Reductions in Force: Strategies to Minimize Liability in Layoffs
Avoiding Inadvertent ERISA, Tax, and Labor and Employment Law Violations
Recording of a 90-minute premium CLE webinar with Q&A
This seminar will discuss the legal risks in employee benefits that must be analyzed prior to implementing a Reduction in Force (RIF). The panel will outline best practices for implementing layoffs to avoid penalties and litigation over benefits issues.
Outline
- Pension plan considerations
- Anti-cutback rule for defined benefit plans
- Retroactive reductions or eliminations of defined contribution plans
- Partial plan termination/vesting implications
- Notice to participants
- Welfare benefits considerations (health plans, life insurance, disability plans)
- Notice to participants
- Union employees
- Public sector employees
- Making changes to plan design
- Voluntary benefits
- COBRA rules
- Miscellaneous benefits
- Unfunded benefits (vacation, sick leave, paid holidays, discount programs, mileage, tuition reimbursement)
- Government-mandated benefits (social security, workers comp, unemployment insurance)
- Severance benefits
- Best practices to avoid lawsuits and penalties
- Discrimination claims
- ERISA interference claims
- Breach of fiduciary duty claims
- 409A violations
Benefits
The panel will review these and other key questions:
- What employee benefits issues should an employer consider in planning and implementing a Reduction in Force (RIF)?
- How can employers avoid an inadvertent partial termination of their tax-qualified retirement plans when implementing a RIF?
- What steps can employers take to reduce liability risks when making changes to healthcare plans?
- How can employers determine in advance whether a severance arrangement may constitute an ERISA plan?
Faculty
James P. McElligott
Partner
McGuireWoods
Mr. McElligott handles employment, executive compensation and benefit related matters for corporations and public... | Read More
Mr. McElligott handles employment, executive compensation and benefit related matters for corporations and public agencies. He regularly advises employers on ERISA and denial of benefit issues.
CloseSteven J. Friedman
Shareholder
Littler Mendelson
He is Chair of the firm's Employee Benefits Practice Group. He advises employers on the structuring and implementation... | Read More
He is Chair of the firm's Employee Benefits Practice Group. He advises employers on the structuring and implementation of qualified and non-qualified retirement plans, welfare and fringe benefit programs, early retirement programs and severance plans. He also advises clients on the manner in which employee benefit plans may be terminated, modified or restructured.
CloseRandall C. McGeorge
Counsel
White & Case
He counsels clients in the design and implementation of qualified and nonqualified retirement plans, equity incentive... | Read More
He counsels clients in the design and implementation of qualified and nonqualified retirement plans, equity incentive plans, executive compensation arrangements and health and welfare plans. He is also responsible for negotiating and drafting employment and severance agreements on behalf of corporations and individuals.
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$297