Monica A. Novak assists clients with a range of employee benefits matters, including health and welfare benefits, tax-qualified retirement plans and nonqualified plans. She routinely counsels clients regarding the design, implementation and administration of benefit plans to ensure consistency with plan terms and compliance with the Internal Revenue Code and ERISA requirements, as well as the requirements under Health Care Reform.
Employee Benefits
Monica assists clients with the design, implementation and administration of employee benefit plans and executive compensation arrangements, including:
- Health and welfare benefits
- Tax-qualified retirement plans
- Nonqualified deferred compensation plans
- Equity compensation plans
- Benefit integration in connection with corporate transactions and strategic growth.
Compliance
Monica routinely counsels clients on all aspects of benefit plans to help ensure consistency with plan terms and compliance with the requirements of the Internal Revenue Code, ERISA, the Affordable Care Act, HIPAA, COBRA and other federal laws. She assists clients in designing comprehensive employee benefit offerings, negotiating terms of employee benefit programs with third-party service providers, and communicating key features of employee benefit programs to employees and executives. Monica also counsels clients on correcting benefit plan compliance errors through the IRS employee plans compliance resolution system and the Department of Labor voluntary fiduciary correction program. She also helps clients respond to investigation requests from the IRS and the DOL.
More Legal and Business Bylines From Monica A. Novak
- Understanding the Excise Tax on Executive Compensation Paid by Tax-Exempt Organizations—Part II: Who Are My Organization’s Covered Employees, and What Counts as Remuneration? - (Posted On Thursday, February 21, 2019)
- Understanding the Excise Tax on Executive Compensation Paid by Tax-Exempt Organizations—Part I: Is My Organization Subject to the Excise Tax? - (Posted On Thursday, February 14, 2019)
- Happy New Year for Tax-Exempt Employers!? IRS Issues Interim Guidance on the New Excise Tax on Executive Compensation - (Posted On Thursday, January 10, 2019)
- NYU v. Sacerdote – Thoughts for Plan Fiduciaries - (Posted On Thursday, September 13, 2018)
- Heading Into Open Enrollment - Health and Welfare Plan Considerations - (Posted On Thursday, September 13, 2018)
- The Latest on Employer Shared Responsibility Payment Enforcement - (Posted On Wednesday, July 11, 2018)
- What Expenses Can We Pay from Plan Assets? A Brief Review of the Legal Principles and Some Common Questions - (Posted On Wednesday, May 23, 2018)
- Tax Reform Highlights for Plan Sponsors - (Posted On Monday, February 12, 2018)
- Affordable Care Act Reporting and Penalties - (Posted On Monday, February 12, 2018)
- Plan Sponsor Update - The Impact of Tax Reform on Qualified Plans and Fringe Benefits - (Posted On Wednesday, January 10, 2018)
Faegre Drinker’s Employee Benefits and Executive Compensation Group is a National Law Review Go-To Thought Leader for their in-depth analysis of employer-sponsored retirement plans, health and welfare plans and executive compensation concerns. Topics addressed include executive compensation reporting changes, how rehiring employees could prevent partial plan terminations, and the tax implications and the pitfalls associated with excessive executive compensation paid by tax-exempt organizations. Additionally, Faegre Drinker provided valuable guidance to 401k Plan Sponsors regarding how to help employees during the COVID-19 pandemic under the provisions of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), including changes in participant loan repayments, available increases in loan amounts, and changes in hardship distribution rules. Regular contributors from Faegre Drinker’s Employee Benefits and Executive Compensation Group include; Bruce L. Ashton, Mona Ghude, Christine M. Kong, Elizabeth Olson, Monica Novak and Fred Reish.