Employee Benefits

Expertise

The Satterlee Stephens Burke & Burke LLP employee benefits group advises the firm's clients concerning employee benefits and executive compensation matters. Our lawyers have been counseling employers regarding retirement plans and employee benefits since before the enactment of ERISA. We regularly provide such guidance to small employers as well as multinational companies with large workforces. We offer a personalized approach which considers each client's compensation and benefits objectives.

Our expertise ranges from designing and implementing retirement and benefit plans to advising clients about the implications of laws such as ERISA, COBRA, and the Family Medical Leave Act on their employment practices. We keep the firm's clients apprised of the frequent changes in the law and assist them in crafting comprehensive benefits structures designed to attract and retain employees. We are also actively involved in structuring the employee benefits aspects of transactions handled by the firm, including mergers and acquisitions, divestitures, and employee stock ownership plan financings.

Qualified Retirement Plans

In the area of qualified retirement plans, our attorneys have advised clients regarding defined contribution plans, including profit sharing, 401(k), and employee stock ownership plans (ESOPS), and a variety of defined benefit plans, including traditional defined benefits, cash balance, and other hybrid plans. Whether the client chooses to have us create a custom plan or selects a prototype plan, we can provide advice regarding the implementation of the plan and assist with obtaining a determination letter from the Internal Revenue Service. The firm also advises clients about matters such as:

fiduciary responsibility and prohibited transactions
testing plans for minimum participation and nondiscrimination
applying the separate line of business rules
responding to qualified domestic relations orders
distributing plan benefits
transferring qualified plan assets in corporate acquisitions

Members of the employee benefits group frequently provide consultation with respect to preparation of employee communications, including summary plan descriptions, and filing plan documents and reports with the Department of Labor and Internal Revenue Service.

Nonqualified Deferred Compensation

As Congress has increasingly limited the qualified plan benefits that may be provided to highly compensated employees, many employers have shown greater interest in providing nonqualified retirement benefits to their executives. The employee benefits group has assisted clients with structuring and implementing excess benefits plans, supplemental executive retirement plans, and other nonqualified deferred compensation plans. We also have advised clients considering "rabbi" trusts and other security mechanisms to assure the employees that their benefits will be paid.

Stock-Based Compensation

Many corporations provide a significant portion of their employees' compensation in the form of stock or other stock-based compensation, including stock options, stock appreciation rights, and phantom stock. Our attorneys have advised many public and private companies concerning the implementation of such plans, including issues arising under the securities and income tax laws.

Executive Compensation

Our employee benefits practice also assists companies and key executives in structuring individualized compensation packages that take into account the executive's preference for current or deferred compensation and concerns about providing for his or her family. We assist clients in drafting the executive employment agreements to address these concerns and advise employers about how to fully compensate their executives within the limitations on deductible compensation and golden parachute payments.

Welfare and Fringe Benefits

Our employee benefits group has advised clients on designing and administering a full range of welfare and fringe benefit programs including cafeteria plans, medical expense reimbursement, dependent care assistance, and adoption assistance plans.

Independent Contractor/Employee Determinations

The Internal Revenue Service and Department of Labor have been focusing greater attention on the treatment of workers as independent contractors or employees. The characterization of workers is often confusing. There are many factors that must be considered under the common law and under other statutory tests that apply for federal income tax purposes and state unemployment tax purposes. Misclassification of workers can affect the employer's employment and income tax liabilities and put their qualified retirement plans at risk. We have advised many employers regarding the proper categorization of their workers and have represented clients in controversies with the Internal Revenue Service and Department of Labor.

Contact Us

For further information on our employee benefits practice, we invite you to come in to our offices and meet with a practice group member. We welcome the opportunity to work with you.

New York Office:

230 Park Avenue
New York, New York 10169
Phone: (212) 818-9200
Fax: (212) 818-9606/7

New Jersey Office:

47 Maple Street
Summit, New Jersey 07901-2518
Phone: (908) 277-2221
Fax: (908) 277-2038

World Wide Web Site:

http://www.ssbb.com