Overview
McConnell Valdés has the largest Employee Benefits practice in Puerto Rico, handling hundreds of retirement plans. The McConnell Valdés Employee Benefits Practice Team is comprised of attorneys - some of which are exclusively dedicated to this practice – who offer clients timely and cogent counsel on a highly regulated and complex field.
As federal and Puerto Rico employee benefits laws and regulations change, we take a proactive approach in advising clients on everything from executive compensation issues to retirement plans – so that they can attain critical business and human resources goals.
Our clients are prominent manufacturers, retailers, financial service professionals, hospitals and medical service providers, venture capitalists, educational institutions, regulated utilities, not-for-profit and government organizations. We work closely with them to identify issues that impact their benefit programs – and craft solutions that fulfill their benefit needs.
We represent our clients interests through lobbying efforts and by assisting in the drafting of laws and regulations such as the retirement plan provisions in the Puerto Rico Internal Revenue Code of 2011.
The McConnell Valdés Employee Benefits team drafts documentation that governs retirement plans, ensuring that they meet criteria for favorable tax treatment and comply with legal requirements; amends employee benefit plans; assists clients with terminating benefit plans; drafts and implements a full range of executive compensation packages; advises clients on employee benefits and executive compensation aspects arising from corporate transactions such as mergers and acquisitions, as well as workouts and reorganizations; advises clients on Puerto Rico and federal tax issues affecting employee benefit plans; counsels clients on ERISA issues and provides tax advice on employment matters such as severance and settlement payments.
What We Do
The McConnell Valdés Employee Benefits team:
- Designs, establishes, amends and terminates retirement plans
- Drafts plan related documents, including, among others, SPDs, SMMs, SARs; and, negotiation, preparation and execution of deeds of trusts, and service and agency/custodial agreements
- Establishes and qualifies both Puerto Rico and U. S. retirement plans including issues related to the underlying trusts
- Handles employee benefit matters in the mergers and acquisitions’ context
- Offers advice on plan administration, exercise of fiduciary duties and compliance with ERISA, the PR and US Codes.
- Is actively involved in the drafting of Puerto Rico laws and regulations related to retirement plans such as: draft retirement plan provisions in original and technical amendments bills for Puerto Rico Internal Revenue Code of 2011 (2011 PR Code), revise regulations on the taxation of plan distributions and old retirement plan regulations under the prior 2011 PR Code, draft legislation, and regulations for the implementation of Sistema de Retiro 2000.
- Provides seminars in the employee benefits area, including tailored seminars to clients on a variety of employee benefit plan issues
News & Publications
Publications
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Tax Alert
- An McV Employee Benefits Alert
- An McV Tax Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Tax Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- An McV Employee Benefits Alert
- Incentives Act for the Payment of Taxes Prior to the Tax Transformation
- Act. No. 238
- PR Treasury Announces 2015 Retirement Plan Limitations
- Windsor Amendments Deadline Approaching
- PR Treasury issues Circular Letter of Tax Policy No.14-02
- IRS Revenue Ruling 2014-24
- Tax Prepayment on Accrued Value of Retirement Plan Benefits
- Post-Windsor Amendments to Puerto Rico Qualified Plans
- PR Treasury Announces 2014 Dollar Limitations for Qualified Retirement Plans
- Deadline to File Protective Refund Claim
- DOMA Impact on Puerto Rico Employers and the Administration of Retirement and Health Benefit Plans
- Extension for the Adoption of Plan Amendments and Filing of Qualification Requests
- Deadline Approaching for Filing Plan Restatements and Certain Specific Amendments
- PR Treasury Clarifies Rules of Taxation Applicable to Distributions made by Retirement Plans
- Extension of Time to Adopt Retirement Plan Amendments and to File Requests for Qualification under PR Internal Revenue Code of 2011
- Treasury Clarifies Limit on Deductions for Contributions to Trusts Funding Qualified Defined Benefit Plans
- PR Treasury Issues Circular Letter to Establish Dollar Limitations for Qualified Retirement Plans
- Deadline Approaching for Plan Qualification Requirements under the 2011 PR Code
- PR Treasury issues guidance regarding Title I ERISA Plans
- IRS Extends and Expands Relief Provided for Transfer of Assets from U.S. Retirement Plans to Retirement Plans in Puerto Rico
- Puerto Rico Treasury to Issue Guidance Providing a 2013 Deadline for Puerto Rico Qualification of Retirement Plans
- 2011 PR Code Qualified Retirement Plan Provisions are finally Amended
Employee Benefits Group
- (Practice Leader)
- (Practice Leader)