Joseph Adams

Chicago

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Articles

Unanimous Supreme Court Decision Makes It Easier For Prohibited Transaction Claims To Survive A Motion To Dismiss

2 weeks ago | mondaq.com | Joseph Adams |Amy Gordon |Anne Becker |Grant E. Shillington

Lawsuits targeting retirement plans for allegedly payingexcessive fees to service providers, including recordkeepers, showno signs of slowing down. As we previously posted, some courts required plaintiffsasserting prohibited transaction claims in such cases to make someinitial detailed allegations that the arrangement at issue betweenthe plan and the service provider was improper because it wasunnecessary or involved unreasonable compensation.
"Corporate Transparency Act Explained"

Nov 24, 2024 | beckerlawyers.com | Joseph Adams

Q: We recently received an e-mail from our management company regarding the filing requirements of the Corporate Transparency Act. This is the first I’ve ever heard of it. Can you explain what this is? (M.M., via e-mail)A: On January 1, 2021, Congress passed the Corporate Transparency Act (“CTA”). The CTA is intended to deter and detect financial crimes as part of the larger Anti-Money Laundering Act.
"State Regulation of HOA’s Limited"

Nov 17, 2024 | beckerlawyers.com | Joseph Adams

Q: What is the “DBPR” and does it have authority over homeowners’ associations? (C.S., via e-mail)A: The Florida Department of Business and Professional Regulation is an executive branch state agency in Florida. Its secretary is appointed by the Governor. The DBPR is responsible for licensing and regulating various businesses and professionals, through its various “Divisions.” The Division of Florida Condominiums, Timeshares, and Mobile Homes specifically regulates condominiums.
"Remote Meeting Procedures Questioned"

Nov 10, 2024 | beckerlawyers.com | Joseph Adams

Q: Am I entitled to ask questions or speak at association meetings if I am attending remotely via an online platform? The application used by my condominium association does not provide a way to ask questions, and I am worried this might be against Florida Statutes. (J.D., via e-mail)A: It depends. Section 718.112(2)(c) of the Florida Condominium Act grants members the right to attend board meetings, speak about agenda items, and ask questions on issues affecting the condominium.
Retirement Plan Contribution Limits Announced For 2025

Nov 7, 2024 | mondaq.com | David Rogers |Joseph Adams |Anne Becker |Abby Brothers

The IRS recently released Notice 2024-80 to announce cost-of-living adjustments to the indexed dollar limits applicable to retirement plans. The chart below shows how the 2025 limits compare to the 2024 limits. Most importantly, the new IRS guidance addresses the SECURE 2.0 change to the catch-up contribution limit for participants aged 60 to 63; this "super-catch-up" is effective January 1, 2025.
"Board Vacancy Raises Questions"

Nov 3, 2024 | beckerlawyers.com | Joseph Adams

Q: A member of our condominium association board recently resigned, unexpectedly, part way through the first year of their two-year term. According to our bylaws, a board member appointed to fill a vacancy serves until the next scheduled election. Does the temporary replacement serve only until the next annual meeting, or can they fill out the term of the person they replaced? (G.S., via e-mail)A: Section 718.112(2)(d)9.
Supreme Court To Decide Pleading Standard In Prohibited-Transaction Litigation

Oct 29, 2024 | mondaq.com | Joseph Adams |Amy Gordon |Anne Becker |Abby Brothers

On October 4, 2024, the U.S. Supreme Court agreed to resolve a three-way circuit split regarding the pleading standard for alleged prohibited-transaction claims under the Employee Retirement Income Security Act of 1974, as amended (ERISA). The case is Cunningham v. Cornell University, Nos. 21-88, 21-96, 21-114 (U.S. Oct. 4, 2024). See here.
"Abandoned Properties Regulated By Statute"

Oct 27, 2024 | beckerlawyers.com | Joseph Adams

Q: What rights does a condominium association have when dealing with an abandoned unit, and under what circumstances can it go into the unit?
"HOA Rulemaking Procedures Questioned"

Oct 20, 2024 | beckerlawyers.com | Joseph Adams

Q: Recently, the board of our homeowners’ association amended the community rules without filing the updated document with the county clerk. They only noted the change on our website. Can the board enforce a rule change that wasn’t officially recorded? (E.R., via e-mail)A: Section 720.306(1)(b) of the Florida Homeowners’ Association Act outlines the procedures for amending “governing documents” of an association.
"Condo Director Term Limits Questioned"

Oct 13, 2024 | beckerlawyers.com | Joseph Adams

Q: Our condominium association hasn’t held elections for many years due to a lack of more applicants than available board seats. We are considering amending how we handle board terms and adding term limits at the next annual meeting. Should we implement staggered terms for continuity and fair rotation, or should board members be allowed to serve terms longer than 8 years?