Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Is Your Qualified Plan Prepared for A DOL Investigation?
The letter reads that there will be a visitor from the Department of Labor (DOL) coming to your business in roughly four or five weeks. The reason for the visit: they have determined they want to investigate your retirement plan(s).
Instantly, you begin to wonder what triggered this audit? Did an unhappy former employee call the DOL? Was your last Form 5500 done properly or did it contain an error you may have overlooked? It could be either of these or it simply might have been some time since the DOL had sent a team of investigators within your geography. Whatever the reason, you have some time to prepare. What should you pay attention to in this prep time and what could the results be of an investigation like this?
Well, here are some statistics to ponder:
- Audits have increased by more than 25% in the past few years.
- 1,000 new enforcement agents have been hired in the past year.
- Three of four audits result in a fine or penalty or both.
- The average fine has increased in recent years by $150,000 to an average of $600,000.
- In the years 2010-2013, an average of 80-100 individuals were indicted each year for offenses related to plans personally.
- In the 2013 audit year, 3,566 audits were performed, and more than $2.7 billion in fines and penalties were levied.
It's a new world in this area and now is not the time to think “this won't happen to us or our plan.”
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?