Cohen & Buckmann Insights

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Many investment advisers and broker dealers recently filed the now-required Form Client Relationship Summary (CRS) with the SEC and began delivering the form to their clients and prospects.  The Form CRS is required by the SEC as part of new conduct rules and interpretations for broker dealers and investment advisers set forth in Reg BI, which requires investment advisers and broker dealers to distribute the Form CRS to their “retail investors.”  The form provides information…
My latest COVID-19 Compliance Corner columns for PLANSPONSOR focus on the impact of the CARES Act and COVID-19 on deferred compensation plans and defined benefit plans. Recent guidance hasn’t focused much on these plans, but they also have compliance issues. https://www.plansponsor.com/covid-19-compliance-corner-impact-defined-benefit-plans/ https://www.plansponsor.com/covid-19-compliance-corner-impact-nonqualified-deferred-compensation-plans/…
Every week, Cohen & Buckmann co-founding partner, Carol Buckmann, writes a column for Plan Sponsor magazine about benefits matters and legal changes relating to Covid-19 situation, explaining what plan sponsors and participants need to know about the new law and guidance. We’ve compiled her most popular entries here (through July 6, 2020): Who Qualifies for Coronavirus-Related Distributions? New Loan Provisions Under the CARES Act How Are Coronavirus-Related Distributions Taxed? Deadline Extensions Provide Relief to
Irene Bassock, of counsel with Cohen & Buckmann, was interviewed by Harvard Business Review for its article, “Office Reentry Plans Must Account for Medically Vulnerable Employees.” The article discusses ways in which employers can support employees who are most vulnerable to the COVID-19, and others, to help them feel safe when returning to work after the nationwide shutdown caused by the pandemic. One of the suggestions is to have a process in place for fielding…
COVID-19 has made it difficult for some participants to get plan distributions and loans. My latest COVID-19 Compliance Corner column for PLANSPONSOR discusses new IRS relief. https://www.plansponsor.com/covid-19-compliance-corner-irs-eases-spousal-consent-rules-2020/ Each Monday, I will analyze the latest guidance and changes affecting employee benefit plans in the COVID-19 Compliance Corner.…
Can participants in a well-funded defined benefit plan sue for fiduciary breach? Applying constitutional law to ERISA suits, the Supreme Court ruled on June 1 in a 5-4 decision (Thole v. U.S. Bank N.A.) that these participants do not have standing to challenge imprudent plan investments because they have no monetary injury. This decision may have immediate impact in cutting off potential defined benefit plan lawsuits based on investment losses during a coronavirus-related recession. It…
States and individual communities are moving ahead with phased reopenings of their economies. As a result, business owners need specific guidance on what steps they should take to reopen safely for employees, customers, and others with whom their businesses interact. My prior article addressed the importance of following regulatory requirements and best practices established by public health organizations to reopen in a way that reduces health risks, but for employers, the need to manage health…