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Court Holds Employer Responsible under ERISA for FICA Withholding Errors
McGuireWoods Link to more items from this source
Jan. 22, 2015

"The Davidson case raises the specter that any failure to properly apply tax rules to a nonqualified deferred compensation plan that then results in additional tax liability to a participant may expose the employer to an ERISA benefit claim.... [A] participant might argue that other types of tax liabilities he or she incurred as a result of the employer's failure to operate the plan in accordance with applicable tax laws impermissibly reduced the benefits he or she was entitled to receive under the plan. Of particular concern are the complex requirements imposed under Code Section 409A which, if violated, can result in significant penalties to affected employees, such as immediate taxation of their plan benefits, a 20-percent additional tax and a 'premium interest tax.' " [Davidson v. Henkel Corp., No. 12-cv-14103 (E.D. Mich. Jan. 6, 2015)]

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