Author Archives: Christie Daly

Changes to User Fees for Voluntary Correction Program (VCP) Submissions

On January 4, 2016, the Internal Revenue Service published its annual update of user fees Rev. Proc. 2016-8 for various letter ruling and determination letter requests. The 2016 update now includes user fees and guidance for Voluntary Correction Program (VCP) […]

Posted in Legal Updates, Plan Administration and Compliance, Qualified Plans, Tax-qualified Retirement Plans | Tagged , , , , , , , | Leave a comment

How a CFO May Be Subject to 162(m)

After the change in securities disclosure laws back in 2006, it was a common statement that the CFO of a public company was no longer covered by the $1 million deduction limit on non-performance based compensation under 162(m) of the […]

Posted in Executive Compensation, Legal Updates | Tagged , | Leave a comment

Dodd-Frank SEC Guidance Executive Compensation – Status

With all the rulemaking required under the Dodd-Frank Act, it can sometimes be hard to keep up with the status of the various rules.  Below is a handy chart that details the current status of the various executive compensation rulemakings.  […]

Posted in Executive Compensation, General, Legal Updates, Securities Law Implications | Tagged , , | Leave a comment

Discretionary Clawback Policies: Risk of Variable Stock Plan Accounting

Companies should be aware that at least some major accounting firms are questioning whether discretionary aspects of clawback policies trigger variable accounting for compensatory equity awards granted by those companies. Existing accounting guidance (ASC 718-10-30-24) would seem to suggest that […]

Posted in Equity Compensation, Executive Compensation | Tagged | Leave a comment

Upcoming Equity Plan Proposal? ISS Invites U.S. Companies to Verify Equity Plan Data

Institutional Shareholder Services, or ISS, invites U.S. companies to verify the data it uses to evaluate proxy statement equity plan proposals.  ISS previously announced a move to a “balanced scorecard” approach for its evaluation of equity plan proposals.  Data verification […]

Posted in Executive Compensation, Securities Law Implications | Tagged , , , | Leave a comment

Replacing Pensions with 401(k)s

Frequent internet users are likely familiar with the demotivational posters at despair.com, such as this one on retirement.  If a recent study by a partner at the Mercer consulting firm is to be believed, then they should perhaps add another […]

Posted in Commentary/Opinions/Views, Qualified Plans, Tax-qualified Retirement Plans | Tagged , , , | Leave a comment

Looking Ahead – ISS 2014 Draft Policies and Proxy Survey Results

Looking Ahead – ISS 2014 Draft Policies and Proxy Survey Results Institutional Shareholder Services (ISS) conducts an annual survey to obtain input on corporate governance issues.  The survey results are considered by ISS in preparing annual updates to its proxy […]

Posted in Equity Compensation, Executive Compensation | Tagged , | Leave a comment

After Liberty, Pruitt and Halbig Challenges Threaten PPACA

Last year the nation awaited the fate of the Patient Protection and Affordable Care Act (“PPACA”) as the U.S. Supreme Court considered National Federation of Independent Business v. Sebelius. Today, two lesser-known Federal cases threaten to undermine not just the […]

Posted in Health Care Reform, Health Plans, Legal Updates, Plan Administration and Compliance, Welfare Plans | Leave a comment

Time to Assess the Independence of Your Compensation Committee’s Outside Counsel and Other Advisers

Among other things, the Dodd-Frank Wall Street Reform and Consumer Protection Act requires a company with securities listed on a national exchange to: Have a compensation committee of independent directors; Provide the committee with authority and funding to retain its […]

Posted in Executive Compensation, Legal Updates | Leave a comment

How to Support a Deduction for Reasonable Compensation

Section 162(a) of the Internal Revenue Code allows as a deduction all the ordinary and necessary expenses paid or incurred during the year in carrying on a trade or business, including “reasonable compensation for personal services actually rendered.” The reasonableness […]

Posted in Executive Compensation, Legal Updates | Leave a comment