An ERISA attorney can be an invaluable asset for retirement plan sponsors. However, it is important that you understand the types of attorneys who fall within this category and how to make sure you are speaking with one working on your behalf said an Springer Ayeni ERISA attorney. Understanding and fulfilling your responsibilities will help to protect you and the folks covered in these plans.
The Employee Retirement Income Security Act of 1974, ERISA, established the minimum standards regarding certain types of pension and health care plans. Over time some amendments have been made, but worker protection is always prioritized.
If you need assistance with ERISA-related matters, it is important to retain an attorney who specializes in the field. Just as you would hire an accountant to file your taxes rather than tackle your new landscaping needs, you need to have the right person for the job. Attorneys who work in business law, estate planning or other specialties should be used in their own areas of expertise; ERISA attorneys should be retained for matters relating to the Employee Retirement Income Security Act of 1974.
Attorneys who work for third-party administrators should not be confused with private practitioners. If you are a plan sponsor, it is important to understand the distinction and what to expect from each. While attorneys on the payroll for third-party administrators understand ERISA-related laws, they represent the interests of the TPA.
There are several reasons to hire a private attorney, starting with the protection of attorney-client privilege. This allows you to freely ask questions and exchange information without worrying about who will find out the details of the conversation.
On a regular basis the Internal Revenue Service requires that the plans are updated to adhere to any changes to the laws and regulations regarding the plan. You might opt to do this before the 5-6 year frame generally required by the IRS. For instance, you might want to amend your plan to extend greater benefits or for a larger group of people. In either case, professional review by an ERISA law firm is essential.
Your lawyer can also assist with audits by the IRS or Department of Labor. Additionally, your attorney can review all of your documentation to ensure your paperwork is error-free.
As a plan sponsor you have been entrusted with the responsibility of adhering to the law and protecting these retirement plans. The services of an attorney specializing in ERISA law are essential to completing your job with competence.