Eric D. Penkert

Associate Greenville

Eric helps employers navigate the complicated world of employee benefits laws. He assists businesses in understanding their compliance obligations under ERISA and the Internal Revenue Code with respect to retirement, executive compensation, and health and welfare benefits. Eric helps for-profit, tax-exempt, and governmental employers draft and restate their employee benefit plans, including qualified plans such as 401(k) and profit sharing plans, nonqualified deferred compensation plans, welfare benefit (wrap) plans, and Internal Revenue Code Section 125 (cafeteria) plan documents. He also advises employers regarding health and welfare benefits laws, including the Affordable Care Act, COBRA, HIPAA, and ERISA.

Eric regularly prepares applications under correction programs offered by the IRS and the Department of Labor. He also helps employers provide employee fringe benefits through the review and drafting of qualified educational assistance plans, paid-time off and leaving sharing and donation plans, and employee reimbursement through accountable plan and per-diem arrangements.


Experience

Eric has assisted clients with such matters as:

  • Resolved multi-year, multi-million dollar qualified plan compliance failures through the Voluntary Correction Program (VCP) of the IRS Employee Plans Compliance Resolution System (EPCRS)
  • Assisted employers in negotiation and reduction of penalty assessments under the Employer Shared Responsibility rules of the Affordable Care Act, including responses to IRS Letters 226J, and amendment of Forms 1094-C and 1095-C
  • Resolved prohibited transactions (such as delinquent remittance of employee 401(k) contributions) through the U.S. Department of Labor Voluntary Fiduciary Correction Program (VFCP)
  • Represented clients with respect to IRS employee benefit plan audits
  • Resolved delinquent submission of Forms 5500 for multiple welfare benefit plans through the U.S. Department of Labor Delinquent Filer Voluntary Compliance (DFVC) Program
  • Drafted, amended, and restated qualified plan, welfare benefit plan, and cafeteria plan documents

Professional Activities and Speeches

Professional Activities:

  • American Bar Association
  • South Carolina Bar Association
  • Tennessee Bar Association

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