In the News
To read a recent State Journal article about the Bowles Rice Benefits Team, click here.
The Benefits Brief
To see the most recent issue of our quarterly e-newsletter, The Benefits Brief, click here.
Qualified Retirement Plans
We provide a wide array of services in the employee benefits and executive compensation areas. These include drafting individually designed, qualified defined contribution and defined benefit plans; amending them as changes in the law require; and preparing the extensive supplemental and supportive documentation necessary to obtain favorable determination letters from the Internal Revenue Service. We assist our clients in working their way through complex qualification requirements and plan design options. Once qualified and in place, the majority of legal services revolve around advice to clients relative to day-to-day operational issues requiring interpretation and application of the law in such categories as discrimination testing, contributions, deductions, vesting, eligibility and the timing and taxation of benefit distributions. Practice in the qualified plan retirement area also includes legal services rendered in connection with plan terminations before the Internal Revenue Service and the Department of Labor’s Pension Benefit Guaranty Corporation, the correction of plan errors under the Internal Revenue Service and U.S. Department of Labor’s voluntary compliance programs and advice regarding fiduciary duty issues that arise in the context of establishing, maintaining and terminating qualified retirement plans. Our benefits team also regularly advises employers regarding qualified retirement plan matters involved in mergers, acquisitions and business sales.
Executive Compensation and Non-Qualified Deferred Compensation Arrangements
Equally as challenging, but perhaps less publicized, are the services we perform in the non-qualified retirement plan and related executive compensation areas. Representative of these services are the preparation of non-qualified deferred compensation arrangements, the so-called “rabbi” trusts, incentive stock option plans and non-incentive stock option plans. This particular area of the law addresses the client’s need to attract and retain highly compensated employees by providing an assortment of benefits to exclusive groups of employees. These benefits also provide an incentive to top-level management to increase the net worth of the business. Recent amendments to the federal tax code impose significant penalties for non-compliance with restrictions on non-qualified deferred compensation arrangements, making this practice area of special significance to employers and their key employees.
Health Plans, Cafeteria Plans and Other Fringe Benefits
Our employee benefits team also counsels employers, third party administrators and insurance companies regarding federal and state law requirements affecting health care arrangements, cafeteria plans, flex plans, health savings and reimbursement accounts and other fringe benefits. This area of the law has become increasingly complex with the numerous requirements now imposed by COBRA, FMLA, HIPAA and other federal and state laws. Our services include drafting and amending required plan documents, employee disclosures and summary plan descriptions, interpreting provisions regarding benefits eligibility, coverage and other similar situations and advising employers and claims administrators regarding compliance with federal and state laws affecting these benefit arrangements.
Our Qualifications
Our attorneys have a wide variety of training and experience and a strong commitment to continuing education. Our benefits team places a strong emphasis on staying abreast of recent tax developments and planning opportunities. We have an extensive tax library, regularly participate in and attend employee benefits and executive compensation seminars and institutes, and make extensive use of the leading computer tax databases to obtain the most current information regarding tax authorities and development. Our attorneys regularly team with other professionals to provide clients with the most complete and effective tax planning possible.
