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Attorney Spotlight

Learn about Richard Arnholt's diverse government contracts practice and why he chose to pursue a career in the legal field. Read more>

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Experience Spotlight

In June 2017, Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) closed a $1.9 billion merger with BNC Bancorp (NASDAQ: BNCN) pursuant to which BNC merged with and into Pinnacle. With the completion of the transaction, Pinnacle becomes a Top 50 U.S. Bank. The merger will create a four state footprint concentrated in 12 of the largest urban markets in the Southeast. 

Bass, Berry & Sims has served Pinnacle as primary corporate and securities counsel for more than 15 years and served as counsel on the transaction. Our attorneys were involved in all aspects related to the agreement, including tax, employee benefits and litigation. 

Read more details about the transaction here.

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Regulation A+

It seems that lately there has been a noticeable uptick in Regulation A+ activity, including several recent Reg A+ securities offerings where the stock now successfully trades on national exchanges. In light of this activity, we have published a set of FAQs about Regulation A+ securities offerings to help companies better understand this "mini-IPO" offering process, as well as pros and cons compared to a traditional underwritten IPO.

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DOL Extends Deadline For Service Provider Fee Disclosure

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February 3, 2012

Yesterday, the U.S. Department of Labor issued final rules regarding disclosure of 401(k) retirement-plan fees by plan service providers. Under prior guidance, the effective date for the disclosures was April 1, 2012. The final regulations issued today extend this date by three months to July 1. Service providers not in compliance as of July 1, 2012, will be subject to the prohibited transaction rules and penalties of ERISA and the Internal Revenue Code.

The fee disclosure rules apply to covered service providers that work with 401(k), 403(b), and all other ERISA retirement plans, such as investment managers and prototype plan administrators. These service providers must disclose to employers the specifics about fees charged for services, including those for money management and retirement plan administration.

Employers are reminded that the final regulation’s new July 1 effective date will also affect when fee and investment disclosures must first be furnished to plan participants. The transition rule for disclosures to participants requires the disclosures to be made within 60 days of the effective date for disclosures by service providers. Consequently, employers with calendar year plans must furnish the information no later than August 30, 2012 (i.e., 60 days after the July 1 effective date). The first quarterly statement must then be furnished no later than November 14, 2012 (i.e., 45 days after the end of the quarter during which initial disclosures were first required). The quarterly statement need only reflect the fees and expenses actually deducted from a participant’s account during the quarter to which the statement relates.

If you have questions regarding the information in this client alert, or with respect to other legislation as it relates to your employee benefits plans, please contact any of the attorneys in our Employee Benefits Practice Group.


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