Triad Advisors, LLC v. New Jersey Department of Labor and Workforce Development

CourtNew Jersey Superior Court Appellate Division
DecidedMarch 12, 2025
DocketA-3269-21
StatusUnpublished

This text of Triad Advisors, LLC v. New Jersey Department of Labor and Workforce Development (Triad Advisors, LLC v. New Jersey Department of Labor and Workforce Development) is published on Counsel Stack Legal Research, covering New Jersey Superior Court Appellate Division primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Triad Advisors, LLC v. New Jersey Department of Labor and Workforce Development, (N.J. Ct. App. 2025).

Opinion

NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION This opinion shall not "constitute precedent or be binding upon any court ." Although it is posted on the internet, this opinion is binding only on the parties in the case and its use in other cases is limited. R. 1:36-3.

SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION DOCKET NO. A-3269-21

TRIAD ADVISORS, LLC, f/k/a TRIAD ADVISORS, INC.,

Petitioner-Appellant,

v.

NEW JERSEY DEPARTMENT OF LABOR AND WORKFORCE DEVELOPMENT,

Respondent-Respondent. _____________________________

Argued April 8, 2024 – Decided March 12, 2025

Before Judges Gilson, DeAlmeida, and Jacobs.

On appeal from the New Jersey Department of Labor and Workforce Development, Docket No. DOL 14-010.

John Steven Parker (Parker MacIntyre) of the Georgia and North Carolina bars, admitted pro hac vice, argued the cause for appellant (Louis H. Miron and John Steven Parker, attorneys; Louis H. Miron, on the briefs).

Kevin K.O. Sangster, Deputy Attorney General, argued the cause for respondent (Matthew J. Platkin, Attorney General, attorney; Donna Arons, Assistant Attorney General, of counsel; Kevin K.O. Sangster, on the brief).

The opinion of the court was delivered by

DeALMEIDA, J.A.D.

Petitioner Triad Advisors, LLC, f/k/a Triad Advisors, Inc. (Triad), appeals

from the May 31, 2022 final agency decision of respondent Department of Labor

and Workforce Development (DOL) that eleven sales agents working in New

Jersey were employees of Triad, and Triad is, therefore, responsible for paying

unemployment and temporary disability contributions to the New Jersey

unemployment compensation fund (the Fund) for those employees for the years

2008 through 2011. We affirm in part, reverse in part, and remand for further

proceedings.

I.

Triad, based in Georgia, is an independent broker/dealer that sells mutual

funds and other securities. Triad does not sell securities directly to the public.

Rather, it operates through sales agents who, according to Triad, are independent

contractors who are either self-employed or employed by a local entity

unaffiliated with Triad.

The Gitterman firm (Gitterman) is a financial planning company in Iselin,

New Jersey. In March 2010, Triad and Gitterman entered into an agreement that

A-3269-21 2 Gitterman's employees who engaged in the sale of securities would become

Triad's registered securities representatives (sales agents). The agreement

provided that Gitterman would "serve as an OSJ [office of supervisory

jurisdiction] of Triad." An OSJ is an office where a registered principle provides

supervision to those engaged in the sale of securities. Each sales agent signed a

separate agreement with Triad stating he or she was an independent contractor.

Under the agreement between Gitterman and Triad, Gitterman paid the

salary and benefits of the sales agents and Triad paid commissions for the sale

of securities directly to the sales agents. Gitterman made unemployment and

temporary disability contributions to the Fund based on the salaries it paid the

sales agents. Triad deducted a portion of the sales commissions otherwise due

and paid the deducted portion to Gitterman as reimbursement for the overhead

costs of the sales agents. In addition, through deductions from commissions,

sales agents reimbursed Triad for insurance costs, licensing fees, and other costs.

Triad issued 1099s to the sales agents in the amounts of the net commissions

paid to them each year. Triad did not make unemployment and temporary

disability contributions to the Fund on the commissions it paid the sales agents.

Sarah Shipman had been one of Triad's sales agents working at Gitterman.

In 2010 and part of 2011, she earned salary and benefits from Gitterman and

A-3269-21 3 commissions from Triad. On July 17, 2011, Shipman filed a New Jersey

unemployment claim and named Gitterman and Triad as her employers.

On October 5, 2011, DOL issued a "notice of subjectivity" informing

Triad it was a New Jersey employer liable for unemployment and temporary

disability contributions to the Fund for Shipman, and additional sales agents

who worked in New Jersey from 2008 to 2011, including fourteen sales agents

who worked at Gitterman. 1

On October 19, 2011, Triad appealed the notice to the DOL appeals

tribunal, arguing its sales agents were exempt from unemployment and

temporary disability contributions. Triad asserted two bases for an exemption.

First, it argued the sales agents were exempt because they were securities

salespersons not engaged in employment under the Federal Unemployment Tax

Act (FUTA), 26 U.S.C. §§ 3301-3311. New Jersey recognizes an exemption for

securities salespersons who qualify for an exemption under FUTA in certain

circumstances. See N.J.S.A. 43:21-19(i)(7)(J) ("employment" for purposes of

New Jersey unemployment tax does not include "[s]ervice performed by agents

1 The audit included Triad sales agents who worked at firms other than Gitterman and prior to the 2010 contract between Triad and Gitterman. Triad's liability as to non-Gitterman sales agents is not an issue in this appeal. In 2017, Gitterman terminated its agreement with Triad and Gitterman's employees became associated with a different broker/dealer. A-3269-21 4 of mutual fund brokers or dealers in the sale of mutual funds or other securities

. . . if the compensation to such agents for such services is wholly on a

commission basis" and "[p]rovided that such services are also exempt under

[FUTA] . . . .").

Second, Triad argued its sales agents were exempt under N.J.S.A. 43:21-

19(i)(6)(A), (B), and (C), the statute that generally excludes from liability for

unemployment and temporary disability contributions income earned by

independent contractors.

Triad separately appealed its notice of liability with respect to Shipman.

In May 2012, Marliena Manocchio, a DOL investigator, began an

investigation of the fourteen Triad sales agents other than Shipman employed

by Gitterman. Triad submitted evidence to Manocchio in support of its claimed

FUTA exemption and argued the sales agents were independent contractors

under the Internal Revenue Service's (IRS) twenty-factor test set forth in Rev.

Rul. 87-41, 1987-1 C.B. 296. The twenty-factor test is used by the IRS to decide

whether workers are employees or independent contractors under FUTA.

Triad's counsel stated to Manocchio, "you have stated to me on numerous

occasions that you will not consider Triad exempt [under] FUTA absent a

specific Private Letter Ruling issued from the [IRS] to Triad." Triad disputed

A-3269-21 5 Manocchio's reliance on N.J.A.C. 12:16-23.2(a) for insistence on a Private

Letter Ruling, arguing that evidence the sales agents were independent

contractors under the twenty-factor test was sufficient to establish an exemption

under FUTA and, as a consequence, N.J.S.A. 43:21-19(i)(7)(J). In 2012, when

Manocchio's investigation was ongoing, N.J.A.C. 12:16-23.2(a) provided:

Evidence that services are not covered under FUTA may include among other things:

1. Private letter ruling(s) from the [IRS];

2.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

EC, LLC v. Planning Bd. of Eastampton
805 A.2d 456 (New Jersey Superior Court App Division, 2002)
Trauma Nurses, Inc. v. Board of Review
576 A.2d 285 (New Jersey Superior Court App Division, 1990)
Gibbons v. Gibbons
432 A.2d 80 (Supreme Court of New Jersey, 1981)
In Re Application of Smigelski
154 A.2d 1 (Supreme Court of New Jersey, 1959)
KRUVANT BROS. v. Mayor & Council, Tp. of Cedar Grove
414 A.2d 9 (Supreme Court of New Jersey, 1980)
Cruz v. Central Jersey Landscaping, Inc.
947 A.2d 1228 (Supreme Court of New Jersey, 2008)
In Re Virtua-West Jersey Hospital Voorhees for a Certificate of Need
945 A.2d 692 (Supreme Court of New Jersey, 2008)
Mayflower Securities Co. v. Bureau of Securities
312 A.2d 497 (Supreme Court of New Jersey, 1973)
Appeal of Adoption of Njac 7: 7a-1.4
573 A.2d 143 (Supreme Court of New Jersey, 1990)
Appeal of Adoption of Njac, 7: 7a-1.4
573 A.2d 162 (New Jersey Superior Court App Division, 1989)
Provident Institution for Savings v. Division of Employment Security
161 A.2d 497 (Supreme Court of New Jersey, 1960)
Tremarco Corporation v. Garzio
161 A.2d 241 (Supreme Court of New Jersey, 1960)
Pizzo Mantin Group v. Township of Randolph
645 A.2d 89 (Supreme Court of New Jersey, 1994)
Oberhand v. Director, Division of Taxation
940 A.2d 1202 (Supreme Court of New Jersey, 2008)
State Troopers Fraternal Assoc. of NJ, Inc. v. State
692 A.2d 519 (Supreme Court of New Jersey, 1997)
Twiss v. State, Dept. of Treasury
591 A.2d 913 (Supreme Court of New Jersey, 1991)
Metromedia, Inc. v. Director, Division of Taxation
478 A.2d 742 (Supreme Court of New Jersey, 1984)
Sarasota-Coolidge Equities II, LLC v. S. Rotondi and Sons, Inc.
770 A.2d 1264 (New Jersey Superior Court App Division, 2001)
Carpet Remnant Warehouse, Inc. v. New Jersey Department of Labor
593 A.2d 1177 (Supreme Court of New Jersey, 1991)
Urban Farms, Inc. v. Franklin Lakes
431 A.2d 163 (New Jersey Superior Court App Division, 1981)

Cite This Page — Counsel Stack

Bluebook (online)
Triad Advisors, LLC v. New Jersey Department of Labor and Workforce Development, Counsel Stack Legal Research, https://law.counselstack.com/opinion/triad-advisors-llc-v-new-jersey-department-of-labor-and-workforce-njsuperctappdiv-2025.