Today, employees are more likely than ever to seek new employment opportunities and change jobs. These employees may leave a company before becoming fully vested in their qualified retirement plan benefits — which may result in forfeiture of their unvested benefits. What is a retirement plan sponsor supposed to do with the forfeited amount? More importantly, what is the plan sponsor *allowed* to do with these forfeited amounts? Betsy Olson and John Fogarty unpack these questions and more in this post for our “Spotlight on Benefits” blog.
About us
Faegre Drinker is a firm designed for clients. With 1,200 experienced attorneys and consulting professionals licensed in nearly every state in the U.S., and with strategic offices in London and Shanghai, we have the strength and reach to solve our clients’ most complex transactional, litigation and regulatory challenges, wherever they may arise. Faegre Drinker Consulting, the firm’s advisory and advocacy division based in Washington, D.C., provides public policy, regulatory and technical services to key sectors of the economy. Additional services include Tritura Information Governance, the firm’s data science subsidiary, and Innovative Health Strategies, a health care consultancy that helps hospitals operate efficiently and improve quality of service.
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http://www.faegredrinker.com
External link for Faegre Drinker
- Industry
- Law Practice
- Company size
- 1,001-5,000 employees
- Headquarters
- Global
- Type
- Partnership
- Founded
- 2020
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Updates
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The International Chamber of Commerce released its preliminary statistics report recapping its arbitration and alternative dispute resolution services in 2023. Notably, the numbers show an increase in cases compared to previous years, marking the third-best year in its history. You can learn more in this alert by Robert Campbell, Lawrence Scarborough, James Wagner and Christopher Jefferies.
Arbitration Institution Digest: ICC Releases Statistics
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A Faegre Drinker team led by Elizabeth Lange recently advised Philly Shipyard Inc. in a $100 million sale to South Korean shipping conglomerate Hanwha. Pending regulatory approval, the deal will make Hanwha the first Korean shipbuilder to begin operations in the U.S. The deal team led by Lizzie was also supported by Doug Raymond, Walter Mostek, Nick Johnston, Sabra Nathanson Drummond and Christina Lidondici.
Faegre Drinker Advises Philly Shipyard Through $100M Sale to Hanwha
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California Gov. Gavin Newsom is set to sign new legislation — AB 2288 and SB 92 — that brings major reforms to the Labor Code Private Attorneys General Act of 2004. Negotiated with key stakeholders, this groundbreaking legislation offers employers new and powerful tools to handle PAGA claims effectively. As a result, the initiative to repeal and replace PAGA, previously on the November ballot, has been withdrawn. You can learn more about the legislation in this alert by Pascal Benyamini, Kristin Halsing and Amanda Semaan.
Paving the Way for California PAGA Reform
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In an article for the Pennsylvania Institute of CPAs, Brian Balduzzi explained how trustees must convert S corporation stock for deceased beneficiaries into subchapter S trusts or an electing small business trust. Brian noted that QSSTs have strict income rules impacting taxable estates and benefits, while ESBTs may suit trusts allowing beneficiaries to withdraw income.
Converting Trust Elections for S Corporation Stock
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The 2024 Franchise Summit is almost here! Recognized by many franchise leaders as their favorite franchise event of the year, this is a pivotal gathering you don’t want to miss. Join us July 31 - August 1 at the historic Renaissance Depot Hotel in Minneapolis, for two days of indispensable content for franchise executives. Secure your spot for #FranchiseSummit24 today!
2024 Franchise Summit: Responsible Franchising Can Make a Difference
faegredrinkerevents.com
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The IRS has published final regulations implementing the prevailing wage and apprenticeship requirements for clean energy tax credits for construction projects under the Inflation Reduction Act. While the final regulations provide much-needed guidance and predictability for taxpayers, they also make clear that the next step for anyone seeking the enhanced clean energy tax credits is to tighten internal compliance programs to guard against penalties or potential loss of the enhanced tax credits. You can learn more in this alert by Sarah Blackadar, Matthew Fontana, Michael Lapicola and Jason Deppen.
Final Regulations for Prevailing Wage & Apprenticeship Requirements for Clean Energy Projects
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Did you know that Minnesota ranks number seven among the states most impacted by retail theft? States are taking action against organized crime by creating regional retail organized crime task forces. Justin Kay shares more in an article for the Minnesota Shopping Center Association (MSCA).
Next Steps for Combatting Organized Retail Crime
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Peer review remains a helpful indicator of reliability to the extent that it suggests a paper has survived scrutiny by experts in the relevant field. But peer review is merely one factor to consider in the Rule 702 inquiry, and even peer-reviewed publications are subject to judicial scrutiny. In fact, one court recently observed, “a court can’t wave junk science through the Daubert gate simply because it survived some prepublication peer-review process.” You can learn more in this post for our “Faegre Drinker on Products” blog by Nicole Berwick and Eric Friedman.
Peer Review Can’t Save ‘Junk Science’ from FRE 702 Judicial Gatekeeping
https://www.faegredrinkeronproducts.com
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We are thrilled to announce that nine of our London-based attorneys have been recognized in the inaugural publication of the “Pro Bono Recognition List of England & Wales.” This honor, endorsed by The Lady Chief Justice of England and Wales, the Baroness Carr of Walton-on-the-Hill, highlights barristers and solicitors who dedicated 25+ hours of pro bono legal assistance in the past year. Congratulations to: • Sinead Cuthill • James Ellis-Rees • Jonathon Gunn • Paige Lauren Izquierdo • Christopher Jefferies • Eleni Michaela • Charlotte Perowne • Abbey Taylor • James Wagner Your dedication to providing legal assistance and service to others is undeniable. Well done, all!
Faegre Drinker Attorneys Recognized in Inaugural Pro Bono Recognition List of England and Wales