ERISA attorney Carol Buckmann will be participating in the PLANSPONSOR webinar, “Distribution Options for Employees,” on August 20, 2020, at 2:00 p.m. EDT. Carol will be joined by a panel of editors from PLANSPONSOR magazine and other leading industry professionals to discuss issues related to retirement plan distribution options for employees, including: Changes made to hardship withdrawal and required minimum distribution (RMD) rules under the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief and Economic Security (CARES) Act How to determine whether to offer hardship withdrawals and loans in your plan, including whether to…
Can a foreign owner of a U.S. business be liable for a subsidiary’s unpaid pension liabilities? A recent decision by the Court of Appeals for the 10th Circuit, GCIU Employees’ Retirement Fund v. Coleridge Fine Arts/Jelinki Ltd., (No. 19-3161, 4/6/2020) indicates that collecting from an entity located outside the United States may be an uphill battle. ERISA’s Rules. Title IV of ERISA provides that both multiemployer plan withdrawal liability and PBGC’s claims when underfunded single employer plans are terminated can be assessed against all members of a controlled group, generally determined by looking at whether there is at least 80%…
On August 4, the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (the OCEO) issued a Customer Advisory regarding suspicious precious metal recommendations. Due to the relaxed rules under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), unregistered gold and silver dealers have increasingly been encouraging investors (1) to convert their retirement savings into investments of gold or silver coins or into self-directed gold individual retirement accounts, and (2) to make leveraged purchases of physical metals. These schemes often involve expensive premiums and hidden one-time or monthly fees. Further, physical metals such as collectible coins may…
Many investment advisers and broker dealers recently filed the now-required Form Client Relationship Summary (CRS) with the SEC and began delivering the form to their clients and prospects.  The Form CRS is required by the SEC as part of new conduct rules and interpretations for broker dealers and investment advisers set forth in Reg BI, which requires investment advisers and broker dealers to distribute the Form CRS to their “retail investors.”  The form provides information about the financial service provider and is meant to be a guide in “plain English” that helps “Main Street” investors evaluate their financial service providers…
Your senior years should not be plagued with money woes. The stress that money problems bring not only ruins your aging experience but can also be disastrous to your health. Rising health care costs and your increased need for health care can add up to big bills that can further tax your health. To age well, you must use sound financial judgment as well as make healthy choices for your body and mind. The goal is to remain as healthy as you can for as long as you can and have a healthy bank account to support those goals. Beyond…
Who’s Who Legal has recognized Sandra Cohen as a thought leader in the Labour, Employment & Benefits practice. The Thought Leaders guides include individuals who score highly in Who’s Who Legal’s research. Only a fraction of practitioners selected for inclusion in a guide are selected as Thought Leaders. Sandra is one of only 59 U.S. attorneys who has earned this honor in her practice area. According to Who’s Who Legal: [Thought leaders] are worthy of special mention owing not only to their expertise and experience advising on some of the world’s most significant and cutting-edge matters, but also their ability…
My latest COVID-19 Compliance Corner columns for PLANSPONSOR focus on the impact of the CARES Act and COVID-19 on deferred compensation plans and defined benefit plans. Recent guidance hasn’t focused much on these plans, but they also have compliance issues. https://www.plansponsor.com/covid-19-compliance-corner-impact-defined-benefit-plans/ https://www.plansponsor.com/covid-19-compliance-corner-impact-nonqualified-deferred-compensation-plans/…
On July 22, the Commodity Futures Trading Commission adopted rules (Final Rules) that set minimum financial capital requirements for swap dealers (SDs) and major swap participants (MSPs) that are not subject to prudential regulation (each, a “Covered Swap Entity” or CSE). The capital requirements were originally proposed in 2016, as explained in more detail here. The core financial requirement is capital equal to the greatest of $20 million or 8 percent (and in some cases, 2 percent) of the initial margin required on the CSE’s cleared and uncleared swaps, security-based swaps, futures and foreign futures, but the rules permit…
At an open meeting on July 22, the Commodity Futures Trading Commission heard presentations on three proposals for changes to the margin requirements for uncleared swaps. The proposed changes, which originate from recommendations made by the Margin Subcommittee of the CFTC Global Markets Advisory Committee (GMAC), are as follows: A proposal to amend the definition of Material Swaps Exposure (MSE) to change the calculation of MSE from June, July and August of the prior year to March, April and May of the then current year, with the initial margin start date in every year after 2022 being changed to September…
On July 17, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) announced that it has extended the time period for the no-action relief provided in CFTC Staff Letter No. 20-16 to registrants listing new principals and to applicants for registration as associated persons (APs) from the requirement to submit a fingerprint card. The relief extends until September 30 or any earlier date on which the National Futures Association (NFA) resumes the processing of fingerprints. Principals and APs relying upon the relief will still be required to submit their fingerprints to NFA within 30 days of…
If an O-1 visa is filed with an agent-petition, the petition needs to present at least 2 future engagements. One of the benefits of an O-1 agent-filing petition is that the future work can be varied.  When the O-1 federal regulations were drafted Congress took into account the industry standard for artists and creative professionals.  The flexibility that Congress has carved out for artists absolutely allows artists and creative professionals to have a variety of different types of employment, whether that be with a private individual, project, or  a large company. Congress recognized that the arts and creative industries do…
Community is a form of medicine, writes Rachel Setzer.  She found healing in reconnecting with her Cherokee Ancestors’ traditions: You are here, you are part of your community, you should be counted and cared for, and society has to be adjusted to help you get your needs met. Accommodations for your disabilities are your birthright… Continue reading Community Integration →