Ex-Goldman Sachs President Cohn has not returned pay after 1MDB clawbacks

Goldman Sachs has failed to persuade former president Gary Cohn to return over $10 million he received in pay, as part of the bank's effort to reclaim executive compensation over the 1MDB scandal, Bloomberg News reported on Wednesday.

There is little that the bank can do if Cohn, the former economic adviser to U.S. President Donald Trump, simply refuses or offers up a discounted sum, the report said, citing people with knowledge of the matter. READ MORE

What Happened When These Places Raised the Minimum Wage to $15

The federal minimum wage — $7.25 per hour — hasn’t changed since 2009, even though the cost of living has risen rapidly. Labor activists long have been asking for a raise in the minimum wage but due to the partisan split between the House and Senate, it seems unlikely there will be a change in the foreseeable future — though President-elect Joe Biden has promised to raise the federal minimum wage to $15. READ MORE

2020 Year-End Key Executive Compensation and Employee Benefits Considerations

COVID-19 has, among other things, had an impact on executive compensation and employee benefits, and given rise to a number of new issues and considerations. These compensation issues present challenges for companies seeking to incentivize and retain key employees in the midst of the current economic conditions while balancing competing responsibilities to various stakeholders. READ MORE

Biden Plans to Ban Noncompete, No-Poaching Clauses

Proponents of eliminating the clauses argue that noncompete agreements—which bar workers from accepting new employment in their field or industry for a certain period, often a year or more after they leave an employer—reduce competition among businesses and stifle workers' job mobility and wage growth. The clauses were first introduced to prevent upper-level employees from taking trade secrets to rival businesses but have since proliferated to low-wage and low-skill workers. READ MORE

COVID-19's Essential Workers Shake Up Minimum Wage Debate

After the arrival of COVID-19, we started calling them "essential workers," as the pandemic gave long overdue recognition to those driving our buses, sweeping our floors, stocking our supermarket shelves. These are the people formerly known simply as "low-paid workers."

The bitter irony of the effect of the health crisis on the world of work, compounded by the overall disproportionate effect of the virus on poorer communities, has begun to fuel the simmering worldwide debate about minimum wage. READ MORE

Does Your Nonqualified Plan Need to be Amended by December 31, 2020?

Section 162(m) of the Internal Revenue Code (“Code”), which disallows the deduction by any publicly held corporation with respect to certain compensation paid to a covered employee over $1,000,000, was amended by the 2017 Tax Cuts and Jobs Act (“TCJA”). One change made to Section 162(m) of the Code as part of the TCJA was that if an individual is a “covered employee” for a taxable year, the individual continues to be a covered employee for all future taxable years, including after termination of employment. READ MORE

The FICA Special Timing Rule for Non-Qualified Deferred Compensation: What You Don’t Know Can Hurt You

Employers know that wages are generally subject to the Federal Insurance Contributions Act (“FICA”), and that both employers and employees are liable for a portion of FICA on those wages. In most circumstances, the employee and employer portion of FICA are paid when the compensation is paid to employees—but there is a “special timing rule” that applies when compensation is subject to a non-qualified deferred compensation (“NQDC”) arrangement. Not knowing this special timing rule can cause real headaches for both employers and employees. READ MORE

Five Things To Know About Tech-Sector Company Stock Options

When it comes to landing a coveted job at a tech startup, there are plenty of misconceptions around stock options. While the experience of working in the tech space can be invaluable, understanding and effectively negotiating the best stock options can make a difference to your income and net worth. If your tech employer offers company stock options, you might be wondering what they mean and how they work. READ MORE

Let’s Talk About Higher Wages

One of the great successes of the Republican Party in recent decades is the relentless propagation of a simple formula for economic growth: tax cuts.

The formula doesn’t work, but that has not affected its popularity. In part, that’s because people like tax cuts. But it’s also because people like economic growth, and while the cult of tax cuts has attracted many critics, it lacks for obvious rivals. READ MORE