Our Employee Benefits Practice provides advice and legal services to private sector, government, and tax-exempt or not-for-profit clients on issues relating to their employee pension plans, welfare plans, executive compensation arrangements and fringe benefits.
Generally, legal issues arise in connection with compliance with the Employee Retirement Income Security Act of 1974 ("ERISA"), various requirements in the Internal Revenue Code for tax qualification of pension plans or for tax preferred treatment of executive benefit programs, welfare plans and fringe benefit arrangements and under state laws and regulations. The lawyers in our Employee Benefits practice have a wide range of experience in all aspects of design and operation of employee benefit plans. We maintain relationships with representatives of governmental agencies charged with oversight and enforcement of the rules governing these plans.
Our services include the following:
Plan design
Plan document drafting for retirement programs, including 401(k) plans, health and welfare plans, and executive compensation arrangements
Review of agreements with third party administrators
Assistance with participation in government agency correction programs
Establishing trusts for funding benefit plans, including other post employment benefits (“OPEBs”)
COBRA compliance
Preparation and review of qualified domestic relations orders
Analysis of potential prohibited transaction issues involving retirement and welfare benefit plan assets
Advice to parties in mergers, acquisitions, and other business combination transactions regarding employee benefit plan issues
Representation of retirement plan sponsors in connection with Internal Revenue Service and Department of Labor audits
Preparation or review of employee communications and educational materials
Fiduciary responsibility training for benefit plan fiduciaries
Maryland’s mandated retirement plan is up and running. Virginia’s and Delaware’s plans are not far behind.
The State of Maryland now requires all private employers, with few exceptions, to provide a retirement savings vehicle for employees. The MarylandSaves program is now active and employers that have at least one W-2 employee can expect to receive notices alerting them to sign up or obtain an exemption.
Delaware is expected to roll out its mandated retirement program in 2025 and Virginia is expected to do so in 2023.
Retirement plan sponsors that allow participant direction of investment (most 401(k) plans) have a fiduciary duty to select and monitor the investments in the plan’s line up solely in the interest of participants and beneficiaries.
If your association or organization sponsors one or more retirement plans, you should be on the lookout for outreach from your recordkeepers or plan document providers. Please note that many times the outreach comes through the providers’ employer portal with a corresponding email to the contact of record. You should verify that the designated contact person is correct. Failure to adopt the amendments described below in a timely manner may result in assessment of penalties by the Internal Revenue Service or disqualification of the retirement plans.
The IRS frowns on arrangements that allow someone to "game the system" and shift income back and forth across tax years. If a severance payment isn't due until after the departing employee signs a Waiver and Release, then the employee can theoretically hold off signing long enough to move the income into the following tax year. Employers need to amend their plans by the end of this year to prevent this.
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009, referred to in the press as the "Economic Stimulus Act." One provision in this Act that has received relatively little publicity is a subsidy for former employees and their dependents who elected, or were offered the opportunity to elect, to continue health insurance coverage following termination of employment.
On October 22, 2004, President Bush signed into law the American Jobs Creation Act of 2004. This legislation adds new Section 409A to the Internal Revenue Code. Section 409A will require most employers to amend their non qualified deferred compensation plans (“NQDCPs”) and to operate the plans under new rules imposed by Section 409A.
Each year the Maryland Legislature enacts a number of laws which impact in various degrees on the personal and business lives of people living in or doing business in the State of Maryland. The General Assembly adjourned on April 8, 2002, and the Session actively concluded when the Governor enacted legislation into State law during four separate signing ceremonies on April 9, April 25, May 6 and May 16.
Whiteford is pleased to announce that “Best Law Firms” has awarded the firm exemplary rankings for 2025. Twenty-two of the firm’s practices are ranked at the national level, and the firm’s Bankruptcy, Construction and Labor & Employment litigation practices have been recognized with national Tier 1 rankings.
Whiteford is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2024 list of leading firms and business lawyers.
87 lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2024 (copyright 2023 by Woodward/White, Inc., of Aiken S.C.). New practice areas of recognition include CleanTech Law and Entertainment and Sports Law. The lawyers selected are based in the firm’s Delaware, Maryland, Pennsylvania, Virginia and Washington offices. Client comments are posted on the Best Lawyers website, at bestlawfirms.com.
Whiteford is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2023 list of leading firms and business lawyers.
73 lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2023 (copyright 2022 by Woodward/White, Inc., of Aiken S.C.). The lawyers selected are based in the firm’s Delaware, Maryland, Pennsylvania, Virginia and Washington, D.C. offices. Client comments are posted on the U.S. News & Best Lawyers web site, at bestlawfirms.com.
Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2022 list of leading firms and business lawyers. This year’s recognition includes 29 attorneys in 14 practice areas at the National and State level.
Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2021 list of leading firms and business lawyers. This year’s recognition includes 25 attorneys in 11 practice areas in 3 states and the District of Columbia.
Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2020 list of leading firms and business lawyers. This year’s recognition includes 23 attorneys in 10 practice areas in 3 states and the District of Columbia.
Whiteford, Taylor and Preston is pleased to announce that U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded the firm exemplary rankings for 2020. Twenty of the firm’s practices are ranked at the national level, including two bankruptcy practices with national Tier 1 rankings. At the state level, an additional forty-two practices have been ranked in Maryland, Washington, D.C., and VA.
Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2019 list of leading firms and business lawyers.
Whiteford, Taylor & Preston is pleased to announce that U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded the firm exemplary rankings for 2019. Eighteen of the firm’s practices are ranked at the national level, including two practices with national Tier 1 rankings: Litigation and Bankruptcy. At the state level, an additional forty-six practices have been ranked in Maryland, Washington, D.C., and VA.
Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2018 list of leading firms and business lawyers. This year’s recognition includes 29 attorneys in a record 12 practice areas in 4 states, the District of Columbia and Afghanistan.
Baltimore – Whiteford, Taylor & Preston is pleased to announce that U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded the firm exemplary rankings for 2018. Nineteen of the firm’s practices are ranked at the national level, including three practices with national Tier 1 rankings: Litigation, Bankruptcy and Real Estate. At the state level, an additional fifty practices have been ranked in Maryland, Washington, D.C., and VA.
Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2017 list of leading firms and business lawyers. This year’s recognition includes a record 29 attorneys in 4 states, the District of Columbia and Afghanistan.
Whiteford, Taylor & Preston is pleased to announce that 41 of its attorneys are listed among the 2017 Super Lawyers and Rising Stars in Maryland and Kentucky joining the sixteen who were listed earlier this year in Delaware, D.C., Pennsylvania and Virginia.
The 2017 edition of U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded Whiteford, Taylor & Preston LLP exemplary ratings in its seventh annual rankings of law firms.
Twenty of the firm’s practices were ranked at the national level, as well as thirty-seven in Maryland, ten in Washington, D.C., and two in Roanoke, VA.
Whiteford, Taylor & Preston is pleased to announce that, in addition to ranking the firm highly in its 2016 list of Maryland’s leading firms and business lawyers, Chambers and Partners have added new Whiteford lawyers in Maryland and Delaware.
The practice group rankings are based on the high rankings of 21 individual lawyers.
Fifty-nine lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2016 (copyright 2015 by Woodward/White, Inc., of Aiken S.C.). The lawyers selected are based in the firm’s Maryland, Washington and Virginia offices.
Whiteford, Taylor & Preston is pleased to announce that the 2015 edition of Chambers USA recognizes 17 of its lawyers as leaders in their fields and, in addition, has ranked six of Whiteford’s practice areas.
Whiteford Taylor & Preston LLP is very gratified to announce that the firm has once again received exemplary ratings in the fifth annual U.S. News & World Report rankings of law firms.
Whiteford Taylor & Preston LLP is very gratified to announce that the firm has received exemplary ratings in the second annual U.S. News & World Report rankings of law firms. In Maryland, WTP was rated highly in 34 practice areas, more than any other firm in the state.
