Avoiding Nonqualified Plan Traps: Key Considerations for ERISA Counsel and Employers
Correcting 409A and 457(f) Errors, Proposed Income Inclusion Regulations, Group Carveout Plans, Split-Dollar Life Insurance Plans
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will guide benefits counsel and employers on critical challenges in designing and implementing nonqualified plans. The panel will discuss the application of Section 409A rules and correcting Section 457(f) errors, the implications of the "income inclusion" regulations, and issues stemming from group carveout plans and split-dollar insurance plans, as well as offer methods to ensure the development of an effective strategy for key employees.
Outline
- Pros and cons of nonqualified plans
- Legal and regulatory framework
- Administrative challenges
- Section 409A
- Group carveout plans
- Split-dollar insurance plans
- Deferred Compensation for Tax-Exempts
- Best practices for effective nonqualified plan design and implementation
Benefits
The panel will review these critical issues and more:
- What are the legal and administrative challenges of nonqualified plans?
- What are the potential pitfalls of Section 409A?
- What are group carve-out and split-dollar life insurance plans, and how can they be used as incentives for key employees?
- What are the unique challenges facing tax-exempt 457(f) plans?
Faculty
Susan E. Bernstein
Special Counsel
Schulte Roth & Zabel
Ms. Bernstein is special counsel in the New York office of Schulte Roth & Zabel LLP, where she has been advising... | Read More
Ms. Bernstein is special counsel in the New York office of Schulte Roth & Zabel LLP, where she has been advising employers and plan sponsors on ERISA, employee benefits and executive compensation for over 25 years. She served as the Chair of the IRS Advisory Committee on Tax Exempt/Government Entities and co-chair of the Employee Benefit and Compensation Committee for the New York State Bar Association. A recognized thought leader, Ms. Bernstein is a frequent speaker on employee benefits and executive compensation and has authored numerous articles of interest to employers. She is also a member of the IRS Pension Liaison Group and was named one of Employee Benefit Adviser’s Most Influential Women in Benefit Advising. Ms. Bernstein holds a J.D. from the Benjamin N. Cardozo School of Law, received her B.A. from the University of Pennsylvania.
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Dominick Pizzano, CEBS
Employee Benefits Consultant
Milliman
Mr. Pizzano's responsibilities include the drafting and review of all types of qualified plans, including both... | Read More
Mr. Pizzano's responsibilities include the drafting and review of all types of qualified plans, including both defined contribution -- 401(k), profit-sharing, money purchase, and employee stock ownership plans -- and defined benefit plans. Other duties include the drafting and review of employee communications and other related materials as well as researching compliance issues and technical questions either for colleagues or directly for clients. In addition, he specializes in the design, drafting, and communication of nonqualified deferred compensation plans (“NDCPs”) for executives of both for-profit corporations and tax-exempt organizations. Mr. Pizzano's articles on various employee benefit topics have appeared in several publications over the years; he is a frequent contributor to the Benefits Law Journal (BLJ) on NDCP topics and in 2020 was invited to join the BLJ’s Editorial Advisory Panel. Shortly after the IRS’s Section 409A rules governing NDCPs were issued, the IRS reached out to Mr. Pizzano for permission to use his white paper on the new rules as a training tool for the IRS agents who would be tasked with performing compliance audits.
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Andrea Bailey Powers
Shareholder
Baker Donelson Bearman Caldwell & Berkowitz
Ms. Powers represents employers in all aspects of executive compensation and employee plans matters, including the... | Read More
Ms. Powers represents employers in all aspects of executive compensation and employee plans matters, including the design and administration of qualified retirement plans, health and welfare benefit plans, and non-qualified executive compensation and equity plans. She also serves as an Adjunct Professor of Employee Benefits Law at the University of Alabama's Hugh F. Culverhouse Jr. School of Law.
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