Agenda
If you ask, plan administrators will tell you that for every deadline or specified time limit that is imposed by law upon plan participants for taking action with respect to an employee benefit plan, there are always a significant number of participants who come forward with one or more “excuses” why they could not meet the deadline. Often these “excuses” are legitimate. However, only occasionally is there a legally authorized protocol provided to plan administrators and participants which can remedy the circumstance of the missed deadline. Such an occasion occurred on August 24, 2016. In Rev. Proc. 2016-47, the IRS published guidance to assist participants who, because of certain circumstances of hardship, miss the 60-day deadline for rolling over qualified retirement plan or IRA assets and, without a legally authorized excuse, would otherwise be required to pay additional taxes due on early distributions. Even better, the IRS set forth a protocol for participant “self-help,” which permits plan administrators to accept transfers of plan assets after the 60-day deadline has passed. Download this white paper to continue reading … Kathleen R. Barrow is a Partner of Jackson Lewis LLP. She has designed welfare benefit plans and executive compensation arrangements, and counseled sponsors and administrators of these types of plans for 15 years.
Faculty
Kathleen R. Barrow
Fox Rothschild LLP
- Partner at Fox Rothschild LLP
- Has nearly three decades of experience helping employers correct tax and fiduciary issues with payroll, executive compensation and employee benefits
- Her national practice includes strategic assistance with ERISA matters, compliance programs, and corrections of documentation and operational errors
- Has a keen understanding of how and when to work with state and federal agencies, which contributes to her successful resolutions of tax issues with the U.S. Treasury and state and local tax authorities
- Even with matters that involve millions of dollars in payroll and income taxes, her focus is to find solutions that mitigate burdens on impacted employees and avoid requirements to amend their personal tax returns
- Clients include employers across a range of industries, nonprofit organizations, health care providers and school districts
- Has handled cases that involve the U.S. Treasury Office of Tax Policy; the Department of Labor, Employee Benefit Security Administration; massive payroll corrections involving thousands of employees; and has led representation before the U.S. Tax Court, various U.S. District Courts and Courts of Appeals throughout the country
- J.D. degree, with honors, University of Oklahoma College of Law; B.S. degree, with high honors, Nazareth College; M.B.A. degree, with high honors, Oklahoma City University
- Can be reached at KBarrow@foxrothschild.com
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