Employee Benefits (ERISA) Law Attorneys

Understanding Employee Benefits (ERISA) Law

Employee Benefits (ERISA) Law governs the administration and regulation of employee benefit plans, including retirement plans (like 401(k)s and pensions), health and welfare benefit plans, and other types of benefit arrangements. The Employee Retirement Income Security Act of 1974 (ERISA) was enacted to protect employees by ensuring that their benefit plans are administered properly and that employers fulfill their obligations under the plan.

Dealing with ERISA can be complex, involving intricate rules regarding fiduciary responsibilities, reporting requirements, and potential claims disputes. Our attorneys specialize in helping employers and plan sponsors understand and comply with these regulations, mitigating risk, and protecting their interests.

Key Areas of ERISA Expertise

• Fiduciary Responsibility: Determining and fulfilling fiduciary duties, including managing investments, monitoring plan performance, and acting in the best interests of plan participants. This is a cornerstone of ERISA compliance.
• Plan Administration: Assisting with the ongoing administration of benefit plans, ensuring accurate recordkeeping, timely reporting, and adherence to all applicable regulations.
• Compliance Audits: Conducting comprehensive audits to identify potential ERISA violations and recommend corrective actions.
• Claims Disputes: Representing employers and plan sponsors in disputes with the Department of Labor (DOL), the IRS, or plan participants regarding benefit claims.
• Investment Management: Providing strategic guidance on investment selection and management, ensuring compliance with ERISA investment restrictions.
• Succession Planning: Assisting with the transition of fiduciary responsibilities in the event of a change in personnel.

Potential Risks Associated with ERISA Non-Compliance: Failure to comply with ERISA can result in significant penalties, including civil and criminal fines, as well as potential litigation from plan participants. These penalties can be substantial and can severely impact an organization’s financial stability. We help you proactively avoid these risks.

Our Approach: The legal team at our firm takes a proactive approach to ERISA compliance, staying abreast of evolving regulations and providing practical guidance to help our clients minimize their risk exposure. We work closely with employers and plan sponsors to develop customized compliance strategies tailored to their specific needs and circumstances. We focus on building long-term relationships based on trust and expertise.

Contact Us: If you have questions about your employee benefit plans or need assistance with ERISA compliance, please contact us to schedule a consultation.