Legally Speaking – Court awards rep post-termination damages with a nod to ERA

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Avoiding 5 percent owner status for retirement plan distribution purposes

Avoiding 5 percent owner status for retirement plan distribution purposes

Many individuals continue to work into their retirement years, whether due to financial need, personal desire or some other motivation. A meaningful portion of these workers are high-wage earners who pay tax at the maximum or near maximum income tax rates and do not wish to withdraw funds from their retirement accounts which in most cases are fully taxed at ordinary income tax rates.

Judge adds exemplary damages to verdict delivered by the “Windfall Gals”

Judge adds exemplary damages to verdict delivered by the “Windfall Gals”

The Fall edition of this Legally Speaking column reported on the verdict delivered in the summer of 2023 in favor of an ERA rep given the pseudonym Rigorous Electronics Performers, LLC or REP. A suburban Philadelphia jury found that Manipulating Financial Results, Inc. or MFR (also a pseudonym) owed REP over $600,000 in unpaid commissions.