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Todd A. Solomon is the head of McDermott’s Benefits, Compensation & Employment Practice Group. Todd focuses his practice on designing, amending and administrating pension, profit sharing, 401(k), employee stock ownership and 403(b) plans, as well as nonqualified deferred compensation arrangements. He also counsels privately and publicly held corporations and tax-exempt entities regarding fiduciary issues under the Employee Retirement Income Security Act (ERISA), employee benefits issues involved in corporate transactions, executive compensation matters and the implementation of benefit programs for domestic partners of employees. Read Todd A. Solomon's full bio.

The Forgotten “T” in LGBT: Best Practices for Creating a Transgender-Inclusive Workplace


By on Sep 11, 2018
Posted In Employee Benefits, Employment

Creating a gender identity and/or expression inclusive workplace allows employers to attract and retain talented employees, boosts engagement and productivity, and mitigates risks of legal claims. In a presentation at the 37th Annual ISCEBS Employee Benefit Symposium, Todd Solomon creates a business case for transgender inclusion by exploring legal trends. He discusses best practices for...

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Federal Appellate Court Finds That Title VII Bans Gender Identity Discrimination


By , and on May 31, 2018
Posted In Employment

The US Court of Appeals for the Sixth Circuit ruled on March 7, 2018, that workplace discrimination on the basis of gender identity and gender expression violates Title VII of the Civil Rights Act of 1964. The language of Title VII does not expressly prohibit discrimination on the basis of gender identity. However, the US...

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The Forgotten “T” in LGBT Diversity: Best Practices for Creating a Transgender-Inclusive Workplace


By on Mar 29, 2018
Posted In Employment

Todd Solomon urged employers to “get past” a reluctance to deal with transgender employee concerns and “press the issue in order to create a comfortable and inclusive environment” in the workplace. “Support for LGBT employees must come from the top down in order to be effective, and it has to be evidenced by concrete actions...

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Federal Appellate Court Finds That Title VII Bans Sexual Orientation Discrimination


By and on Mar 15, 2018
Posted In Employee Benefits, Employment, Health and Welfare Plans, Retirement Plans

On February 26, 2018, the US Court of Appeals for the Second Circuit (covering Connecticut, New York and Vermont) ruled that workplace discrimination on the basis sexual orientation violates Title VII of the Civil Rights Act of 1964 (Title VII). The language of Title VII does not expressly prohibit discrimination on the basis of sexual...

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Tax and Benefits Considerations for Service Providers for Family Offices


By and on Feb 22, 2018
Posted In Employee Benefits, Employment, Executive Compensation

Patrick McCurry and Todd Solomon wrote this bylined article on how family offices are using sophisticated techniques to compensate their employees in a tax-efficient manner. “We expect to see the continued use of equity to deliver tax-efficient compensation to family office employees while aligning the economic interests and incentives of the family and the family...

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Fringe Benefits: What Tax Reform Means to the Employer


By , and on Jan 18, 2018
Posted In Employee Benefits, Health and Welfare Plans

The new tax reform legislation includes important changes to the tax treatment of employer-sponsored benefit programs, including transportation benefit programs and moving expense reimbursements. The law also creates a new tax credit for employers who provide paid family and medical leave to their employees. Continue Reading.

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Your Fiduciary Responsibilities and 403(b) Plan Litigation


By , and on Dec 19, 2017
Posted In Benefit Controversies, Employee Benefits, Fiduciary and Investment Issues, Health and Welfare Plans, Retirement Plans

Joe Urwitz, Todd Solomon and Chris Nemeth discuss provisions of The Employee Retirement Income Security Act of 1974 (ERISA) of particular relevance to tax-exempt entities and their investment managers, as well as ongoing litigation against Section 403(b) plans. Continue Reading.

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401(k) Lawsuits on the Rise: Best Practices for Plan Fiduciaries


By on Nov 2, 2017
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans

At the 36th Annual ISCEBS Symposium, Todd Solomon presented best practices for plan fiduciaries to avoid 401(k) plan and 403(b) plan class action lawsuits. Todd discussed fiduciary responsibilities under ERISA as well as potential consequences of breaching fiduciary responsibilities. He highlighted notable cases brought against plan fiduciaries, including those that allege excess plan fees. Todd...

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McDermott Announces Determination Letter Replacement Program, Addressing the Gap in Retirement Plan Compliance


By , , , , , , , , , , , , , , , , and on Oct 10, 2017
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans

Since the announcement by the Internal Revenue Service (IRS) that sponsors of individually designed retirement plans may no longer receive a periodic determination letter, plan sponsors have faced uncertainty about how to demonstrate compliance for their retirement plans. Our McDermott Retirement Plan Compliance Program, a new opinion letter and operational review program for individually designed...

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Private Equity Compliance with ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets


By and on Mar 30, 2017
Posted In Employee Benefits, Fiduciary and Investment Issues

On February 28, Todd Solomon and Maureen O’Brien presented a Strafford live webinar, “Private Equity Compliance With ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets”. ERISA imposes fiduciary obligations on funds that hold employee benefit plan assets, including private equity managers responsible for investing fund assets. Managing those fiduciary obligations requires knowledge...

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