Julie Edmond

Julie Edmond

She has extensive experience counseling and litigating in the employee benefits area, including traditional defined benefit, cash balance, 401(k), profit-sharing and money purchase pension plans; executive compensation and § 409A; § 403(b) plans, § 457 plans and other plans for tax-exempt organizations; ESOPs; cafeteria plans; VEBAs and self-insured medical plans and other welfare plans.  Her experience includes plan selection, formulation and drafting, regulatory compliance, audits, voluntary compliance, prohibited transactions and fiduciary duty requirements, separate line of business issues, use and handling of employee benefits and benefit plans in corporate transactions, and ERISA litigation.

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IRS Issues Ruling on Uncashed Distribution Checks from Qualified Plans

On September 3, 2019, the IRS issued Revenue Ruling 2019-19, which discusses participants’ and beneficiaries’ inclusion of income and qualified retirement plans’ withholding and reporting obligations for uncashed distribution checks.  Although the Revenue Ruling describes only a qualified retirement plan under Code section 401(a), the same reasoning would most likely also apply to a Code … Continue Reading

IRS Announces Remedial Amendment Periods and Deadlines for Correction of 403(b) Plan Form Defects

On September 30, 2019, the Internal Revenue Service issued Revenue Procedure 2019-39, which finalizes important changes to how sponsors and employers can ensure 403(b) plan compliance.  The guidance is a welcome update from the Service, which initiated a regular system of remedial amendment periods for 403(b) plans in 2013, with the first period ending on … Continue Reading

Dynamex Alters the Employee Classification Landscape in California

Ten months ago the California Supreme Court rendered its unanimous decision in Dynamex Operations West, Inc. v. Superior Court, a case that articulated a new standard for classifying employees and independent contractors.  Given the importance of this decision, we provided analysis on this case when it was first decided.  However, once issued, this new Dynamex … Continue Reading

New § 4960 of the Internal Revenue Code Imposes an Excise Tax on Compensation Paid to the Top Five Employees of Tax-Exempt Organizations

As part of the Tax Cuts and Jobs Act of 2017, Congress enacted new § 4960 of the Internal Revenue Code.  Section 4960 imposes an excise tax on certain executive compensation paid by tax-exempt organizations – similar to the $1 million limit on deductions for compensation paid to highly paid executives in for-profit companies under … Continue Reading

Reducing Required Minimum Distributions from a Defined Contribution Plan: The Spousal Rollover IRA

During a participant’s lifetime, required minimum distributions (“RMDs”) from a defined contribution plan are relatively small in size.  Less favorable treatment may apply after the participant’s death, depending on the distribution options offered by the plan, the form of distribution elected by the participant, the age of the beneficiary and the relationship between the participant … Continue Reading

Regulatory Safe Harbors Are Critical to Employee Benefit Plans

Regulatory safe harbors play a critical role in the design of employee benefit plans by: Providing concrete guidance on how to comply with the complex rules that govern plans; Facilitating efficient, effective and consistent plan administration; and Encouraging employers to establish and continue their employee benefit plans and furthering participants’ understanding of the rules. Without … Continue Reading

IRS Announces § 403(b) Plan Document Review Procedure for Prototype and Volume-Submitter Plans

The Internal Revenue Service issued Revenue Procedure 2013-22 yesterday (March 28, 2013).  The Revenue Procedure describes the Service’s new procedure for issuing opinion letters and advisory letters for prototype and volume-submitter § 403(b) plans; it revises the proposed procedure that was released four years ago in Announcement 2009-34.  As part of the proposed procedure, the … Continue Reading

IRS Releases VCP Kit to Help 403(b) Plan Sponsors Who Failed to Timely Adopt a Plan Document

A § 403(b) plan that failed to adopt a plan document by December 31, 2009 is not entitled to favorable tax treatment.  However, under new guidance, a plan may regain its favorable tax treatment if it adopts a written plan document and requests a compliance statement through the Voluntary Compliance Program (“VCP”). The IRS recently released … Continue Reading
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