Retirement Plans

Overview

With an estimated $40 trillion invested in U.S. tax-qualified retirement plans, employers and businesses face critical decisions daily regarding the development, design and oversight of these plans. Our team works with plan sponsors, administrators and fiduciaries to ensure compliance, troubleshoot potential problems and assist in taking corrective actions when necessary.

We advise businesses of various sizes in a broad range of industries with complex plans and challenging issues. We provide practical, responsive advice regarding defined benefit pension, 401(k), 403(b), 457, cash balance and hybrid plans.

We have extensive experience in assisting employers with the unique structures and objectives associated with ESOPs, multiemployer plans and multiple employer plans as well as not-for-profit and governmental employer retirement plans.

We guide fiduciaries regarding the negotiation and monitoring of fees and expenses to minimize the likelihood of litigation over these issues. We monitor statutory and regulatory changes that impact benefit plans and prepare plan amendments to conform plans to those changes.

Our team assists clients with corrective actions for plan operational errors and can shepherd those plans through governmental filings, including the IRS Employee Plans Compliance Resolution System (EPCRS) (including the Voluntary Correction Program), as well as the DOL’s Delinquent Filer Voluntary Compliance (DFVC) Program and the Voluntary Fiduciary Correction (VFC) Program. We also assist clients with securities law compliance related to retirement plans either independently or in conjunction with attorneys from the firm’s Securities team.

As cybersecurity issues grow more critical every day, we also offer proven strategies that help protect businesses and plans from breaches and the repercussions of cyber incidents.

Select Experience

  • Worked closely with a large publicly traded client that has a complex and multiple retirement plan structure in order to consolidate and unify the retirement structure between the parent company and its subsidiaries. Completed the comprehensive restatement of a single 401(k) plan, which consisted of merging three 401(k) plans into one. Further unified the pension plan structure by preparing uniform plan restatements and merging six pension plans into four plans. Streamlined documents and administrative processes, and assisted the employer on a day-to-day basis to eliminate the risk of future administrative compliance issues.
  • Counseled clients regarding withdrawal liability matters involving multiemployer pension plans, and have represented and counseled employers on withdrawing from such plans as well as on arbitrating or litigating over withdrawal liability issues.
More »

Experience

  • Worked closely with a large publicly traded client that has a complex and multiple retirement plan structure in order to consolidate and unify the retirement structure between the parent company and its subsidiaries. Completed the comprehensive restatement of a single 401(k) plan, which consisted of merging three 401(k) plans into one. Further unified the pension plan structure by preparing uniform plan restatements and merging six pension plans into four plans. Streamlined documents and administrative processes, and assisted the employer on a day-to-day basis to eliminate the risk of future administrative compliance issues.
  • Counseled clients regarding withdrawal liability matters involving multiemployer pension plans, and have represented and counseled employers on withdrawing from such plans as well as on arbitrating or litigating over withdrawal liability issues.
  • Represented a 401(k) plan sponsor in a protracted, contentious DOL Employee Benefits Security Administration investigation and IRS audit that alleged fiduciary breaches and prohibited transactions.
  • Led the BakerHostetler team in assisting an automotive industry client with a de-risking approach for traditional pension benefits involving the spinning off of liabilities and assets of active employees to a new plan, which would then be terminated in order to offer employees lump-sum cash-out payments for their pension benefits. Advised the company on the structure, the employee communications and other legal requirements, and prepared the plan and corporate documents to accomplish the proposed strategy.

Recognition

  • Chambers USA: Employee Benefits & Executive Compensation – Ohio (2007 to 2021)
  • The Legal 500 United States:
    • Labor and employment – Employee Benefits and Executive Compensation & Retirement Plans: Design (2016 to 2021)
    • Labor and employment – Employee Benefits and Executive Compensation & Retirement Plans: Transactional (2016 to 2020)
  • U.S. News – Best Lawyers “Best Law Firms”
    • Employee Benefits (ERISA) Law: National (2012 to 2020); Cleveland (2011 to 2020); Columbus (2018 to 2020); Orlando (2012 to 2020);
    • Litigation – ERISA: National (2012 to 2020); Cleveland (2012 to 2020);
  • Recognized as one of the top law firms for client service, BakerHostetler was named to the 2020 BTI Client Service 30 for the sixth consecutive year.

Key Contacts