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Following implementation of the Patient Protection and Affordable Care Act (“ACA”), the funding and providing of promised retiree health benefits has a new series of requirements that must be met by Taft-Hartley retirement plans, employers and plan sponsors. One such requirement is that the escalating liability for post-retiree medical plans (“OPEB”) must now be carried on the balance sheet of plan sponsors. See Financial Accounting Standards (“FAS”) 106 and 157, Government Accounting Standards (“GAS”) 43 and 45, and International Accounting Standards (“IAS”) 19. In addition, the ACA now requires the acceleration of recognition, thereby increasing costs to the employer/plan sponsor, and creating new limitations with retiree drug subsidies (“RDS”). The Center for Medicare and Medicaid Services (“CMS”) has also instituted guidelines for qualifying for reimbursements to employers.
These stringent accounting rules will challenge corporate debt ratings, raise the cost of borrowing when the full annual required contributions are not made, and in turn create larger budget deficits for all types of employers. These rules affect state and local governments as well as for-profit entities such as corporations, law firms and unions, and nonprofits.
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The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.