ERISA Pension Plan Overpayments: Navigating Conflicting Fiduciary Obligations and IRS Guidance
Preventing or Uncovering Errors Before Distribution, Restoring Losses and Protecting the Plan's Tax Qualification
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will provide guidance to ERISA and employee benefits counsel on addressing pension plan overpayments to participants and beneficiaries. The panel will discuss best practices for preventing costly errors, options for recouping payments and restoring losses to the plan, the equitable claims that could be asserted by payees and strategies to help plan sponsors meet ERISA fiduciary obligations that may be more extensive than the requirements in IRS guidance.
Outline
- Recoupment of overpayments
- Alternatives to recoupment
- Is a lawsuit to recover overpayments appropriate?
- Review of cases and the arguments payees can raise
- Tax implications
- Participant claims and appeal rights
- Preventing calculation errors
Benefits
The panel will review these and other key issues:
- What are the tax implications for pension plans and participants in the event of overpayment or recoupment?
- What factors should plan fiduciaries consider in selecting a method for recouping overpayments?
- What administrative procedures should be made available to participants following an overpayment?
- What procedures should plan sponsors have in place to prevent benefit calculation errors?
- What are the special challenges facing public pension plans that have discovered overpayments?
Faculty
Carol Buckmann
Counsel
Osler Hoskin & Harcourt
Ms. Buckmann has practiced in the employee benefits field for over 30 years, advising clients on all aspects of... | Read More
Ms. Buckmann has practiced in the employee benefits field for over 30 years, advising clients on all aspects of employee benefits and retirement plans, including questions relating to 401(k), defined benefit and employee stock ownership plans, welfare plans, fiduciary responsibility, prohibited transactions and plan asset issues arising in investment fund formation. She specializes in drafting qualified retirement plans and obtaining Internal Revenue Service approval of new plans, plan restatements and plan amendments, advising on plan compliance and IRS audits.
CloseArthur A. Marrapese, III
Partner, Employee Benefits Practice Leader
Hodgson Russ
Mr. Marrapese has practiced employee benefits law since 1986, and his extensive experience covers all aspects of the... | Read More
Mr. Marrapese has practiced employee benefits law since 1986, and his extensive experience covers all aspects of the field. He advises clients on risk management and administrative matters, and regularly assists clients in the design and documentation of employee benefit plans. His clients include group insurance brokers and consultants, plan sponsors, employee benefit plan trustees, custodians, retirement plan record keepers, and investment advisory firms.
CloseWilliam H. Woolston, Esq.
Covington & Burling
Mr. Woolston’s practice focuses on all aspects of employee benefits and executive compensation for companies in a... | Read More
Mr. Woolston’s practice focuses on all aspects of employee benefits and executive compensation for companies in a variety of industries. His practice has focused significantly on qualified retirement plans, with a particular emphasis on “hybrid” defined benefit plans. In addition to advising plan sponsors on compliance and plan design issues, Mr. Woolston has successfully represented clients on various matters before the IRS and the Department of the Treasury.
Close