Companies are increasingly allowing their chief executive officers and, in certain circumstances, other executives to use corporate jets (which may be chartered flights or fractionally or fully owned aircraft) for personal use due to various reasons. Although this benefit may be a relatively small percentage of an executive’s overall compensation package, it is still likely
A Trap for the Unwary – Nonprofit Organization Compensation Arrangement Considerations for High Caliber Executives
By Tyler Forni & David B. Teigman on
Like any for-profit company, nonprofit organizations want to attract and retain high caliber executives to achieve and further their missions. To accomplish this, a nonprofit organization may have to offer a particularly robust compensation arrangement to the executive, especially because other nonprofit or for-profit organizations likely want to engage the services of such executive given…
Reminder: Is Your Individually Designed 403(b) Plan Eligible for a Determination Letter?
By Jesse T. Foley & Katrina McCann on
Plan sponsors of Code Section 403(b) tax-sheltered annuity plans (“403(b) plans”) that have not already done so may want to consider applying for an IRS determination letter or planning and budgeting for the process next year if they are not yet eligible.
In June, the IRS determination letter program became available to a second group…
Act Fast (If You Get the Letter)! IRS Pre-Examination Retirement Compliance Pilot Program is Extended
By Katrina McCann on
On February 7, 2024, the IRS announced the second phase of its Pre-Examination Retirement Compliance Program (we discussed phase one in our earlier post here). Under this program, sponsors will be notified that their plan is selected for examination and will have 90 days to review and correct any plan document or operational errors…