The uneven recovery of the economy has presented particular challenges for employers as they try to find ways to reduce labor costs and increase operational efficiencies. Plant closings, layoffs, and reductions in force have become a necessity for some companies in recent years. Employers are also offering their workers early retirement packages in order to reduce costs and expenses. Even employers who have steady or expanding workforces are implementing programs that will enable them to anticipate and address future needed adjustments to their workforce.
Nixon Peabody’s Employee Benefits team has extensive experience designing, drafting, and implementing programs and plans for providing post-termination or retiree benefits, including severance, early retirement incentive, and similar plans. We counsel employers on the advisability and form of claims release to ensure that the claims releases are compliant with various state and federal laws, including Older Workers Benefit Protection Act (OWBPA), the Age Discrimination in Employment Act (ADEA), and Section 409A of the Internal Revenue Code. We also work with accountants and communications consultants concerning the impact of such plans on the employer and employees.
Law360 | June 20, 2019
Boston Corporate partner Tom McCord is quoted in this article discussing the stretch IRA, a popular retirement planning technique that was eliminated in a bill recently passed by the House of Representatives.
Team Leader, Employee Benefits & Executive Compensation