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41 Matching News Items

1.  Action Required: Reporting Share Transfers Pursuant to ISO Exercises and ESPP Purchases
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Dec. 22, 2023
"Although generally excluded from Form W-2 reporting, the U.S. Internal Revenue Code requires that separate information returns be furnished to most U.S. taxpayers who exercised ISOs during 2023 (an 'optionee') or who transferred shares during 2023 that were acquired under an ESPP (a 'transferor').... The deadline for furnishing Forms 3921 and 3922 to optionees and transferors is January 31, 2024. The deadline for filing Forms 3921 and 3922 with the IRS is February 28, 2024,"
2.  SEC Adopts Final Clawback Rules
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Oct. 31, 2022
"[In] the reopening releases, the SEC stated that including only 'Big R' restatements could lead companies to make questionable materiality judgments in order to avoid recoupment of incentive compensation. By including the more commonplace 'little r' restatements in the final rules, the SEC broadened the scope of the rules considerably."
3.  Congressional Committee Targets Private Equity Firms on Medical Billing Practices
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Sept. 19, 2019
"Pointing to an increasing trend of private equity firms acquiring physician staffing companies and private emergency transportation companies contracting with hospitals, a key congressional committee announced a bipartisan investigation this week into the practices of private equity firms related to surprise billing."
4.  Administration Again Attempts to Lower Drug Prices
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Aug. 25, 2019
"The full impact of the proposed plan on all stakeholders has not been fully evaluated.... For PBMs, would the existence of pathways #1 and #2 alter how the PBMs negotiate formulary drugs with pharmaceutical manufacturers? Could the PBMs' push for manufacturers to use pathway #2 at some time in the future point to remaining on formulary drugs? Would importing drugs create shortages in foreign countries, potentially impacting U.S. diplomacy with them?"
5.  Updated EPCRS Expands Self-Correction Opportunities for Retirement Plan Sponsors
Wilson Sonsini Goodrich & Rosati Link to more items from this source
May 30, 2019
"Under the expanded program, self-correction can be used to correct operational failures by adopting retroactive plan amendments to conform the plan terms to the plan operations if: [1] the amendment would result in an increase of a benefit, right, or feature; [2] the increase is provided to all eligible employees under the plan; and [3] the increase is permitted under the code and satisfies the general correction principles of EPCRS."
6.  HHS Proposed Rule Could Significantly Impact Drug Manufacturers, PBMs, and Other Stakeholders
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Mar. 12, 2019
"The proposed rule ... adds a new safe harbor for point-of-sale price reductions ... [which] requires that the following criteria be met: [1] The reduced price must be set in advance with a plan sponsor under Medicare Part D, a Medicaid MCO, or the PBM acting under contract with either; [2] the sale does not involve a rebate unless the full value of the reduction in price is provided to the dispensing pharmacy through a chargeback or series of chargebacks, or is required by law; and [3] the reduction in price must be completely applied to the price of the prescription drug charged to the beneficiary at the point of sale."
7.  IRS Issues Guidance on Code Section 162(m) Including Grandfathered Arrangements and Covered Employees
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Aug. 30, 2018
"Stock option awards that vest based on continued service granted before the grandfathered date that otherwise qualified as performance-based compensation under the pre-act Section 162(m) rules typically will continue to be treated as performance-based compensation ... Many performance-based restricted stock unit awards granted before the grandfathered date that otherwise qualified as performance-based compensation under the pre-act Section 162(m) rules will not be grandfathered ... Many bonus plans in effect as of the grandfathered date under which the payments would have qualified as performance-based compensation pursuant to the pre-act Section 162(m) rules also will not be grandfathered[.]"
8.  Ninth Circuit Overturns Altera and Revives Regulations on Cost Sharing of Stock-Based Compensation
Wilson Sonsini Goodrich & Rosati Link to more items from this source
July 31, 2018
"The Regulations required related entities to share the costs of employee stock-based compensation in order for their cost-sharing arrangements to be classified as qualified cost-sharing arrangements under Section 4824 and the relevant Treasury Regulations.... [T]he Ninth Circuit first determined that Treasury had complied with the APA in promulgating the Regulations ... [and] then applied the two-part Chevron analysis to hold that the Regulations were a permissible interpretation of Section 482." [Altera Corp. v. Comm'r, Nos. 16-70496, 16-70497 (9th Cir. July 24, 2018)]
9.  Proposed Tax Reform Bills of Senate and House Now Aligned on Key Compensation and Benefits-Related Tax Provisions
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Nov. 19, 2017
"[B]oth the House and Senate proposals leave the current law regarding the taxation of stock options and restricted stock units (RSUs) largely intact, stepping away from the initial proposals to tax such awards at vesting.... The proposed amendments would eliminate a publicly traded company's ability to deduct compensation above $1 million that it pays in any year to any covered employees... [W]ith the proposed 20 percent corporate tax rate, the lost tax deduction will be smaller than under current law."
10.  Companies Should Review Employee Agreements and Policies Following SEC's Aggressive Stance on Impediments to Whistleblowing
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Sept. 13, 2016
"Whether or not the SEC's asserted positions would ultimately prevail in court, in light of these settlements and the SEC's apparent enforcement position, employers should consider reviewing their policies, codes of conduct, and employee agreements to ensure that that they do not include provisions that the SEC may assert deter employees from coming forward with information about potential securities law violations. Even those companies not subject to the SEC's jurisdiction may wish to undertake such measures, as the SEC's stance is similar to that now taken by the [NLRB] and the [EEOC][.]"
11.  Final Regs Eliminate Taxpayer Requirement to File Section 83(b) Election with Income Tax Return
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Aug. 5, 2016
"A taxpayer still is required to file the 83(b) election with the IRS no later than 30 days after the property is transferred. There are no exceptions to this timing requirement. A taxpayer also still is required to submit a copy of the 83(b) election to his or her employer."
12.  New Proposed Regs Issued Under Section 409A
Wilson Sonsini Goodrich & Rosati Link to more items from this source
July 11, 2016
"Some commentators had expressed concerns about the administrative impracticability of making timely payments of death benefits ... The Proposed Regulations add payment timing flexibility by providing that an amount payable due to the death of a service provider or his or her beneficiary that is to be paid at any time during the period beginning on the date of death and ending on December 31 of the calendar year immediately following the year of death ... will be treated as timely paid for purposes of Section 409A if it is paid at any time during this period."
13.  FASB Updates Accounting Standards for Stock-Based Awards
Wilson Sonsini Goodrich & Rosati Link to more items from this source
May 3, 2016
"Among other changes, the updated standards permit employers to withhold stock for tax purposes upon settlement of stock-based awards -- such as stock options and RSUs -- at up to the maximum individual statutory tax rate without triggering adverse accounting consequences."
14.  SEC Issues Proposed Clawback Rules
Wilson Sonsini Goodrich & Rosati Link to more items from this source
July 13, 2015
"Issuers should consider doing the following: ... Add provisions to any new incentive-based compensation plans and agreements explicitly subjecting the compensation to any clawback policy that the issuer adopts. Note that this could result in unfavorable financial accounting consequences for equity awards if done wrong ... Review the charter of the compensation committee to determine whether clawback policy compliance language should be inserted as a compensation committee responsibility in light of the contemplated rule requirements."
15.  New California Sick Leave Law Requires Employers' Immediate Attention
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Jan. 25, 2015
"[In] order to comply with the act, a California employer should.... Determine whether the employer has an employee who, on or after July 1, 2015, works in California for 30 or more days within a year from the commencement of employment, and is therefore entitled to paid sick leave.... Confirm that there are no other local statutes, regulations, or ordinances that require the employer to provide paid sick leave to employees. The act does not 'preempt, limit, or otherwise affect' the applicability of such legislation ... With respect to existing non-exempt employees, ensure that they receive any notice required ... including notice of changes precipitated by the act." [Editor's note: the article recommends 8 additional steps for employers.]
16.  Sixth Circuit Affirms FTC Order of Divestiture, Prohibits Health System's Purchase of Competing Hospital
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Apr. 23, 2014
"The record made plain, the court concluded, that [managed care organizations] do not demand a single provider to present such a 'package deal,' and that therefore no market forces exist that bind all four categories of service together in one single cluster. The court's unequivocal acceptance of the FTC's analytical approach on this point is notable, and will surely be welcomed and relied upon by the antitrust authorities going forward. As such, this method of market definition should be borne in mind by hospitals, healthcare providers, and other parties contemplating similar transactions." [ProMedica Health System, Inc. v. Federal Trade Commission, No. 12-3583 (6th Cir. Apr. 22, 2014)]
17.  IRS Legal Memorandum Addresses Stock Options and Other Transaction-Related Deductions
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Feb. 1, 2013
"On January 28, 2013, the [IRS] published a generic legal advice memorandum (GLAM), AM2012-10, addressing the timing under the consolidated return regulations of certain deductions that commonly arise in an acquisition, including compensation deductions attributable to amounts paid to cash out a target company's non-qualified stock options (NQOs) and stock appreciation rights (SARs) held by employees.... The GLAM is not binding legal authority, but is a significant statement of the IRS's position with respect to what can be a material issue in an acquisition. If the IRS is correct, option deductions and certain other deal-related deductions that cannot be allocated to the post-closing periods will be immediately useable only if the target is profitable, or possibly if it had been profitable in prior periods and can claim a refund."
18.  ISS Issues Final 2013 Proxy Voting Policies
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Nov. 29, 2012
"ISS's current policy is to vote on a case-by-case basis on proposals to approve golden parachute compensation, consistent with its policies on problematic pay practices related to severance. The ISS final 2013 policy eliminates the previous 'grandfather' status of existing change-in-control arrangements with named officers.... ISS originally proposed adding hedging and pledging as an additional problematic pay practice under its pay-for-performance analysis. However, based on comments received, ISS determined that the negative vote recommendation should be directed toward election of directors rather than a company say-on-pay proposal."
19.  NYSE and NASDAQ Propose Listing Standards for Compensation Committees and Compensation Advisers
Wilson Sonsini Goodrich & Rosati Link to more items from this source
Oct. 1, 2012
"While certain aspects of the Nasdaq listing standards would be effective immediately upon SEC approval, the compensation committee independence provisions for both the NYSE and Nasdaq only would be effective in 2014 ... Both the NYSE and Nasdaq generally took advantage of the flexibility that the SEC provided in Rule 10C-1 to define independence for compensation committee purposes, although the two approaches are not identical."
20.  SEC Finalizes Rules on Listing Standards for Compensation Committees and Consultants
Wilson Sonsini Goodrich & Rosati Link to more items from this source
June 27, 2012
"Similar to the proposed rules, the final rules do not define independence. Instead, they give the national securities exchanges flexibility to establish minimum independence criteria for compensation committee members, subject to the approval of the SEC. Notably, unlike the independence criteria applicable to members of a listed company's audit committee (see Section 10A of the Exchange Act), the rule does not require the national securities exchanges to adopt listing standards prohibiting a director who receives compensatory fees from the issuer or who is an affiliate from being independent."
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