ONGOING COMPLIANCE

•  Fiduciary Responsibility

Most employee benefit plans are subject to the fiduciary responsibility requirements and fiduciary liability provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Those plans that are not subject to ERISA typically impose similar duties and liabilities on employer sponsors and fiduciaries under applicable state common laws. Attorneys at Myers & Shaw, P.A. work closely with our client employers to alert them to the responsibilities they are expected to fulfill and the liabilities associated with the responsibilities. We also work with our clients to identify actions that can be taken to satisfy the fiduciary responsibilities imposed on them thereby limiting or reducing their liability exposure.

•  Operational Compliance

The adoption or redesign of a benefit plan is only the first step in the life of the plan and its impact on the sponsoring employer and covered employees. Ongoing administration of a plan is important impacting both a company's finances and the morale of its employees. Myers & Shaw, P.A. provides guidance to employers on the administrative actions necessary to maintain a plan as well as how to interpret plan provisions and new developments in laws and regulations. Myers & Shaw, P.A. will also assist employers in establishing appropriate service contracts with the other entities that render services to the employer's benefit plans.

We monitor the regulatory and legislative developments affecting employee benefit plans on a daily basis and regularly alert our clients of items that have potential impact on their plans.

•  Correction of Administrative Errors

Mistakes happen. It's a fact of life. Unfortunately, the rules for employee benefit plans are unforgiving of the natural human errors that can occur in the operation and administration of these complex plans. Myers & Shaw, P.A. provides guidance to its clients to heighten awareness of typical errors that can occur and how to correct those errors. Our attorneys have extensive experience negotiating correction agreements with both the Internal Revenue Service and the Department of Labor to protect our clients from the tax and liability problems that can arise from errors in the operation of employee benefit plans.