Phil’s practice covers all the design, implementation, operational and legal compliance (ERISA and tax) aspects of both tax-qualified and non-qualified retirement and deferred compensation plans including: defined benefit, profit sharing, 401(k), 403(b) and 457 plans.
Prior to joining Foley and Foley, Phil was a Principal and headed the legal unit in the Boston office of Mercer Human Resource Consulting, the largest employee benefits consulting firm in the world. He also taught courses in the tax aspects of retirement plans at Bentley College and has spoken on the emerging trends in retirement plan design at annual seminars sponsored by the New England Employee Benefits Council.
He has over 25 years of experience helping companies of all sizes and types to sort through the complexities, and understand the possibilities, presented by the many tax and labor laws governing retirement and deferred compensation plans.
Phil was responsible for the legal advice and consulting needed to support the design, implementation and maintenance of the pension, profit sharing, 401(k) and 403(b) plans of many of the major healthcare organizations, financial services companies, high-tech and bio-tech companies and manufacturers in New England.
Smaller employers face the same legal and technical issues that confront the largest companies. The rules, for the most part, do not make any distinction between a Fortune 500 company and a small employer. Unfortunately, unlike large employers with big budgets for outside advisors, smaller companies are often unable to get the advice they need to solve their retirement plan issues.
The lack of cost-effective and reliable advice often leads to an inadequate and/or noncompliant retirement program. Noncompliance can result in tax penalties and also heightens fiduciary risks for the plan sponsor.
Phil’s expertise and experience is available to help our clients sort through one of the most vexing challenges facing employers of all sizes: the maintenance of a compliant retirement program that suits a company’s business goals while offering its key employees an opportunity to secure adequate retirement income.
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