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ESOP Fiduciaries Liable for Overvalued Stock

Posted by Paul D. Woodard | Oct 17, 2017 | 0 Comments

In general, Employee stock ownership plans (ESOPs) can be a benefit to owners, employees, and the company overall. ESOPs provide a unique way for employees to gain an ownership interest in their company and set aside retirement savings. However, ESOPs can also present some problems and complicati...

Department of Labor ESOP Fiduciary Investigations

Posted by Corey F. Schechter | Oct 10, 2017 | 0 Comments

Department of Labor (DOL) investigations into fiduciary breaches in ESOPs can result in significant civil liability, penalties, and even possible criminal charges. The majority of these investigations are triggered by civil lawsuits, whistleblowers, or participant complaints, but a small handful ...

Lawsuits Targeting 403(b) Plan Fiduciaries

Posted by Paul D. Woodard | Sep 29, 2017 | 0 Comments

A 403(b) plan derives its name from the Internal Revenue Code (IRC) Section 403. 403(b) plans are generally only available for certain employees of public schools, employees of cooperative hospital service organizations, employees of 501(c)(3) organizations, and certain ministers. A 403(b) retire...

Risks of Non-ERISA 403(b) Plans

Posted by Paul D. Woodard | Aug 29, 2017 | 0 Comments

A 403(b) plan is named after the Internal Revenue Code (IRC) Section 403, which details the plan. Essentially, a 403(b) plan is a retirement plan that allows employees to make contributions on a pre-tax basis, similar to a 401(k) plan. 403(b) plans sponsored by governmental and public education e...

Executive Benefit Plans to Attract Top Talent

Posted by Corey F. Schechter | Aug 28, 2017 | 0 Comments

Many companies offer retirement benefit plans to their employees. However, standardized retirement benefit plans may not have the same appeal to executives as they would to regular employees. Executives are increasingly offered targeted retirement benefits that benefit both the company and the ex...

When Facing ERISA Litigation

Posted by Corey F. Schechter | Aug 25, 2017 | 0 Comments

Dealing with complex federal regulations, like ERISA, is anything but simple. However, there are some important things for plan administrators, employers, and Plan Participants to know about when facing the possibility of ERISA litigation. When the potential for litigation over an ERISA plan aris...

ERISA Mediation Strategies

Posted by Marc S. Schechter | Aug 23, 2017 | 0 Comments

Mediating ERISA disputes has unique challenges compared to mediating other types of civil claims. Some attorneys representing the employer use mediation as a way to flex their litigation muscle, coming down hard on the employee. However, mediation should be used as a way to resolve a complaint be...

5 Common Mistakes of Plan Sponsors

Posted by Paul D. Woodard | Aug 10, 2017 | 0 Comments

Failure to Maintain Plan Documentation It is important for plan sponsors to have a general understanding of their fiduciary responsibilities to plan participants. These include making sure to avoid conflicts of interest, diversifying investments, and acting in the best interests of plan particip...

ESOP Pitfalls and How to Avoid Them

Posted by Corey F. Schechter | Aug 04, 2017 | 0 Comments

There are a number of benefits associated with employee stock ownership plans (ESOPs) for companies. In general, an ESOP can be a benefit to owners, employees, and the company overall. However, ESOPs can present some problems and complications. Understanding the potential pitfalls of an ESOP can ...

ESOP Fiduciary Duties After Dudenhoeffer

Posted by Corey F. Schechter | Aug 02, 2017 | 0 Comments

The Supreme Court has offered some guidance and clarification on the fiduciary standards for Employee Stock Ownership Plans (ESOPs). After the 2014 Dudenhoeffer decision, ESOP fiduciaries lost their presumption of prudence that protected most ESOP fiduciary decisions. However, the Court also rais...

Remember the Exceptions to the RMD Rules

Posted by Paul D. Woodard | Jul 31, 2017 | 0 Comments

Many common retirement savings plans are subject to required minimum distributions (RMDs). This includes traditional IRAs, SEP and SIMPLE IRAs, as well as 401(k)s, 403(b)s, and other defined contribution plans. Once youve reached the mandatory age for taking withdrawals from your IRA or retireme...

Is a 457 Plan Right For You?

Posted by Paul D. Woodard | Jul 19, 2017 | 0 Comments

There are a number of retirement plans offered by employers, including pension, profit sharing, and 401(k) plans. While many companies offer 401(k) or 403(b) retirement plans, the lesser known 457 plans provide an alternative retirement plan option for many governmental and non-profit employees. ...

Why Choose an ESOP For Your Construction Company?

Posted by Corey F. Schechter | Jul 14, 2017 | 0 Comments

Earlier this month, we wrote about ESOPs as a succession planning tool for construction company owners. However, there are a number of other reasons why construction and manufacturing companies are turning to ESOPs beyond succession planning. An Employee Stock Ownership Plan (ESOP) is a qualifie...

Avoid Costly Penalties for Late Form 5500 Filing

Posted by Paul D. Woodard | Jul 13, 2017 | 0 Comments

In addition to the many other local, state, and federal filings, businesses with benefits plans may be required to file an annual Form 5500 to report their pension and welfare plans' financial condition, investments, and operations. Late filings, unfiled reports, and incomplete filings can expose...

Managing Frozen Pension Plans

Posted by Corey F. Schechter | Jul 12, 2017 | 0 Comments

A pension plan is a defined benefit or defined contribution retirement plan. Typically, contributions are made to an employee's pension plan over the course of their life with a company, with benefit to be paid out after the employee retires or reaches a certain age. However, if the company freez...

Is Your Company Too Small for an ESOP?

Posted by Corey F. Schechter | Jul 05, 2017 | 0 Comments

Employee Stock Ownership Plans (ESOPs) offer a number of advantages for business owners, employees, and the company overall. However, some small businesses may consider themselves too small to justify the costs of transitioning to an ESOP company. A direct sale to key employees may be a way for s...

Succession Planning for Your Construction Business

Posted by Paul D. Woodard | Jul 03, 2017 | 0 Comments

Succession planning for your business can seem like a complex and time-consuming process. For many business owners, including construction company owners, succession planning takes a back seat to the day-to-day business operations. However, it is important to plan for an exit strategy to ensure c...

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Retirement Plans

We help establish a customized plan that meets regulatory requirements as a tax qualified plan. Following implementation, our attorneys can assist clients and their plan administrator with regular reviews and updates to help with regulatory compliance for the plan's operation, and continued effectiveness in meeting the client's specific goals.

ESOPs

We are dedicated to employee ownership. When you come to us for ESOP services, you receive influential legal counsel who stand beside you to help you stay informed, in compliance, and abreast of the latest developments-all to help you realize your plan goals as fully and effectively as possible.

QDROs

A QDRO is a specially designed court order that is required for the division of retirement benefits in a family law case. Many family law attorneys do not possess the expertise necessary to divide retirement benefits or stock options upon divorce. We have extensive experience in dividing qualified plans, government plans, IRAs and stock options between the employee spouse and non-employee spouse.

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