How an Employee Benefits Attorney Can Save You Money on Plan Corrections скачать в хорошем качестве

How an Employee Benefits Attorney Can Save You Money on Plan Corrections

Episode Summary In this episode of Employee Benefit Plans and Business Sense, attorneys Doll Lank and Kathleen Bass of KLB Benefits Law Group share how involving an employee benefits attorney early in the correction process can save employers significant costs and reduce compliance risks. With decades of combined experience, they explain common mistakes that lead to plan corrections, why plan documents are critical, and how legal advocacy with the IRS and Department of Labor can turn a potentially devastating financial liability into a manageable resolution. Key Timestamps 00:01:30 – Kathleen Bass shares her background and why she chose employee benefits law 00:03:15 – Doll Lank explains her transition from litigation to compliance-focused benefits law 00:05:00 – Why compliance is vital for employers and plan sponsors 00:06:20 – Understanding what a plan correction is and why it matters 00:07:30 – Common payroll and missed deferral errors that trigger corrections 00:09:00 – Why failing to maintain plan documents creates serious compliance risks 00:10:30 – Case study: reducing a client’s correction liability from $250,000 to $7,000 00:15:00 – Key steps attorneys take when reviewing correction cases 00:17:30 – Navigating IRS and Department of Labor requirements for plan corrections 00:20:00 – Why legal counsel is essential to protect employers’ interests Episode Description Attorneys Doll Lank and Kathleen Bass of KLB Benefits Law Group break down the critical role employee benefits attorneys play in helping employers and plan sponsors correct compliance mistakes. They reveal the most common errors, including payroll and missed deferral issues, and emphasize why retaining plan documents is essential for audit defense. Through real-world examples, they demonstrate how legal expertise can drastically reduce correction liabilities—from hundreds of thousands of dollars down to just a fraction of the initial cost. They also explain how attorneys negotiate with the IRS and Department of Labor, why employers should never rely solely on third-party administrators, and how proactive compliance strategies can prevent costly penalties. Employers, HR professionals, and plan sponsors will gain valuable insight into why having employee benefits legal counsel is not just a safeguard but a cost-saving strategy for long-term compliance success. #EmployeeBenefits #BusinessCompliance #PlanCorrections #IRS #DOL #RetirementPlans #LegalCounsel #HRCompliance #CostSavings #KLBbenefitslaw