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When Should I Begin Estate Planning?

Posted by Paul D. Woodard | Oct 12, 2016 | 0 Comments

When should you begin estate planning? It is really never too early to start planning for the future. Unfortunately, most people wait too long to start making those difficult decisions. Some people never get around to planning their estate until it is too late. As a result, loved ones may be grie...

Important Upcoming Form 5500 Filing Deadlines

Posted by Jennifer V. Gateb | Oct 11, 2016 | 0 Comments

The Form 5500 (Annual Return/Report of Employee Benefit Plan) series, including all required schedules and attachments, is used to report information regarding employee benefit plans and Direct Filing Entities (DFEs). Plan administrators or sponsors are required to file Form 5500 for retirement p...

Top 5 Rules to Know about Your 401(k) Plan

Posted by Jennifer V. Gateb | Oct 05, 2016 | 0 Comments

A 401(k) plan is an employer-sponsored retirement savings plan that allows employees to save or invest a part of their paycheck before taxes are taken out. Taxes on the money invested are not due and payable until the money is withdrawn from the employee's 401(k) plan account. The following are s...

New Voluntary Correction Program Fee Schedule

Posted by Paul D. Woodard | Oct 04, 2016 | 0 Comments

The Internal Revenue Service recently lowered the fees for employers to participate in the Voluntary Correction Program (VCP). The revised fee schedule for employee plan user fees are effective February 1, 2016. The new reduced VCP submission fees are as follows: Number of Participants ...

Plan Sponsors, Act Now – The Deadline to Submit the Updated Version of Your Pre-Approved Defined Contribution Plan Is Quickly Approaching

Posted by Corey F. Schechter | Apr 04, 2016 | 0 Comments

Plan sponsors of defined contribution plans utilizing either a volume submitter (VS) or Master & Prototype (M&P) plan (i.e., “pre-approved plans”) may be surprised to learn that a restated (or “updated”) version of their plan document must be adopted no later than April 30, 2016. See Inte...

New DOL Fiduciary Rules Make Advice By A Financial Advisor To A Participant To Take A Lump Sum From A Qualified Plan A Fiduciary Matter, Even If You Are Not The Plan’s Advisor

Posted by Robert K. Butterfield | May 26, 2015 | 0 Comments

To: Financial Advisors New DOL fiduciary rules make advice by a financial advisor to a participant to take a lump sum from a Qualified Plan a fiduciary matter, even if you are not the Plan's advisor. Thus—caveat emptor as: It is a fiduciary matter you can be sued over and disciplined by regu...

Beware of New Procedures & Guidelines

Posted by Corey F. Schechter | Feb 05, 2013 | 0 Comments

ERISA Practitioners, Employee Benefit Plan Sponsors and Administrators: Beware of New Procedures and Guidelines Issued By the IRS Regarding Its Voluntary Correction Program Which Serves to Ameliorate Non-Compliant Employee Benefit Plans of Their Tax-Qualification Errors Under ERISA and the Intern...

IRS Publishes Update to Its Annual Revenue Procedure Requesting Determination of Employee Benefit Plans Tax Qualification Status

Posted by Corey F. Schechter | Jan 09, 2013 | 0 Comments

Although not required, an employer has the option of seeking an advance determination as to the qualified status of its retirement plan by the Internal Revenue Service (“IRS”), rather than waiting for the IRS to review the plan in connection with an audit. This written advance determination is ca...

Conflicting Summary Plan Description Information

Posted by Paul D. Woodard | Sep 13, 2012 | 0 Comments

An issue may arise when the terms of the plan document conflict with the terms of the summary plan description (“SPD”). In Cigna Corp. v. Amara, the Supreme Court recently held that SPD language does not become part of the terms of a plan document. The Court made it clear that “summary documents,...

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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.


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.


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.

Butterfield Schechter LLP provides the information in this website as a service to its clients and visitors to the site. This website is for information purposes only and is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The information in this website is provided "as is," and while the information in this website is updated periodically, additional facts or future developments may affect subjects contained herein, and no guarantee is given that the information provided is correct, complete, or up-to-date. Seek the advice of professional counsel before acting or relying upon any article, form, or information in this web site. To ensure compliance with the requirements imposed by the United States Treasury and the Internal Revenue Service, we inform you that any federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of: (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another person any transaction or matter addressed herein. Butterfield Schechter LLP has endeavored to comply with all known legal and ethical requirements in compiling this website. In the event that this communication does not conform with any laws or regulations of any state or country in which it may be received, Butterfield Schechter LLP will not accept legal representation based on this communication from a person in such a state or country. Electronic mail is provided as a convenience in communicating with the attorneys at Butterfield Schechter LLP. Contact by e-mail does not alone create an attorney-client relationship. Please remember Internet e-mail is not secure and messages sent to the firm or any of its employees or attorneys should not contain sensitive or confidential information. Thank you for visiting our site.