Employee Benefits

McElroy Law Group provides a full range of employee benefits to its national client base. With more than 25 years of employee benefits legal experience, we provide sophisticated and comprehensive solutions to clients' employee benefit needs. In all our engagements, we take a proactive approach in advising clients on employee benefit issues. This approach generally results in clients fully appreciating the programs we have established and also eliminates most surprises that sometimes arise several years after a new retirement program has been established.

McElroy Law Group provides the following employee benefit services:

Retirement Plan Design

We work with clients to determine the appropriate retirement plan to implement. We will sit down with a client t determine the client's financial and retirement goals. Having established those goals, we will design the appropriate plan that achieves those goals. More importantly, once a retirement program has been established, we will work with the client to insure that the retirement plan is properly administered. We will monitor changes in Federal pension law to determine if any amendments to the retirement program are required. McElroy Law Groupo has extensive experience in designing, drafting, implementing and monitoring retirement programs. These plans include defined benefit pension plans, cash balance pension plans, 401(k) profit sharing plans, money purchase pension plans, employee stock ownership plans and combination plans (generally referred to as "cross-tested retirement plans").

Compliance Audits of Retirement Plans

We appreciate the fact that Federal pension law is quite complicated and, as such, presents a challenge for plan sponsors to insure that their retirement plans are operated in accordance with the Internal Revenue Code of 1986, as amended (the "Code") and the Employee Retirement Income Security Act of 1974 ("ERISA"). We work with client to perform an annual review regarding the operation and administration of their retirement plans. If a retirement plan is not operated in accordance with the Code or ERISA, the Internal Revenue Service (the "IRS") could disqualify the retirement plan. If that were to occur, severe tax consequences would result and, in addition, penalties could be imposed. To prevent that, McElroy Law Group has developed extensive experience in correcting these operational defects. Under the Employee Plans Compliance Resolution System, the IRS has established a program under which plan sponsors can correct certain operational defects associated with their retirement plans. In the event the operational defects are corrected, a retirement plan will not be disqualified. While some of the corrections may be undertaken by the client without informing the IRS, other corrections require that an application be filed with the IRS.

Qualified Domestic Relations Orders

We work with clients in responding to Qualified Domestic Relations Orders ("QDROs") that relate to a division of a participant's retirement benefit. QDROs generally arise when a couple is divorcing. McElroy Law Group will effectively and efficiently review the order to determine if it satisfies the requirements applicable to QDROs. If it does, we will work with the client to insure that the distribution under the QDRO is handled correctly.

Plan Administration

We work with clients to insure that, once a retirement plan has been established, it is administered properly. We work with clients to insure that plan operational defects do not occur. To accomplish this, we partner with clients to insure that eligible employees enter the plan on the appropriate entry dates, that in-service distributions and participant loans are properly made and that timely distributions are made to terminating or retiring employees. This pro-active approach to plan administration insures that plans will not need to correct operational defects under EPCRS. We handle all communications and reporting to government agencies. These communications generally start from the plan's initial determination letter request to the IRS and continue to annual reporting to the Pension Benefit Guaranty Corporation and the IRS. These services are generally rendered on a flat fee basis.

Prohibited Transactions

We work with clients to insure that they do not inadvertently engage in a prohibited transaction, as defined under the Code or ERISA. Most often, this arises when the plan sponsor is interested in investing plan assets under a transaction that could be prohibited because the plan sponsor may be perceived as receiving a direct or indirect benefit from the investment. McElroy Law Group will work with the client to change the terms of the proposed investment to prevent the transaction from constituting a prohibited transaction. Alternatively, we will request that an individual prohibited transaction exemption be issued by the Department of Labor.

Welfare Benefit Plans

McElroy Law Group provides clients with comprehensive solutions designed to create a balance between holding the line on the ever increasing costs of providing health care and other welfare benefits and attracting and retaining a qualified workforce. We provide a full range of legal services in the areas of COBRA, HIPPA and domestic partner benefits.