Jenna Wallace

Jenna Wallace

Jenna Wallace’s practice covers tax-qualified retirement plans, health and welfare plans, equity compensation, nonqualified deferred compensation plans, employment and restrictive covenant agreements, employee terminations and international employment arrangements, among other areas.  She has significant experience assisting employers with respect to the administration of 401(k) and pension plans (including standards applicable to the investment of ERISA-covered assets), the new requirements of the Patient Protection and Affordable Care Act, Section 409A of the Internal Revenue Code, and management employment and equity arrangements.  Ms. Wallace also advises private funds regarding investments by employee benefit plans.

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83(i) Elections: New Deferral Provision Aims to Ease Tax Burden on Employees Receiving Equity in Private Companies

Part of Our Series on the Tax Cuts and Jobs Act of 2017 When an employee exercises a stock option or receives shares of stock from the settlement of a restricted stock unit (or “RSU”), generally the employee has income based on the value of the stock received. Income tax and Social Security and Medicare … Continue Reading

Marriage Equality Decision Is Big News (But May Have Little Impact on Private Sector Employee Benefit Plans)

The Supreme Court’s decision last week in Obergefell v. Hodges is big news: it held that the 14th Amendment requires states to license same-sex marriages and to recognize lawful out-of-state same-sex marriages, and thus legalized same-sex marriage throughout the country.  In a final section that begins with a philosopher’s take — “No union is more … Continue Reading

Foreign Compensation and the Long Reach of Code Section 409A

As business becomes increasingly globalized, multinational corporations are sending more executives on international assignments and hiring more expatriates to fill local positions overseas.  Compensation connected to these employment patterns can create a series of legal and regulatory challenges.  For example, unless an exception applies, U.S. citizens and U.S. residents are subject to U.S. federal income … Continue Reading

Vodafone Announces Progressive Global Maternity Policy, Touching on Two Hot Topics in Employee Benefits

By Helena Milner-Smith, Kamakshi Venkataramanan and Jenna Wallace Vodafone announced recently a new progressive and generous mandatory minimum global maternity policy.  According to the company, under the new policy, to be in effect by the end of this year, female employees of Vodafone in 30 countries will be offered two maternity benefits: (1) at least 16 … Continue Reading

Reduced Risk for International Companies Operating In France: Potential Removal Of Severe Sanctions For Failure to Consult with Works Councils

We are writing with another update on French labor law that could impact international corporate transactions.  French President Francois Hollande has proposed a change to French legislation that could remove the threat of imprisonment for directors and senior employees who are found to have breached obligations to consult with works councils and other employee representatives.  … Continue Reading

Investment Funds Not Liable for Pension Plans of Portfolio Companies, Court Rules

Private equity and other investment fund managers can exhale (at least a little bit) following a recent court ruling that investment funds are not liable for the ERISA obligations of their portfolio companies.  The ruling expressly rejects a 2007 Pension Benefit Guaranty Corporation (“PBGC”) letter ruling and contradicts an earlier court decision that supported the … Continue Reading

Employer’s Declaratory Judgment Action Dismissed in Favor of Later Suit by Union

When an employee benefit plan is amended in a way an employer anticipates could be controversial, an employer might seek a declaratory judgment that the amendment complies with ERISA.  Generally, a declaratory judgment action will preclude later challenges by plan participants.  However, a recent decision by the Third Circuit demonstrates that the presumption in favor … Continue Reading
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