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Law Offices of Barry Sooalo ------------------------- Attorney at Law

Employee Benefits
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Employee Benefits

# Draft and design qualified plan documents and trust agreements, including amendments and restatements, to comply with law and regulations or client requests.

# Develop and review summary plan descriptions.

# Draft deferred compensation plans, including non-qualified executive compensation and stock option plans.

# Draft welfare benefit plans, including cafeteria plans, medical reimbursement plans, dependent care assistance plans, and health care plans.

# Draft affiliate adoption statement.

# Draft administrative documents, including notification of participation, election to participate, beneficiary designation, qualified joint and survivor annuity and qualified pre-retirement survivor annuity waivers and application for benefits, and election to contribute.

# Draft summary annual report.

# Draft benefit and/or compensation statement.

# Draft loan request forms, including consents, if appropriate, and purpose of loan verification for participant loans.

# Draft board of directors resolutions for plan adoption, adoption of amendments, contribution amounts, and other actions required to be taken by the board.

# Draft and file application for IRS determination letter.

# Assist client in preparing and filing annual report (5500 series and related schedules).

# Monitor progress of new plans and amendments to verify required actions occur on schedule.

# Review and interpret regulations issued by government agencies to determine their application and relevance to client plans.

# Assist in preparing and coordinate general notice mailings to clients about potential impact of new legal developments upon plans.

# Research interpretive questions on prohibited transactions for qualified and non-qualified plans.

# Calculate employer contributions and forfeitures and allocate to participant accounts.

# Determine earnings adjustments and allocate to participant accounts.

# Calculate participants' years of service of eligibility and vesting.

# Calculate benefit for terminated participants.

# Test pension plan for discrimination, top-heaviness and 26 U.S.C. 425 limits (i.e., plans that have a large proportion of highly compensated employees must be fair to lesser compensated employees).

# Maintain plan as follows

* Pay termination benefits to terminated or retiring employees.

* Pay loan proceeds and track loan repayments.

* Deposit employee and employer contributions to accounts.

* File IRS Form 1099's for payments made.

* Pay hardship withdrawals.

* Arrange for establishment of pension payroll.

* Track accounts to ensure investments are in accordance with investment elections.

* Review account for updating and revisions to conform with new tax laws.

# Determine highly compensated employees for purposes of average deferral percentage/average contribution percentage (ADP/ACP) testing in connection with pension plans.

# Monitor IRS reporting and disclosure deadlines.

# Draft responses to questions raised by the IRS.

# Draft required Pension Benefit Guaranty Corporation (PBGC) filings (i.e., PBGC-1s and notices of intent to terminate).

# Draft or review qualified domestic relations orders.

# Provide recommendations about payment options for participants and beneficiaries.

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Providing legal services in civil and criminal matters in Honolulu and throughout the Pacific.