New York Employee Benefits Lawyers

Attorneys Helping Employers Address Issues Related to Benefits and Executive Compensation in New York City

Employee benefits are a critical component of the compensation packages that employers provide for employees. These packages can affect an employer's ability to attract and retain qualified employees. When addressing issues related to health insurance, retirement plans, paid time off, disability coverage, life insurance, and various other benefits, employers will need to ensure that they comply with the applicable laws. Employers may also need to address complex concerns related to executive compensation. Mishandling of these issues could result in tax liabilities, legal penalties, disputes with employees, and other legal and financial concerns.

The attorneys at Health Counsel Group help employers address matters related to employee benefits and executive compensation. We understand the laws and regulations governing benefit plans and compensation arrangements, and we work with clients to develop programs that will meet their needs while controlling costs. We help employers design and administer benefits programs that will help them achieve their ongoing business goals.

Health Insurance and Related Benefits

Health insurance is one of the most significant benefits provided by most employers. Medical coverage can help employees and their families cover healthcare costs, and it can make sure an employer will be able to attract and retain workers. Other related benefits may include dental and vision coverage, life insurance, disability insurance, flexible spending accounts, and health savings accounts. Each type of benefit will involve specific legal requirements and administrative considerations.

At Health Counsel Group, our lawyers can help employers select and implement health insurance and other benefits programs. We make sure our clients meet the applicable legal requirements while supporting the needs of their employees and minimizing their costs.

Retirement Plans

Retirement benefits can help employees save money that they will be able to use to support themselves in the future. These benefits can serve as valuable recruitment and retention tools for employers. Common types of retirement benefits include 401(k) plans with employee salary deferrals and employer matching contributions or SIMPLE IRA plans.

Employers will need to maintain the proper documentation requirements, including summary plan descriptions explaining the benefits that employees will receive, details related to plan modifications, and annual forms filed with government agencies. Employers may also need to address vesting schedules that will determine when employees will gain full rights to employer contributions to retirement plans.

The attorneys at Health Counsel Group can help employers establish and maintain retirement plans that comply with all legal requirements. We can make sure the proper documents are prepared, provided to employees, and filed with government agencies.

Executive Compensation

Employers may need to implement robust executive compensation plans to ensure that they can attract and retain senior leadership. These programs may combine base salaries, annual performance bonuses, long-term equity incentives, deferred compensation, retirement benefits, and other benefits. Shareholder approval may be required for certain companies, and disclosure obligations and tax considerations may affect the design of executive compensation plans.

Employment contracts for executives will establish the terms of compensation, performance expectations, termination provisions, and other obligations. These agreements are usually more detailed than standard employment contracts, and they may address matters such as signing bonuses, guaranteed bonuses during specific periods, and severance entitlements.

Our lawyers can help companies develop executive compensation programs that will support their goals while maintaining legal compliance and addressing tax issues. We can draft employment agreements, incentive plan documents, and equity award agreements for executives.

Equity Compensation Plans

Equity compensation may provide executives with ownership stakes or benefits that are tied to a company's performance. Stock options may grant a person the right to purchase company stock at specified prices. Restricted stock awards may grant shares that are subject to vesting conditions such as continued employment for a specified period or achievement of certain performance milestones.

Performance share awards may vest based on specified performance goals, such as revenue targets or profitability metrics. These awards can help ensure that equity compensation will be tied to business results rather than continued employment.

At Health Counsel Group, we help employers design equity compensation plans, prepare plan documents and award agreements, and make sure a company complies with securities laws. We can also address tax considerations related to equity awards, helping our clients minimize their tax exposure.

Deferred Compensation Arrangements

Businesses may establish arrangements that will allow executives to defer the receipt of compensation until future years or after retirement. This may help to reduce tax obligations while providing retirement savings beyond the limits allowed for qualified retirement plans. Supplemental executive retirement plans (SERPs) may provide specified benefits that will be payable at retirement based on a person's salary and years of service.

The team at Health Counsel Group can advise clients on the design of deferred compensation plans. We can draft plan documents that comply with the applicable laws, and we can help employers follow the correct steps when administering these plans to ensure that they avoid compliance violations.

Change of Control and Severance Provisions

Change of control provisions can protect executives in situations where companies are acquired or undergo significant ownership changes. Benefits triggered by a change of control may include an accelerated vesting of equity awards, severance payments, continuation of benefits, and enhanced retirement benefits.

Severance packages for executives may provide enhanced payments or address other issues that would not apply in standard employee severance agreements. A severance agreement may include multiples of a person's base salary plus bonuses, continuation of benefits, and equity acceleration.

At Health Counsel Group, our attorneys can help companies establish change of control and severance provisions in executive agreements. We can structure severance packages that will provide the proper protection for all parties while minimizing potential taxes.

Contact Our New York City Employee Benefits Attorneys

When developing competitive benefits programs and executive compensation arrangements, employers may need to address complex regulatory requirements and other legal concerns. They will also need to make sure the benefits they offer will help them achieve their business goals. At Health Counsel Group, our attorneys can help clients address issues related to employee benefits, retirement plans, and executive compensation. We work with employers to design programs that will help them attract and retain qualified employees while ensuring that they can maintain ongoing success. Contact our New York employee benefits and executive compensation lawyers at 123-456-7890 to schedule a consultation