Contributing Author: Kristine Custodio Suero, Advanced Certified Paralegal The Internal Revenue Service announced cost-of-living adjusted limits for 2022. The limits have increased! Here are some of the adjustments: Effective January 1, 2022, the limitation on the annual benefit under a defin...
National Pro Bono Week will be celebrated October 24th to 30th this year. The San Diego County Bar Association continues to partner with the nonprofit organization Wills for Heroes, San Diego Chapter, providing free wills and estate planning services to eligible first responders and licensed fr...
Employee turnover is one of the most challenging issues facing many industries in the U.S. With so much spent on hiring, training, on-boarding, and getting workers up to speed, a short turnover period may cost the company more than the worker added. Many employers are struggling to address the issue, especially in times where the unemployment rate remains so low. The trucking industry has been dealing with high turnover rates for years. Some trucking and transportation companies are learning from other employee-owned businesses and have seen results in transitioning the company to an employee-ownership model, including Employee Stock Ownership Plans (ESOPs). ESOPs often have much higher retention rates, in addition to the other benefits of giving workers a financial interest in their future with the company.
Supplemental Executive Retirement Plans (SERPs) can be used as a retention tool for executives. SERPs and other nonqualified deferred compensation plans (NQDCPs) incentivize executives to stay with the business or organization, while providing flexible scheduling and payment options that qualifie...
Join Founding Partner, Marc Schechter, on September 22, 2022, at the National Center for Employee Ownership (NCEO) Fall ESOP Forum, as he shares his insight on The Decade of the ESOP: Economic Recovery, Racial Justice and Equity. The NCEO Fall ESOP Forum provides information, ideas, and advice yo...
This year marks the 40th anniversary of Promises2Kids, originally founded in 1981 as the Child Abuse Prevention Foundation. It all started with a simple wish - ensuring children are safe, happy and loved. Three remarkable local San Diegans took that dream and transformed it into an organization t...
Contributing Author: Kristine Custodio Suero, ACP, Senior Paralegal The Internal Revenue Service announced the Cost-of-Living Adjusted Limits for 2021, which will be affecting dollar limitations for qualified pension plans for the 2021 tax year. Section 415 of the Internal Revenue Code provides ...
The Employee Benefits Security Administration (EBSA) enforces ERISA laws and regulations, including conducting civil and criminal investigations. EBSA investigations often result in recovering money from enforcement actions, voluntary fiduciary correction programs, abandoned plan programs, and in...
Did you know that October 25-31, 2020 is National Pro Bono Week? As an At-large Board member of the San Diego County Bar Association Community Service Committee and Chair for the nonprofit organization Wills for Heroes, San Diego Chapter, it is very rewarding for me to provide free wills and esta...
Contributing Author: Kristine Custodio Suero, Advanced Certified Paralegal In my past blog post, I discussed potential Department of Labor (DOL) and Internal Revenue Service (IRS) penalties for anyone who willfully violates ERISA as well for various compliance issues in violation of the law, and...
It's National Small Business Week! The U.S. Small Business Administration (SBA) spotlights our nation's 30 million small businesses. Register for the FREE National Small Business Week Virtual Conference hosted online by the SBA on September 22-24: NSBW Virtual Conference Schedule: Tuesday, Sept...
You've worked long and hard over many years building up the value of your company. While you now have wealth on paper, you're becoming increasingly concerned whether you will have the ability to realize the value you've accumulated in the form of current spendable cash because, as a nonpublicly t...
Here are some common QDRO questions:1. What Is a QDRO and Why Do I Need One?2. What is an alternate payee?3. Why do I need a QDRO?4. What are the benefits of having a QDRO?5. Are all QDROs the same?Click here to learn more about QDROs, and be sure to check out our QDRO Resources!
Join Founding Partner, Marc Schechter, on September 16, 2020, at the National Center for Employee Ownership (NCEO) ESOP Fall Forum, as he shares his insight on The State of ESOPs: The Next 10 Years. Butterfield Schechter LLP is also a proud sponsor of this event. The NCEO ESOP Fall Forum provide...
The Internal Revenue Service (IRS) has provided a list of Questions & Answers (Q&As) regarding Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, that provides for special distribution options and rollover rules for retirement plans and ...
ESOPs are included in Section 1110 of Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) for economic injury disaster loans (EIDLs) of $10,000. Click here to read full text of the CARES Act. For more information on how to apply for the EIDL through the Small Business Administration ...
In a previous blog post, Succession Planning Strategies for the Retiring Small Business Owner, partner Marc S. Schechter discusses options for a retiring small business owner in California with regard to what to do with their company, particularly small business owners selling the company to thei...
The Internal Revenue Service announced cost-of-living adjusted limits for 2020.
Today, most realize that estate planning is an important step to make sure your family is taken care of and your property is distributed according to your wishes. Despite the importance of estate planning, many people put off making estate plans because people believe they have plenty of time to make such plans or they have difficulty addressing the issue of what will happen when they pass away. Failing to prepare a comprehensive estate plan can leave grieving family members with the burden of dealing with a complex estate, unnecessary expenses, and an inflexible distribution of assets that may be against the decedent's wishes.
Judgment Creditor AMBS Diagnostics, LLC (“AMBS”) originally sought to collect on its money judgment by levying the assets held in judgment debtor Timothy O’Brien’s (“O’Brien”) Individual Retirement Accounts (IRAs). In response, O’Brien filed a claim of exemption claiming the assets were fully exempt. The trial court ruled that the funds in O’Brien’s IRAs were fully exempt from judgment. The Court of Appeal reversed the trial court’s ruling, determining that the funds were only partially exempt under California Code of Civil Procedure 704.115(a)(3). (O’Brien v. AMBS Diagnostics, LLC (2016) 246 Cal.App.4th 942.) The Court of Appeal remanded the matter back to the trial court to determine the amount of O’Brien’s IRAs necessary to provide for the support of the judgment debtor, his spouse, and dependents upon retirement as required by California Code of Civil Procedure 704.115(e).
Happy October! Today kicks off Employee Stock Ownership Month...
Many businesses are turning towards employee ownership models for the unique benefits offered, including higher worker retention rates or, as recently noted more frequently, as a succession planning option. Business owners who are beginning to explore options for employee ownership may have q...
While 401(k)s are one of the most common retirement savings plans, there are still a lot of American workers who do not have access to a 401(k) or do not have any significant retirement savings. A new bill has passed the House that intends to increase access to retirement savings and accommod...