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Regional Vice President of Sales The Retirement Plan Company
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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Sixth Circuit Case Emphasizes Potential Employer Liability to Participants for 409A Violations
Kilpatrick Townsend July 30, 2019 "The former CEO incurred substantial penalties on his $9.1 million NQDC plan account due to deferral election failures under Section 409A that were identified in a 2014 federal audit. Wilson sued the employer in federal court, asserting state law claims for breach of contract and negligent representation. The district court (as affirmed by the 6th Circuit) found the NQDC plan to be an 'employee pension benefit plan' covered under ERISA, which preempts the state law claims[.]" [Wilson v. Safelite Group, Inc., No. 18-3408 (6th Cir. Jul. 10, 2019)] |
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