Providing an attractive retirement package can be a valuable tool for attracting and retaining employees. However, the Department of Labor and the Internal Revenue Service are constantly changing the requirements for, and administration of, these employer-sponsored plans. Noncompliance can lead to extensive correction procedures, plan disqualification, loss of tax benefits, and even potential civil and criminal penalties. Nixon Peabody’s Employee Benefits team has decades of experience counseling and advising employers on the tax and ERISA compliance issues faced by plan sponsors concerning their qualified defined contribution plans (including 401(k) or profit sharing and money purchase plans) and defined benefit retirement plans.
The team also routinely reviews qualified domestic relations orders (QDROs), and can prepare form QDROs for clients to provide to employees involved in divorces. To mitigate compliance liability risks, the team can assist with self-audits of a plan’s operations and documentation.
Partner
Phone: 617-345-1337
Partner
Phone: 585-263-1395
Partner
Phone: 585-263-1147
Partner
Phone: 585-263-1012
