EMPLOYEE BENEFITS AND EXECUTIVE COMPENSATION PRACTICE

Mrs. Connerton routinely provides guidance to clients in analyzing and addressing employee benefit issues.

Qualified Retirement Plans, Including Cash Balance and Cross-Tested Plans

Ms. Connerton consults with clients to provide them with an explanation of the different types of plans available and discusses with them types of the plan(s) that will best meet their objectives. Terry handles all design, drafting, implementation and ongoing compliance matters under ERISA and the Internal Revenue Code ("Code") with respect to qualified retirement plans for for-profit and nonprofit entities, including 401(k), 403(b), 457(b), profit sharing, money purchase pension, cash balance, annuity, and traditional defined benefit plans.

Terry drafts plan documents, summary plan descriptions, model participant notices and beneficiary forms and files requests for favorable determination letters within the IRS.

Terry also assists domestic relations attorneys and plan administrators in drafting (or reviewing) Qualified Domestic Relations Orders ("QDROs"). Her practice includes the division of civil service and military retirement benefits. 

 

Terry conducts employee benefit plan audits for plan sponsors for a flat fee and recommends how to correct identified deficiencies. She guides clients in correcting deficiencies through voluntary correction programs made available by the DOL and the IRS. In addition, she also assists clients in responding to DOL and IRS audits.

Health and Welfare Plans

Ms. Connerton provides advice to clients regarding health, life, disability and other employee welfare benefits, including retiree medical benefit liabilities, and compliance with the Affordable Care Act ("ACA"), COBRA, HIPAA, the ADEA, the ADA, the MHPAEA and other federal laws affecting welfare benefit plans. Terry works with employers, insurers and TPAs to ensure documentary and operational compliance with tax and ERISA requirements. She assists in the design and implementation of insured and self-insured group health plans, as well as HRAs, HSAs and wellness plans. Terry also has expertise in drafting premium conversion and cafeteria plans and various other types of fringe benefit plans. 

Executive Compensation Plans

Ms. Connerton provides extensive advice to public and private companies and nonprofit organizations concerning executive compensation matters, including equity-based compensation, bonus arrangements, supplemental retirement and deferred compensation plans, executive employment and severance arrangements, securities law compliance, and excess benefit transactions. In this context, Terry drafts plans and other documents and counsels clients on the tax, ERISA, corporate securities, stock exchange and accounting issues affecting executive compensation planning.

In addition, Terry advises employers and senior executives in the negotiation and implementation of employment and severance agreements. This includes advice on clawback provisions, excess parachute payments under Code § 280G and deduction limitations under Code § 162(m).
 

Terry is experienced in designing and implementing early retirement incentives and downsizing packages, enabling employers to achieve their economic goals while complying with complex non-discrimination requirements.