Attorneys at GluckWalrath have many years of experience in assisting businesses with establishing and maintaining employee benefit programs that are economical, progressive and sensitive to the needs of their employees. Although 401(k) plans are the most commonly utilized type of retirement plan, many companies prefer additional options of retirement and compensation based benefits. 

For example:

If a company wants a current tax deduction without taxing its employees, the Firm may design and draft “qualified” pension and profit sharing plans.

In the case of governmental entities and charitable organizations, tax deductions do not matter in which case, GluckWalrath might explore other types of plans that may provide improved residuals, such as 457 plans and 403(b) plans.

New rules and regulations are constantly being adopted by Congress, the IRS and the Department of Labor regarding such plans. It is, therefore, essential for businesses to have legal representation to advise them regarding required changes and proper administration. In many cases, it becomes necessary to terminate or merge a plan and legal direction must be provided to ensure compliance with the complex rules of the IRS and PBGC. 

Whenever a business is sold or purchased, many issues arise with respect to the business’ benefit programs, both for the seller and the prospective buyer. GluckWalrath reviews the selling company’s retirement, compensation and welfare benefits plan to determine if they meet necessary goals and mesh with the benefit plans of the buyer. The complexity of current rules and regulations requires due diligence be conducted to confirm compliance with applicable laws. The Firm counsels clients contributing to union pension plans about withdrawal liability during normal operations, sales and purchases. 

With respect to ERISA litigation, GluckWalrath represents plan sponsors and participants in disputes with participants over benefit entitlement as well as businesses that have been assessed withdrawal liability.

Retirement benefits are just one aspect of the packages often provided by employers. Health care, dental care, and life insurance are equally costly and complex. The Firm assists clients design appropriate welfare benefit plans, including medical, dental and life insurance. With the high cost of all benefits, employees are often asked to make prorated contributions. Cafeteria plans (flexible spending plans) can be used to alleviate the burden of these expenses, in addition to costs associated with deductibles and other non-covered items.