Ensuring Compliance during Bad Economic Times: The Legal Ramifications of Severance Plans and Release Agreements
Program Number: 2016
Program Date: 02/24/2010
Description
As the unemployment rate rises throughout the United States, employers of all sizes are faced with difficult layoffs and reductions in force. An added layer of complexity is created when the employer offers severance pay benefits in exchange for a release agreement. Todd Solomon, an employee benefits attorney with vast experience in severance plan matters, discusses the legal issues involved in offering severance benefits and securing release agreements, including the following:
- ERISA coverage of severance plans and reporting and disclosure requirements.
- Typical severance plan provisions and benefits.
- Application of Code Section 409A to severance benefits and relevant exceptions.
- WARN Act and notice requirements for plant closings.
- Typical provisions of severance release agreements and best practices.
- Requirements for age discrimination waivers and relevant EEOC guidance.
Available in states
Arizona, California, Colorado Eligible, Georgia, Missouri, New Jersey Eligible, New York, Texas Self Study
Credit Information
50 minute credit hour - 1 General CLE credit
60 minute credit hour - 1 General CLE credit
State Program Numbers
Program Categories
California Participatory MCLE Programs
Corporate and Commercial Law
Employment & Labor Law
In-House Counsel
New York Accredited
Regulatory and Administrative Law
Presenters
 Todd A. Solomon, Esq. McDermott Will & Emery |
Todd A. Solomon, Esq. is a partner in the law firm of McDermott Will & Emery LLP, based in its Chicago office. A member of the Employee Benefits Department, he concentrates his practice primarily on designing, amending, and administering pension plans, profit sharing plans, 401(k) plans, employee stock ownership plans, 403(b) plans, and nonqualified deferred compensation arrangements. He also counsels privately and publicly-held corporations and tax-exempt entities regarding fiduciary issues under ERISA, employee benefits issues involved in corporate transactions, executive compensation matters, and the implementation of benefit programs for domestic partners of employees. Mr. Solomon is the author of the First, Second, Third, Fourth and Fifth Editions of Domestic Partner Benefits - An Employer's Guide, which were published by Thompson Publishing Group, and he is a frequent speaker on employee benefits issues resulting from domestic partnerships and same-sex marriages. |
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