Retirement Plans

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.

Retirement plans services

• Designing, preparing, and implementing tax-qualified retirement plans
• Obtaining IRS approval for retirement plans
• Updating and maintaining retirement plans to comply with changes in the Internal Revenue Code, ERISA, and IRS and DOL regulations
• Advising clients on compliance and reporting matters for retirement plans
• Advising on IRS or DOL-approved correction procedures for addressing qualified plan operational or documentation problems

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.