Employee Benefit Plans
Representing Employee Benefit Plans and Their Trustees in ERISA, DOL and IRS Compliance Matters
SWB represents retirement plans, health and welfare plans, and their Trustees in various compliance areas including the Employee Retirement Income Security Act (“ERISA”), the plan tax-qualification requirements of the Internal Revenue Code, the Patient Protection and Affordable Care Act (“PPACA”), the Health Insurance Portability and Accountability Act (“HIPAA”), and other laws and regulations applicable to employee benefit plans. SWB regularly provides advice to plans and their Trustees on fiduciary issues, including prohibited transactions and conflicts of interest, as well as plan design and drafting, reporting and disclosure requirements, plan investments, plan service provider contracts, and day-to-day administrative matters.
DOL and IRS Audits and Investigations
SWB regularly assists plans and their administrators and Trustees in responding to subpoenas or information requests from the DOL’s Employee Benefits Security Administration (“EBSA”) division and/or the IRS. Our representation of employee benefit plans and their Trustees in connection with such audits or investigations includes, but is not limited to, assisting with drafting responses to EBSA or IRS subpoenas or information requests, attending interviews of administrators and/or Trustees, responding to any concerns or compliance issues identified by EBSA or the IRS throughout the audit or investigation, and, if necessary, preparing any required plan amendments or other corrective actions. When necessary, we also assist in negotiating compliance findings resulting from a DOL or IRS audit; however, throughout a DOL or IRS audit, we provide advice to plan administrators and Trustees regarding best practices to help avoid compliance findings.
Litigation
SWB has extensive experience in defending employee benefit plans and their Trustees in ERISA claims litigation whether relating to claims for benefits, breach of fiduciary duty, or any other ERISA related claims.
We have successfully represented Trustees in complex ERISA litigation in federal courts in Pennsylvania and New Jersey. We recently won summary judgment in federal court in New Jersey on behalf of Trustees in litigation brought by an out-of-network provider against an employee welfare plan regarding balance-billing. We also routinely counsel Trustees on the ERISA aspects of securities litigation, insurance subrogation claims, and bankruptcy actions.
Voluntary Fiduciary Correction Program & Voluntary Correction Program Applications
We also routinely advise plans in identifying and correcting compliance failures, such as assisting plan administrators and Trustees in preparing and filing Voluntary Fiduciary Correction Program (VFCP) applications with the DOL, or Voluntary Correction Program (“VCP”) applications with the Internal Revenue Service (“IRS”) as part of the Employee Plans Compliance Resolution System (“EPCRS”).
IRS Section 409A Compliance
For employers in Pennsylvania and New Jersey that maintain executive employment agreements, severance plans, ERISA top-hat plans, non-qualified deferred compensation plans or other arrangements that may be subject to Internal Revenue Code Section 409A or 457(f), we provide general and ongoing compliance advice with respect to those Code Sections and regulations issued thereunder.