ERISA/Employee Benefits: Overview
The lawyers in the ERISA/Employee Benefits Section of Buchanan Ingersoll & Rooney represent private and public-sector employers, financial institutions, insurance companies, investment advisors, tax-exempt organizations, trade associations, and individuals in connection with a broad range of employee benefit and executive compensation matters. Our attorneys work closely with business persons, in-house counsel, consultants, accountants, actuaries and other counsel to achieve a cost-effective, value-added result.
We advise clients with respect to a full range of federal income tax and ERISA issues related to the design, establishment, operation and termination of:
We regularly obtain favorable determination letters for qualified retirement plans, including individually designed, master and prototype and collectively bargained plans. In addition, our lawyers frequently negotiate favorable private letter rulings, voluntary compliance resolution statements and closing agreements with the Internal Revenue Service.
We also have experience in advising clients on myriad employee pension and welfare benefit plan issues confronting employers engaged in mergers, acquisitions and initial public offerings (IPOs). We assist clients in conducting due diligence, and advise clients on optimal strategies for plan mergers, spin-offs, terminations, distributions, transition planning and employee relations issues. We also deal with matters involving the Pension Benefit Guaranty Corporation under Title IV of the Employee Retirement Income Security Act (ERISA). To complement our corporate benefits practice, our lawyers in the ERISA/Employee Benefits Section advise clients on individual retirement accounts matters and the growing role of qualified and nonqualified retirement plans in estate planning, including the taxation of distributions from retirement plans.
Our lawyers provide sophisticated legal advice on a broad range of tax, labor, corporate, securities and business planning matters. The depth and breadth of our work in these complex areas enables us to provide cost-effective, timely service and peace of mind for our clients. Here are some examples of important areas where we focus our attention.
Title I
In addition to our tax expertise on employee benefit matters, we have a keen understanding of many issues arising under Title I of ERISA in connection with ongoing plan administration and plan investments. Our lawyers represent clients in various administrative and enforcement proceedings involving the U.S. Department of Labor, including obtaining prohibited transaction exemptions, advisory opinions and interpretative letters. We can pursue or defend actions involving claims for benefits or allegations of breaches of fiduciary duty, and we also provide substantive assistance to other litigators handling these types of claims.
Our attorneys assist clients in addressing many of the day-to-day administrative tasks associated with the maintenance of employee benefit plans, including the review and negotiation of service provider agreements, preparation of loan documents, employee communications (including summary plan descriptions), compliance with ERISA's claims and appeals procedure and reporting and disclosure requirements (including submissions under the Delinquent Filer Voluntary Compliance Program).
In addition, our lawyers draft, review and consult with clients on qualified domestic relations orders, qualified medical child support orders, domestic partners benefits issues, open enrollment and administrative forms and materials, insurance company certificates of coverage, summary plan descriptions, employee communication materials and annual reports.
Strict Legal Compliance with New and Changing Laws
We also provide guidance to clients concerning compliance with the everchanging landscape of various federal and state statutes and regulations affecting employee rights and benefits such as:
Our lawyers design and obtain qualification letters for voluntary employee beneficiary associations (VEBAs) established to fund welfare benefit programs, and provide advice concerning the ongoing administration and taxation of these tax-favored entities. Our services include advising on the possible application of state law to VEBAs that may also constitute multiple employer welfare arrangements (MEWAs).
An important component of our employee benefits practice is our ability to assist clients in fulfilling their responsibilities related to the investment of plan assets. We can assist plan sponsors in developing investment policies, reviewing and negotiating investment management agreements and direct investment opportunities such as private equity funds, and reviewing the documentation for complex financial transactions such as derivatives strategies. We also work with various financial institutions to design products and services for their benefit plan clients.
Securities Act
We have experience addressing the registration and reporting requirements under the Securities Act, the Securities Exchange Act, the Investment Company Act in connection with the sponsorship of employee benefit plans and executive compensation arrangements, including stock option arrangements. We have also advised plan sponsors and financial institutions on issues arising under the federal securities laws and the Commodity Exchange Act in connection with plan investment vehicles.
Our attorneys are frequent speakers at employee benefit conferences and have collectively authored a large volume of articles providing cutting edge approaches to employee benefit issues and in-depth analyses of developments and problems associated with compensation planning matters. We assist Tax Management, a subsidiary of the Bureau of National Affairs, Inc. (BNA) with the Compensation Planning Journal, a monthly publication for employee benefits professionals.
ERISA/Employee Benefits Representative Transactions
We advise clients with respect to a full range of federal income tax and ERISA issues related to the design, establishment, operation and termination of:
- Qualified tax-favored retirement plans (pension and 401K plans)
- Employee Stock Ownership Plans (ESOPs)
- Multiemployer pension plans
- 403(b) Plans
- Health and medical benefit plans (both self-insured and insured)
- Retiree medical benefits
- Life and disability plans
- Severance pay programs
- Cafeteria plans and flexible spending accounts
- Voluntary employees' beneficiary associations (VEBAs)
- Fringe benefit plans (e.g., transportation, adoption and education assistance)
- Executive compensation and employment arrangements
- Nonqualified deferred compensation plans
- Equity-based compensation plans
- Long-term incentive plans
We regularly obtain favorable determination letters for qualified retirement plans, including individually designed, master and prototype and collectively bargained plans. In addition, our lawyers frequently negotiate favorable private letter rulings, voluntary compliance resolution statements and closing agreements with the Internal Revenue Service.
We also have experience in advising clients on myriad employee pension and welfare benefit plan issues confronting employers engaged in mergers, acquisitions and initial public offerings (IPOs). We assist clients in conducting due diligence, and advise clients on optimal strategies for plan mergers, spin-offs, terminations, distributions, transition planning and employee relations issues. We also deal with matters involving the Pension Benefit Guaranty Corporation under Title IV of the Employee Retirement Income Security Act (ERISA). To complement our corporate benefits practice, our lawyers in the ERISA/Employee Benefits Section advise clients on individual retirement accounts matters and the growing role of qualified and nonqualified retirement plans in estate planning, including the taxation of distributions from retirement plans.
Our lawyers provide sophisticated legal advice on a broad range of tax, labor, corporate, securities and business planning matters. The depth and breadth of our work in these complex areas enables us to provide cost-effective, timely service and peace of mind for our clients. Here are some examples of important areas where we focus our attention.
Title I
In addition to our tax expertise on employee benefit matters, we have a keen understanding of many issues arising under Title I of ERISA in connection with ongoing plan administration and plan investments. Our lawyers represent clients in various administrative and enforcement proceedings involving the U.S. Department of Labor, including obtaining prohibited transaction exemptions, advisory opinions and interpretative letters. We can pursue or defend actions involving claims for benefits or allegations of breaches of fiduciary duty, and we also provide substantive assistance to other litigators handling these types of claims.
Our attorneys assist clients in addressing many of the day-to-day administrative tasks associated with the maintenance of employee benefit plans, including the review and negotiation of service provider agreements, preparation of loan documents, employee communications (including summary plan descriptions), compliance with ERISA's claims and appeals procedure and reporting and disclosure requirements (including submissions under the Delinquent Filer Voluntary Compliance Program).
In addition, our lawyers draft, review and consult with clients on qualified domestic relations orders, qualified medical child support orders, domestic partners benefits issues, open enrollment and administrative forms and materials, insurance company certificates of coverage, summary plan descriptions, employee communication materials and annual reports.
Strict Legal Compliance with New and Changing Laws
We also provide guidance to clients concerning compliance with the everchanging landscape of various federal and state statutes and regulations affecting employee rights and benefits such as:
- COBRA health insurance continuation coverage rules.
- Family and Medical Leave Act (FMLA).
- Health Insurance Portability and Accountability Act (HIPAA).
- Mental Health Parity Act (MHPA).
- Newborns and Mothers Health Protection Act (NMHPA).
- Women's Cancer Rights Act (WCRA).
- Uniformed Services Employment and Reemployment Rights Act (USERRA).
- Americans with Disabilities Act (ADA).
- Age Discrimination in Employment Act (ADEA).
- Worker Adjustment Relocation and Notification Act (WARN).
Our lawyers design and obtain qualification letters for voluntary employee beneficiary associations (VEBAs) established to fund welfare benefit programs, and provide advice concerning the ongoing administration and taxation of these tax-favored entities. Our services include advising on the possible application of state law to VEBAs that may also constitute multiple employer welfare arrangements (MEWAs).
An important component of our employee benefits practice is our ability to assist clients in fulfilling their responsibilities related to the investment of plan assets. We can assist plan sponsors in developing investment policies, reviewing and negotiating investment management agreements and direct investment opportunities such as private equity funds, and reviewing the documentation for complex financial transactions such as derivatives strategies. We also work with various financial institutions to design products and services for their benefit plan clients.
Securities Act
We have experience addressing the registration and reporting requirements under the Securities Act, the Securities Exchange Act, the Investment Company Act in connection with the sponsorship of employee benefit plans and executive compensation arrangements, including stock option arrangements. We have also advised plan sponsors and financial institutions on issues arising under the federal securities laws and the Commodity Exchange Act in connection with plan investment vehicles.
Our attorneys are frequent speakers at employee benefit conferences and have collectively authored a large volume of articles providing cutting edge approaches to employee benefit issues and in-depth analyses of developments and problems associated with compensation planning matters. We assist Tax Management, a subsidiary of the Bureau of National Affairs, Inc. (BNA) with the Compensation Planning Journal, a monthly publication for employee benefits professionals.
ERISA/Employee Benefits Representative Transactions
- Helped an acquisition target negotiate a new labor agreement that froze contributions to an ESOP and implemented a 401(k) plan instead.
- Represented various clients with regard to the new funding obligations imposed on multiemployer pension plans under the Pension Protection Act of 2006.
- Prepared summary plan descriptions for a newly negotiated welfare benefit program that included a cafeteria plan.
- Successfully restructured employer-related costs by negotiating the termination or freezing of retiree medical benefits and defined benefit pension plans, wage rates and job consolidations in manufacturing, health care, chemical, mining, public utility and automotive parts supply industries.
- Negotiated and prepared an agreement among a seller, two subsequent buyers and a union, to spin off a portion of the original seller's pension plan.