Services | BakerHostetler

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.

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.