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Paul B. Holmes



Paul is a senior partner in the firm’s Employee Benefits & Executive Compensation Group, which represents firm clients in a wide variety of employee benefit plan matters and ERISA litigation. Paul serves as employee benefits counsel to large and mid-sized companies across many industries, including financial services, food/beverage, healthcare, higher education, information technology, media and law. Paul has extensive and unique experience in PBM contracting, PBM compliance audits and PBM litigation.

What do you focus on?

I have extensive experience with the design and administration of prescription drug benefit plans for large employers, Taft-Hartley welfare trusts and governmental plans. This includes oversight of the PBM RFP process, negotiation and drafting of pricing, rebate, audit and other provisions of PBM agreements, and the pursuit of pricing, contract compliance and other audits of PBMs on behalf of plan sponsors. I work with our litigators by providing deep subject matter knowledge in PBM and various ERISA litigation matters, including class actions, breach of fiduciary duty lawsuits, and litigation involving plan consultants. I provide comprehensive fiduciary training for plan administration and plan investment committees. I review and negotiate recordkeeper, investment advisor, benefit consultant and other plan vendor contracts to clarify vendor service obligations, protect plan fiduciaries, and help control plan costs.

Representative Experience

  • Advising large employers, Taft-Hartley welfare trusts and governmental plans on the design and administration of their prescription drug benefit plans, including oversight of RFPs for PBM services, negotiation of PBM pricing and rebates, drafting of PBM Agreements and review of PBM formularies, clinical programs and operational practices.
  • Advising large employer, Taft-Hartley welfare trusts and governmental plans with respect to retrospective PBM pricing and contract compliance audits, fraud, waste and abuse concerns and other recoveries from PBMs.
  • Working with Nixon Peabody ERISA litigators to provide subject matter knowledge in ERISA class actions, breach of fiduciary duty lawsuits and litigation involving plan consultants and PBMs.
  • Advising corporate clients and their principals regarding the establishment of plan administration and investment committees; preparation and update of plan committee charters, board oversight and monitoring.
  • Advising Plan Committees on their fiduciary responsibilities under ERISA for plan administration and investments, including the prudent selection and monitoring of plan vendors, the delegation of responsibilities to investment managers, investment advisors, recordkeepers and participants, the proper documentation of all such arrangements and fiduciary insurance coverage.
  • Advising trade associations with the structuring and administering of multiple employer 401(k) plans (MEPs), to take advantage of economies of scale and centralized fiduciary oversight.

Accreditations

  • Certified Public Accountant

Presentations

  • Speaker, “Recent Case Studies in Fiduciary Failures,” Morgan Stanley, September 2015
  • Speaker, “Fiduciary Training and Responsibilities for Retirement Plan Committees,” Sikich, September 2015
  • Speaker, “2014 Fiduciary Workshop,” Sikich, April 2014
  • Speaker, “Plan Sponsor and Plan Committee Concerns for 2013,” Wolf &. Co, Inc., February 2013
  • Speaker, “Expanded Fiduciary Obligations Under New DOL Fee Disclosure Regulations,” McGladrey May 2012
  • Speaker, “Fiduciary To-Do List for 2011,” McGladrey May 2011
  • Speaker, “Update of Fiduciary Responsibilities for Plan Committees,” RSM McGladrey, May 2010
  • Speaker, “Fiduciary Responsibilities of Plan Committees,” McGladrey & Pullen, May 2009
  • Speaker, “Code Section 403(b) Retirement Plans: The New Regulatory Regime,” Smith Barney, Rosemont, IL, October 2008
  • Speaker, “Fiduciary Responsibilities of Plan Sponsors,” UBS, Chicago, IL, August 2008
  • Speaker, “Code Section 403(b) Retirement Plans: The New Regulatory Regime,” UBS, Chicago, IL, July 2008
  • Speaker, “Fiduciary Responsibilities of Plan Sponsors,” UBS, Chicago, IL, May 2008
  • Speaker, “Code Section 403(b) Retirement Plans: The New Regulatory Regime,” April 2008
  • Speaker, “An Advisor’s Guide to Nonqualified Plans”, Principal Financial: Annual Summit for Top Advisors,” Scottsdale, AZ, April 2007
  • Speaker, “Fiduciary Responsibilities of Plan Sponsors,” RBC Dain Rauscher, Beverly Hills, CA, June 2006

Contact

Paul B. Holmes

Partner

Chicago

Phone: 312-977-4488


Fax: 844-571-6773

University of Illinois College of Law, J.D.

Bradley University, B.S., magna cum laude

Illinois

U.S. District Court, Northern District of Illinois

U.S. Tax Court

  • A/V Rated, Martindale-Hubbell, 2008-2016
  • 2003-2016 Illinois Leading Lawyers Network—Employee Benefits/ERISA/Executive Compensation
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