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On April 27, the Internal Revenue Service (“IRS”) issued informal guidance on partial plan terminations as part of the COVID-related tax relief provided under
Consolidated Appropriations Act of 2021. The Relief Act was intended to provide a measure of relief for qualified plan sponsors that experienced layoffs due to COVID-19.
The layoff of a significant number of employees could cause a plan to incur a partial plan termination. Section 209 of the Relief Act provided a temporary rule that may allow a plan to avoid triggering a partial plan termination for 2020 and 2021. The provision modified the current partial plan termination rules to ensure such termination does not occur if the active participant count as of March 31, 2021 was at least 80% of the number of active participants covered by the plan on March 13, 2020. IRS guidance, in the form of Questions and Answers, addresses a number of issues, including the de
Technology
Digital assets: the formation of a legal framework as the basis for implementation in the real sector of the economy
Digital assets: the formation of a legal framework as the basis for implementation in the real sector of the economy
Today, the term “digital asset” is increasingly used in publications about both economic development and new technologies. However, until recently, it did not have a precise definition due to the diverse interpretations.
The word “digital” initially meant information expressed as numbers. In turn, from an economic point of view, the word “asset” means any subject of objective reality that has a certain value for its holder. The world, however, is ever-changing and the development trends of economic sectors, financial technologies and the reforms of legal regulations should be taken into account to define the concept of a digital asset.
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As the first doses of vaccines are being administered, many employers, cognizant of the public health imperatives and a desire to promote the health of their employees in a manner compliant with applicable law, are wondering whether they can or should make vaccination a required condition of employment. On December 16, 2020, the EEOC issued its much-anticipated guidance on the application of federal anti-discrimination laws to issues concerning the availability of COVID-19 vaccines. While the EEOC s guidance answers some questions, the broader message is that it is not that simple, and many employers will opt to adopt incentive-based vaccination programs instead of mandatory ones based on their own individualized assessment of competing factors.
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The U.S. Department of Transportation (DOT) recently issued new regulations codifying specific criteria for interpreting its fundamental regulatory authority under 49 U.S.C. section 41712 to prohibit airlines from engaging in “unfair or deceptive practices.” DOT’s purpose in adopting these regulations is to provide “greater clarity and certainty about [DOT’s] interpretation of unfair or deceptive practices and process for making such determinations in the context of aviation consumer protection rulemaking and enforcement actions.” DOT Final Rule at 78707. DOT’s new regulations become effective on January 6, 2021.
Although DOT has enjoyed the statutory authority at issue in this proceeding since the early 1980s, this is the first time that DOT has formally articulated how it interprets the terms “unfair” and “deceptive.” This is important because DOT has relied on this statutory authority as t