Retirement plans create value—but also obligations. Whether you’re forming a new business, acquiring one, or managing established benefits, Baumgard + Fedance provides proactive, practical legal guidance to help you meet your fiduciary responsibilities, reduce exposure, and unlock the strategic value of your retirement and compensation programs.

We counsel private businesses, tax-exempt organizations, and governmental entities across industries. Our services cover every phase of plan sponsorship—from plan formation and design to compliance, correction, audit defense, and plan transitions.

Navigating ERISA and the Internal Revenue Code are some of the most challenging aspects of sponsoring a retirement plan. We offer full-spectrum counsel to help plan sponsors understand their fiduciary duties and avoid costly compliance missteps. From plan governance to IRS and DOL investigations, we help keep your retirement programs on solid legal ground.
  • Plan corrections and administrative error resolution
  • Guidance on investment advice and employer securities
  • Prohibited transaction exemption strategies
  • Oversight and design of plan committees and charters
  • Creation and review of investment policy statements
  • Fiduciary insurance advice and governance practices
  • Representation in IRS and DOL audits and voluntary correction programs
  • QSLOB assessment, election, documentation, and ongoing support

Effective retirement plan design goes beyond compliance. It's also a tool to support your broader compensation goals and organizational values. We help clients craft custom strategies that support recruitment, retention, and succession planning, while complying with federal regulations.
  • Drafting and amending plan documents
  • Plan design for private companies, municipalities, nonprofits, and multiple employer plans (MEPs, PEPs, ARPs, GoPs)
  • Governance procedures and fiduciary documentation
  • Executive compensation, stock options, and deferred compensation
  • Participant engagement tools, such as managed accounts, financial wellness programs, and retirement income solutions

For business owners looking to transition ownership, reward employees, or create liquidity, ESOPs and other equity-based compensation arrangements can offer strategic benefits. We counsel clients through the lifecycle of ESOPs and help navigate the interplay between ERISA, securities laws, and tax regulations.
  • Structuring and implementing leveraged and non-leveraged ESOPs
  • Legal guidance on stock transfers and equity-based incentives
  • Compliance with IRS and DOL requirements
  • Integrating ESOPs into succession planning and acquisition strategies

Retirement and benefit plans often carry hidden liabilities in mergers and acquisitions. We work with buyers and sellers to identify and mitigate these risks and ensure benefits programs align with post-transaction business goals.
  • Due diligence and benefits liability analysis
  • Plan terminations, mergers, and compliance reviews
  • Defined benefit plan analysis and funding strategies
  • Assessment of multi-employer and union plan exposure
  • Alternative stock and equity-based compensation structures

Public and tax-exempt employers face a distinct set of rules under the Internal Revenue Code and ERISA. Our attorneys are deeply experienced in the unique legal issues that arise with 403(b), 457(b)/(f), and church plans, and we provide tailored advice that reflects your mission, governance structure, and state law requirements.
  • Church, governmental, and non-profit plan design and ERISA exemption analysis
  • Plan governance consulting, and documentation
  • Ad hoc review of fiduciary decisions
  • Evaluating ERISA elections and state law compliance

Sound fiduciary governance begins with informed decision-makers. We offer customized training and resources to help your internal teams understand their responsibilities and establish practical internal controls.
  • ERISA fiduciary best practices and legal duties
  • Development of internal governance policies and protocols
  • Customized ERISA compliance manuals
  • Investment policy drafting and performance monitoring
  • Fiduciary training for committees, boards, and HR leaders

We advise on the often-overlooked tax treatment of fringe benefits and executive perks. Our experience spans everything from travel and transportation to deferred compensation and FICA compliance for equity-based compensation.
  • Taxation of fringe benefits such as housing, travel, and awards
  • Payroll tax implications of stock-based compensation (e.g., RSUs, options)
  • Executive perks such as personal use of business-owned aircraft
  • 409A compliance and reporting

We counsel plan fiduciaries on how to identify and avoid prohibited transactions under ERISA—and help secure exemptions when needed. When issues do arise, we guide clients through resolution, defense, and voluntary correction programs.
  • Fiduciary governance and ERISA Section 406 compliance
  • Prohibited transaction exemptions and voluntary correction filings
  • Investment oversight involving employer securities or real property
  • DOL and IRS audits, investigations, and settlements
  • Structuring fiduciary insurance and mitigating personal liability

Partnering for Impact

Our goal is to help plan sponsors create retirement and benefit programs that serve your workforce, align with your business strategy, and comply with evolving legal requirements. Whether you’re facing an audit, considering a plan redesign, or simply want to better understand your fiduciary duties, we’re here to help.

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