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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    ERISA

Date & Time
  • event Date

    Thursday, March 23, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar 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, as well as offer methods to ensure the development of an effective strategy for key employees.

Faculty

Mark Poerio
Senior Counsel
The Wagner Law Group, LLP

For over 35 years, Mr. Poerio has been in private practice with a focus on executive compensation, employee benefits (especially ESOPs), and retirement plan fiduciary matters, not only from a tax and labor perspective, but also from a business, governance, tax, securities, and litigation perspective. He is not only a long-term fellow in the prestigious American College of Employee Benefits Counsel, but served for years as its Treasurer, Vice-President, and then President. Mr. Poerio is Chambers-rated, and has worked regularly with the American Benefits Council (where he was an executive board member for many years).

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Ruth M. Wimer
Partner
Winston & Strawn, LLP

Ms. Wimer is an attorney and a CPA with nearly 30 years of experience previously serving as a senior partner in the national tax department of a Big Four accounting firm. She has extensive experience advising clients on complex compensation tax issues, including reporting and withholding and also advises on large deduction timing issues in connection with mergers and acquisitions. Ms. Wilmer’s practice includes structuring optimum ownership of private aircraft and business jets, factoring in deduction and income inclusion for personal use, excise tax, depreciation, SEC, Standard Industry Fare Level, and FAA issues. She frequently resolves a gamut of compensation issues such as employment taxes, stock options, Section 162(m), Section 83, deduction limitations, the entertainment disallowance, and a wide variety of fringe benefits, including health insurance.

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Description

A nonqualified plan is a tax-deferred, employer-sponsored retirement plan used for executives and key employees. These plans are not subject to the full gambit of rules under ERISA as qualified plans but have a unique mix of rules, regulations, and potential drawbacks to navigate.

Bonus plans, group carveout plans, and nonqualified deferred compensation plans (NQDCP) are ripe with potential pitfalls. One of the main issues that arise in disputes relating to these plans is whether or not the plan is subject to ERISA. To ensure that a nonqualified plan is exempt from ERISA, benefits counsel and employers must carefully consider various critical items in drafting or amending plans and other agreements. In either case, employers must ensure that they follow ERISA claims procedures to minimize penalties and liability.

Section 409A applies to most NQDCPs. Distinguishing what is and what is not deferred compensation subject to Section 409A and documenting compliance is critical in designing and implementing NQDCPs. Furthermore, navigating procedures in correcting errors for plans under Section 457(f) is essential to avoid unintended liability.

Listen as our panel discusses Section 409A rules' application, correcting Section 457(f) errors, the implications of the "income inclusion" regulations, group carveouts, and other essential matters.

Outline

  1. Pros and cons of nonqualified plans
    1. Legal and regulatory framework
    2. Administrative challenges
  2. Section 409A and correcting Section 457(f) errors
  3. Group carveout plans
  4. 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 the available methods for correcting Section 457(f) errors?
  • What are group carveout plans and how can they be used as incentives for key employees?