On April 20, the US Department of Labor (DOL) published a proposal to revise portions of the definition of a “fiduciary” under the Employee Retirement Income Security Act of 1974, as amended (ERISA) in the Federal Register. Following is a summary of the proposed new rules. Please note that parts of the proposal are very detailed, and that this is only a summary.
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On September 23, the Internal Revenue Service released Notice 2013-61, which provides special rules for those making claims for refunds or adjustments of Federal Insurance Contributions Act (FICA) taxes and federal employment taxes resulting from the Supreme Court’s decision in United States v. Windsor, 133 S.Ct. 265 (2013).
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The US Court of Appeals for the First Circuit recently delivered a potentially far-reaching decision for the private equity industry. In a case which involved a typical private equity structure, Sun Capital Partners III, LP, et al. v. New England Teamsters & Trucking Industry Pension Fund, et al., the First Circuit adopted a broad view of what constitutes a “trade or business” for purposes of determining whether a private equity fund (and its portfolio companies) is a “controlled group” that can be held jointly liable for withdrawal liability from a multiemployer pension fund where one of the fund’s portfolio companies withdraws from the fund.
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