2019 is the year of “tidying up” thanks to the popular Netflix show.   Start the year off by reevaluating your employee benefit plans to determine whether they continue to meet the changing needs of your workforce while complying with changing regulatory requirements.   Here is our top-ten list of changes to consider in 2019 (in no particular order):

  • Update your qualified plan’s 402(f) Notice to include recent changes extending the rollover deadline for loan offsets.
  • Update your hardship withdrawal procedures to comply with recent IRS proposed regulations.
  • Update your plan document to allow forfeitures to fund QNECs, QMACs, or safe harbor matching, thereby, saving your company money.
  • Update your investment policy if you invest in socially responsible investments to capture recent DOL guidance so that the company’s effort to be socially responsible does not result in a breach of fiduciary duty.
  • As a recruiting tool, consider updating your incentive plans to include a deferred compensation option that pays out on significant life events before retirement.
  • Update your deferred compensation arrangements to ensure that there is no question that the agreements comply with Section 409A.
  • Update your disability benefits claims procedure to ensure that it complies with DOL regulations that took effect in 2018.
  • Review your Wellness Programs to ensure compliance with HIPAA, ADA and other laws (particularly with respect to financial incentives).
  • Update your missing participant procedures.
  • Update your fiduciary committee charters and best practices to ensure that they are still really “best practices”.

We look forward to working with you in 2019 and wish you a happy new year.  If you need assistance with any employee benefits matter, including any of the above changes, please contact any member of our Employee Benefits and Executive Compensation group.

McNees Wallace & Nurick LLC is pleased to announce the expansion of its Employee Benefits and Executive Compensation Practice Group with the recent addition of attorney Renee Lieux and specialist Kimberly Weibley.

Renee has focused her practice on executive compensation and employee benefits for nearly 20 years.  She assists both private and publicly traded companies in the formation of executive compensation programs and the negotiation of executive employment agreements.  She designs and assists in the implementation of non-qualified deferred compensation plans, equity compensation plans, and cafeteria plans.   Clients also seek her assistance with the administration, compliance, and termination of defined contribution plans, defined benefit plans, profit sharing plans, 401(k) plans, and employee stock purchase plans.  In addition, Renee advises clients on employee benefits issues arising out of mergers and acquisitions.  Renee has experience counseling clients on ERISA and Section 409A and advising compensation committees of publicly traded companies.

As an Employee Benefits Specialist, Kim assists clients with the design and administration of tax-qualified retirement plans, welfare benefit plans and non-qualified retirement plans. She aids clients with legal compliance issues through the preparation of plan documents, IRS determination letter applications and applications relating to IRS and DOL compliance programs.  Kim has experience in qualified plan design and preparation of plan amendments, SPDs and SMMs.  She also assists clients in the design and drafting of administrative procedures and forms, especially those relating to 401(k) plans, COBRA, QDROs and flexible benefit programs.  Kim has over 15 years of experience working as a benefits professional in private industry and is particularly adept at identifying practical solutions to complex problems.

The McNees Employee Benefits and Executive Compensation Practice Group offers a range of services and leading-edge techniques, with a personalized approach.  Our knowledgeable interdisciplinary group — which includes professionals skilled in tax, labor, general business and litigation — ensures creative, thorough, vigorous and affordable representation.