Retirement Plan Legal Guidance
Employers have a number of retirement plan options available to employers, including 401(k) plans, profit sharing plans, 403(b) plans, 457 plans, cash balance plans and defined benefit (pension) plans. A tax qualified plan has advantages not only for the employee but for the employer as well. However, these plans are often subject to specific and stringent reporting and disclosure requirements set forth in the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code that necessitate consistent legal guidance and oversight.
While non-qualified deferred compensation plans may not be subject to many of the ERISA requirements, these increasingly popular retirement plan alternatives still fall under the umbrella of complex regulations imposed by Code Section 409A and other statutory and regulatory requirements. With respect to nonqualified deferred compensation plan design, implementation and administration, HBL provides knowledgeable legal guidance that is customized to meet the company and executives’ needs, within the context of the legal requirements applicable to such a plan.
HBL counsels companies to ensure that their retirement plans comply with expansive ERISA, Internal Revenue Code and other federal statutory requirements. HBL provides comprehensive legal guidance that helps companies navigate such complex legal obligations while achieving the best positions to defend against potential future claims. HBL provides a complete slate of retirement plan services and support including:
- Drafting a plan, implementation, maintenance, amendments and terminations
- Preparing remedial amendment cycle filings
- Drafting plan correction filings under the IRS Employee Plan Compliance Resolution System (EPCRS)
- Providing counsel with respect to retirement plan issues in mergers and acquisitions
- Providing counsel for fiduciary correction issues
- Assistance with Code Section 409A compliance for non-qualified deferred compensation plans (including supplemental executive retirement plans (SERPs), excess benefit plans, salary and bonus deferral arrangements, taxable expense reimbursement arrangements, change in control awards and retention agreements)
- Drafting of summary plan descriptions, modifications and other required participant disclosures
- Representation and assistance with DOL and IRS Audits, including mitigation or waiver of penalty assessments
- Assistance with church plan status and related issues