries of ERISA-governed plans who wish to retain an investment advice fiduciary to advise participants ... need to carefully review the agreements under which those services will be performed to determine if the compensation arrangements or other potential conflicts of interest require reliance on the 'best interest contract' exemption. If so, then the plan fiduciaries would need to determine if the contract or other disclosures provided by the fiduciary meet the requirements of the exemption and to monitor the investment adviser's compliance with the exemption going forward."
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