There are a couple of opinions in this update list that are of particular note: The Illinois Supreme Court’s extensive review of Requests to Admit procedures....and the 8th Circuit’s decision that civil judgments related to sex discrimination are non dischargeable in bankruptcy.
The complex world of calculating overtime
In January of this year, the Wage and Hour Division of the U.S. Dept. of Labor announced a settlement with a private employer that is the largest settlement in their history.
Departing officers’ and employees’ fiduciary duties
Many companies, large and small, face the challenge of preserving their business clients and continuing their operations after key officers have given notice of their intended separation or other termination from the business.
Employee benefits update
The IRS has issued the long awaited final regulations under Internal Revenue Code (Code) Section 409A, which established new rules applicable to nonqualified deferred compensation plans.
Improving HR Service Quality
In case you didn’t get it from the title, HR Excellence, is written for the Human Resource professional who wants to discern processes to improve and increase the value of HR services in organizations.
In-house job search 101
So, you are thinking it is time to make a change—your skills aren’t being utilized, you don’t see advancement in your future at your current company or you received word that your legal department is moving to another state.
IRS Extends Section 409A Transition Relief and Deadlines to December 31, 2008
On October 22, 2007, the Internal Revenue Service issued Notice 2007-86, which provides relief through 2008 for amending nonqualified deferred compensation plans to comply with the final regulations issued under Section 409A of the Internal Revenue Code, and a much-needed extension of certain transition relief through 2008.
Recent case updates
The following are summaries of recent interesting cases from the 8th Circuit Court of Appeals, the Indiana Appellate Court and the Supreme Courts of Iowa and Nebraska.
Seventh Circuit rules for lender in River East Plaza case
In River East Plaza, L.L.C. v. The Variable Life Annuity Co., 2006 WL 278483 (N.D. Ill. Sept 22, 2006), the borrower, a major commercial and real estate developer, entered into a $13 million, 20-year mortgage loan (amortized at a 28-year schedule, with a balloon) in 1999.
In an effort to develop volunteer opportunities that best serve the needs and desires of members of the Corporate Law Departments (CLD) Section, the Section Council is undertaking the following survey of its members to get their input on the types of volunteer opportunities that are of the most interest to Section members.
Treasury Issues Updated 409A Guidance
Last month, the Treasury Department issued Notice 2006-100, which provides updated guidance on withholding and wage reporting requirements for 2005 and 2006 under Internal Revenue Code Section 409A regarding nonqualified deferred compensation.