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IRS Issues PLRs Permitting Retirees in Pay Status to Change Election to Lump Sum

The U.S. Internal Revenue Service (?Ç£IRS?Ç¥) issued two private letter rulings regarding whether it would be permissible to amend a pension plan to include a lump sum election window for participants who were already in pay status.?á In one case, the window period was from 30 to 60 days.?á In the other case, the window period was from 60 to 90 days.?á In both cases, the IRS determined that although the window period would result in a modification to the payment period and an increase in the payment amount, the window period was permissible under the minimum distribution rules because the modification and increase would result from a plan amendment, as permitted under the regulations.?á One of the rulings also addressed the impact of the lump sum payments on the plan-specific mortality table.?á IRS Priv. Let. Rul. 201228045 can be accessed here and IRS Priv. Let. Rul. 201228051 can be… Continue Reading

Embedded Liability? Site Owners May Not be Liable for User Links to Infringing Content

Last month, artist Christopher Boffoli filed suit against Twitter for contributory copyright infringement, alleging it failed to take down unauthorized copies of his images posted on Twitter and to disable tweets linking to or promoting those and other unauthorized copies.?á According to the complaint, filed in the Western District of Washington (Case No. 2:12-cv-01534), Boffoli sent DMCA takedown requests in July and August, but Twitter did not comply with them. This lawsuit highlights an interesting area of copyright law, involving websites that allow users to bookmark (post links to or embed) infringing content located elsewhere.?á Recent decisions in this area, including a Seventh Circuit opinion vacating a preliminary injunction entered against a video bookmarking site, suggest that simply linking to an infringing site (or allowing someone to post such a link on your site) may not constitute either direct or contributory infringement. In the Seventh Circuit case, Flava Works, Inc.… Continue Reading

October 2012