The Business Department has an established practice in the areas of Employee Benefits, ERISA and Retirement Plan Design. This area of practice is managed by attorney Richard E. Aune. The Firm offers services to clients ranging from acting as benefits counsel to an employer who sponsors the Plan, the Plan itself, handling specifics related to the operation or qualification of a Plan, or the fiduciary duties associated with such Plans. This work is primarily in connection with Retirement Plans but also includes Section 125 Plans, Health Reimbursement Plans and other fringe benefits. We also assist with designing, redesigning, implementing and terminating plans, advising on administrative and compliance issues, updating clients about legislative and regulatory changes, assisting with IRS, Department of Labor and PBGC plan audits, preparation or review of Qualified Domestic Relations Orders (QDROs), compliance with ERISA fiduciary duties, compliance with ERISA reporting and disclosure requirements and prohibited transactions.
The Firm also provides services which include advising clients on the full range of qualified retirement plans and the suitability of different plan types and designs to accomplish the client’s goals. The various plan types include Defined Benefit Pension Plans, Cash Balance Plans, 401(k) Plans, Profit Sharing Plans, Money Purchase Pension Plans, Section 403(b) Plans and Section 457 plans.
Dietrich, Glasrud, Mallek & Aune assist with or represent the Plan Sponsor dealing with an IRS or DOL audit concerning an Employee Benefit Plan. Legal activities and support include facilitating and supporting clients during IRS, DOL or PBGC audit meetings, handling all correspondence, phone calls and contact with the IRS, DOL or PBGC, drafting written responses to legal issues raised by the IRS, DOL or PBGC, and negotiating closing agreements in resolution of the audit.
The Internal Revenue Service and the Department of Labor offer various compliance correction programs to help Plan Sponsors avoid significant penalties for non-compliance. The various correction programs include: The Employee Plans Compliance Resolution System (EPCRS) This IRS program allows plan sponsors of most retirement plans to correct certain operational and plan document failures; The Voluntary Fiduciary Correction Program (VFC). This DOL program allows a plan fiduciary who has breached his or her fiduciary duty to correct certain breaches and avoid substantial penalties; and the Delinquent Filer Voluntary Compliance Program (DFVC). This DOL program allows plan sponsors to submit delinquent required annual reports on Form 5500 for substantially reduced fees (when compared to the potential penalties for late filing).
The Firm also offers services that include advising clients with respect to the design, operation, and compliance of non-qualified deferred compensation plans.