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DOL’s Amendment Sets Higher Standards for QPAM Qualification (PDF)

"Key changes in the final amendment: [1] Notification/reporting requirement ... [2] Increased asset and equity requirements ... [3] Recordkeeping requirements ... [4] Expanding ineligibility criteria ... [5] Authority of QPAM over investment decisions."

DOL Final Rule on ESG Factors to Take Effect February 1, 2023 (PDF)

10 pages. "Although the Final Rule removes the requirement to document ESG considerations, fiduciaries would be well-advised to document their processes and reasoning for determining that consideration of ESG factors were relevant to the risk-return analysis in the event these decisions are later challenged."

Reminder: Employers Must Report 2022 ISO and ESPP Transactions (PDF)

"Form 3921 is used to report ISO exercises, and Form 3922 is used for ESPP share purchases. A separate form must be provided and filed for each exercise or purchase during the calendar year.... The deadline for furnishing Copy B of Forms 3921 and 3922 to the employee or former employee for ISO exercises or ESPP shares purchased during 2022 is January 31, 2023."

Reminder: Employers Must Report 2021 ISO and ESPP Transactions (PDF)

"Deadlines are approaching for employers to report last year's employee exercises of incentive stock options and employee stock purchase plan purchases ... Form 3921 is used to report ISO exercises, and Form 3922 is used for ESPP share purchases. A separate form must be provided and filed for each exercise or purchase during the calendar year."

Reminder: Employers Must Report 2020 ISO and ESPP Transactions (PDF)

"The deadline for furnishing Copy B of Forms 3921 and 3922 to the employee or former employee for ISO exercises or ESPP shares purchased during 2020 is January 31, 2021. The deadline for filing Copy A of Forms 3921 and 3922 with the IRS depends on whether the returns are required to be filed electronically or manually. Corporations that are filing 250 or more copies of Form 3921 or 3922 ... must file Copy A of the forms electronically through the IRS FIRE system. The deadline for electronic filings is March 31, 2021. Corporations filing fewer forms can elect to file either manually or electronically, but manual filings must be made by February 28, 2021."

DOL Puts ESG Investing on Ice

"The Rule preamble largely dismisses the materiality of ESG factors in investment decisions, and adopts the controversial idea that consideration of ESG factors are somehow at odds with financial factors and fiduciary responsibilities of plan sponsors. But rather than mandate a heightened standard of care for non-pecuniary factors in investment decisions, the DOL chose to prohibit them outright, providing that plan fiduciaries must select investments and investment courses of action based solely on financial considerations relevant to the risk-adjusted economic value of a particular investment or investment course of action."

DOL: Plan Fiduciaries Can Include Private Equity Investment Options for Defined Contribution Retirement Plans (PDF)

"Private equity sponsors should bear in mind that all or a portion of an asset allocation fund's investment could constitute 'plan assets' under ERISA and, therefore, would need to be taken into consideration in determining whether benefit plan investors are 'significant' ... If benefit plan investment is significant, ... the sponsor will need to manage the fund as an ERISA plan asset fund, with appropriate procedures for satisfying ERISA fiduciary, plan asset, and prohibited transaction rules."

Comprehensive Overview of the FFCRA (PDF)

12 pages. "This [article] provides a comprehensive overview of the key rules of the FFCRA, as gleaned from the administrative guidance available to date, to assist covered employers in understanding how to comply with the new law."

Emergency Paid Leave Act: New Relief to Mitigate COVID-19's Economic Impact (PDF)

"The Act raises many questions for employers ... [1] How will paid leave under the FFCRA interact with existing paid leave benefits? ... [2] If existing policies or state and local requirements count against the FFCRA 's requirements, how will that impact the tax credit? ... [3] If an employee's child care provider is unable to provide child care services ... due to a school closure related to COVID-19, will that qualify the employee for FFCRA sick leave benefits?"

Key Takeaways from the Section 162(m) Proposed Regs

"[1] More entities are covered by the deduction limitations than you think! ... [2] Companies that are voluntary filers, voluntarily provide public disclosure, or are not subject to Exchange Act registration or reporting on the last day of the tax year are not subject to Section 162(m) limitations ... [3] Covered employees are not limited to those reported in the proxy or 10-K ... [4] The deduction limitations cannot be avoided by having another entity pay the compensation ... [5] The existence of a clawback policy could result in a loss of grandfathering and the retroactive loss of a deduction ... [6] Potential need to modify deferred compensation arrangements in 2020 ... [7] Compensation paid in another capacity or following termination of employment (even upon death) may not be deductible."