Todd Solomon
Subscribe to Todd Solomon's PostsTodd A. Solomon focuses his practice on designing, amending and administering pension, profit sharing, 401(k), employee stock ownership and 403(b) plans, as well as nonqualified deferred compensation arrangements. He also counsels privately and publicly held corporations and tax-exempt entities regarding fiduciary issues under the Employee Retirement Income Security Act (ERISA), employee benefits issues involved in corporate transactions, executive compensation matters and the implementation of benefit programs for domestic partners of employees.Read Todd A. Solomon's full bio.
McDermott Announces Determination Letter Replacement Program, Addressing the Gap in Retirement Plan Compliance
By Brian Tiemann, Diane Morgenthaler, Jeffrey Holdvogt, Jacob Mattinson, Joseph K. Urwitz, Kay Kemp, Lisa Loesel, Maggie McTigue , Mary K. Samsa, Sarah L. Engle, Allison Wilkerson, Alan D. Nesburg, PC, Andrew Liazos, McDermott Will & Emery and Todd Solomon on Oct 10, 2017
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans
Since the announcement by the Internal Revenue Service (IRS) that sponsors of individually designed retirement plans may no longer receive a periodic determination letter, plan sponsors have faced uncertainty about how to demonstrate compliance for their retirement plans. Our McDermott Retirement Plan Compliance Program, a new opinion letter and operational review program for individually designed...
Continue Reading
Private Equity Compliance with ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets
By McDermott Will & Emery and Todd Solomon on Mar 30, 2017
Posted In Employee Benefits, Fiduciary and Investment Issues
On February 28, Todd Solomon and Maureen O’Brien presented a Strafford live webinar, “Private Equity Compliance With ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets”. ERISA imposes fiduciary obligations on funds that hold employee benefit plan assets, including private equity managers responsible for investing fund assets. Managing those fiduciary obligations requires knowledge...
Continue Reading
Highlights of Record Retention Requirements Applicable to Employee Benefit Plans
By Todd Solomon on Jan 31, 2017
Posted In Employee Benefits, Retirement Plans
In the presentation “Highlights of Record Retention Requirements Applicable to Employee Benefit Plans,” Todd A. Solomon detailed the general rules of The Employee Retirement Income Security Act of 1974 (ERISA). He discussed several specific record-keeping requirements for employee benefit plans and a number of general requirements that imply a duty to retain records, for example...
Continue Reading
Financial Planning & Analysis
By Brian Tiemann and Todd Solomon on Oct 19, 2016
Posted In Fiduciary and Investment Issues, Retirement Plans
On Monday, October 24, Chicago partners Todd Solomon and Brian Tiemann will speak at the Association of Financial Professionals conference in Orlando, Florida. Joined by Kendall Frederick, Senior Manager of Finance Integration at Hanesbrands Inc., the panel will discuss how to use financial planning and analysis analytics to help plan fiduciaries assess the need and potential...
Continue Reading
Exploring LGBT Discrimination in the Workplace
By Todd Solomon on Oct 4, 2016
Posted In Benefit Controversies, Employee Benefits, Employment
The effects of same-sex marriage on employee benefits, companies’ actions to prevent employee discrimination and an evolving focus on benefits with special implications for diverse employees continue to be hot topics in today’s workplace. View presentation slides.
Continue Reading
Top Universities Hit with Retirement Plan Lawsuits: Lessons for Plan Sponsors
By Joseph K. Urwitz and Todd Solomon on Sep 20, 2016
Posted In Benefit Controversies, Retirement Plans
The recent wave of 403(b) lawsuits against more than a dozen prominent US universities could herald similar suits for other 403(b) plan sponsors. Plan sponsors can minimize their risk by reviewing their plan governance procedures, investment policy statements, and plan investment lineup and fee structure. Read the full article here to learn more.
Continue Reading
Same-Sex Marriage Is Legal in All 50 States: So What Now?
By Todd Solomon on Jul 21, 2016
Posted In Benefit Controversies, Employment, Health and Welfare Plans, Retirement Plans
Now that same-sex marriage is legal in all 50 states, most benefits plans will treat same-sex spouses the same as opposite-sex spouses. But several tricky issues remain. For example, what if an employer with religious beliefs wants to continue to exclude same-sex spouses from receiving benefits under its retirement plans? Or its medical and dental...
Continue Reading
401(k) Plan Sponsors and Fiduciaries Face an Alarming Number of Stable Value Fund and Other Class Action Lawsuits
By McDermott Will & Emery and Todd Solomon on Jun 7, 2016
Posted In Benefit Controversies, Fiduciary and Investment Issues, Retirement Plans
In the last several months, plaintiffs have filed multiple class action lawsuits against plan sponsors, plan fiduciaries and stable value fund providers. These lawsuits, which have involved 401(k) plans sponsored by large corporations, have alleged that: Plan fiduciaries breached their fiduciary duties under the Employee Retirement Income Security Act of 1974, as amended (ERISA), by...
Continue Reading
HHS Issues Final ACA Nondiscrimination in Health Programs and Activities Regulation
By Todd Solomon on Jun 2, 2016
Posted In Employment, Health and Welfare Plans
On Friday, May 13, 2016, the US Department of Health and Human Services Office for Civil Rights finalized regulations that provide explicit protections from discrimination on the basis of gender identity in health care and insurance under Section 1557 of the Affordable Care Act. Read the full article.
Continue Reading
EEOC Files Lawsuits Against Employers for Sex Discrimination Under Title VII
By Brian Tiemann and Todd Solomon on Apr 12, 2016
Posted In Employment, Health and Welfare Plans, Retirement Plans
For the first time, the U.S. Equal Employment Opportunity Commission (EEOC) is suing private employers on behalf of employees alleging sexual orientation discrimination. On March 1, 2016, the EEOC issued a press release announcing it has filed its first two sexual orientation lawsuits alleging violations of Title VII of the Civil Rights Act of 1964...
Continue Reading
