Employee Benefit Compliance
The laws regarding employee benefit plans are constantly changing, and Tuggle Duggins can help you keep your plans in compliance.
In the welfare benefits area, Tuggle Duggins has experience counseling employers and plan administrators with:
- ERISA compliance - We assist employers and plan administrators with the prudent selection of service providers, prohibited transaction issues, drafting and maintaining plan documents and summary plan descriptions and reporting and disclosure obligations.
- Internal Revenue Code compliance - Our work includes helping employers comply with the non-discrimination testing requirements for cafeteria plans (125 plans), flexible spending accounts and dependent care assistance plans. We help resolve tax issues regarding HRAs and HSAs and other group welfare benefits such as disability, life insurance and long term care.
- COBRA and HIPAA compliance - COBRA and HIPAA requirements for welfare plans are often complex. We assist employers in meeting their COBRA obligations both regarding day to day compliance issues as well as the special COBRA issues that arise in mergers and acquisitions. HIPAA privacy, security and portability issues are also constant worries for employers sponsoring welfare plans. We counsel employers on these issues including running compliant wellness programs. We not only consider HIPAA issues, but also factor in ADA and state law concerns as well.
- ACA compliance - The Affordable Care Act presents a host of new issues, concerns and opportunities for employers. We are here to help employers meet these challenges.
In the area of qualified retirement plans, Tuggle Duggins assists in the following areas:
- ERISA Compliance - Over the past several years ERISA issues for qualified retirement plans have multiplied. The Department of Labor has issued a series of regulations under Sections 408(b)(2) and 404(a)(5) of ERISA which detail what service providers must disclose to plan fiduciaries and administrators and what, in turn, they must disclose to participants and beneficiaries. The prudent selection of service providers as well as plan investments is an increasing area of concern for plan fiduciaries, given the rising tide of litigation in this area. Tuggle Duggins also assists with the requirements for summary plan descriptions, summaries of material modifications and summary annual reports. We help employers with the negotiation of service providers and obtaining prohibited transaction exemptions. We advise employers and trustees on best fiduciary practices for delegating and monitoring fiduciary responsibilities such as establishing investment committees and legal issues involving investment policy statements. Who is (and who is not) a fiduciary to a plan is an issue that is often litigated, as well as subject to ongoing review and regulation by the Department of Labor. We help plan fiduciaries better draw the lines between fiduciary and non-fiduciary conduct.
- Internal Revenue Code Compliance- Tuggle Duggins sponsors IRS pre-approved profit sharing and 401(k) plans. We assist employers in plan drafting and design of qualified plans. We also are there for the day to day issues that arise in administering a qualified plan including discrimination testing, ADP and ACP testing, contribution limits, coverage testing and top-heavy testing.
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