The attorneys in our Employee Benefits Group have expertise across a broad spectrum of issues, including employee benefits, ERISA and executive compensation. We can help you successfully navigate whatever benefits-related challenges you may be facing, and offer advice, counsel and hands-on help with a variety of matters, including:
- Plan design for qualified and nonqualified plans maintained by for-profit employers such as pension (both defined contribution and defined benefit), profit sharing, and 401(k) plans, as well as supplemental executive retirement plans and excess plans.
- Plan design for qualified and nonqualified plans maintained by nonprofit employers such as 403(b) and 457 plans.
- Executive compensation issues related to employment and severance agreements, bonus plans and other incentive based compensation arrangements, including, among other things, analysis of Internal Revenue Code Section 409A as it pertains to nonqualified deferred compensation plans and executive compensation agreements.
- Plan design and counseling with respect to the adoption and/or amendment of equity incentive plans providing for the award of non-qualified stock options, qualified stock options (ISOs), restricted stock awards, stock appreciation rights, performance awards, or dividend equivalents.
- Plan design and counseling with respect to the adoption of phantom equity and acquisition event bonus plans.
- Welfare benefit plans such as cafeteria, medical, disability, life insurance, tuition reimbursement and other fringe benefit plans.
- Qualified domestic relations orders.
- Identification and navigation of issues regarding COBRA and state "mini-COBRA" statutes.
- Fiduciary responsibilities related to the maintenance of benefit plans and the analysis of the selection process with respect to investment options available under a retirement plan, including, without limitation, plan design and compliance issues.
- Reporting and disclosure obligations to the Internal Revenue Service ("IRS"), Department of Labor ("DOL") and plan participants.
- IRS and DOL audits.
- Determination Letter requests and plan amendments.
- Plan termination/suspension of benefit issues.
Now is the time to revisit your benefit plans and make sure your documents are up-to-date and compliant with ever-changing regulatory requirements. In this world of fluctuating investment returns, detailed government regulations regarding tax code changes and executive compensation guidelines, and economic challenges, it is an opportune time to consider whether your current employee benefits programs are both compliant and are meeting your needs and the needs of your workforce.
Consider the following threshold questions:
- Is it time to apply for a Determination Letter for your qualified plan?
- Have you provided updated Summary Plan Descriptions or Summary of Material Modifications for material changes to your plans?
- Are your plans compliant with required amendments such as the PPA, ARRA, WRERA and the Heart Act?
- What do you, as an employer, need to do now to comply with the new health care reform legislation?
- Have your plan fiduciaries performed their duties in compliance with IRS and ERISA requirements?
- Do you need help with the DOL's new electronic filing requirements of the Form 5500?
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.