Overview
McConnell Valdés has the largest Employee Benefits practice in Puerto Rico, handling hundreds of retirement plans. The McConnell Valdés Employee Benefits Practice Team is comprised of attorneys - some of which are exclusively dedicated to this practice – who offer clients timely and cogent counsel on a highly regulated and complex field.
As federal and Puerto Rico employee benefits laws and regulations change, we take a proactive approach in advising clients on everything from executive compensation issues to retirement plans – so that they can attain critical business and human resources goals.
Our clients are prominent manufacturers, retailers, financial service professionals, hospitals and medical service providers, venture capitalists, educational institutions, regulated utilities, not-for-profit and government organizations. We work closely with them to identify issues that impact their benefit programs – and craft solutions that fulfill their benefit needs.
We represent our clients interests through lobbying efforts and by assisting in the drafting of laws and regulations such as the retirement plan provisions in the Puerto Rico Internal Revenue Code of 2011.
The McConnell Valdés Employee Benefits team drafts documentation that governs retirement plans, ensuring that they meet criteria for favorable tax treatment and comply with legal requirements; amends employee benefit plans; assists clients with terminating benefit plans; drafts and implements a full range of executive compensation packages; advises clients on employee benefits and executive compensation aspects arising from corporate transactions such as mergers and acquisitions, as well as workouts and reorganizations; advises clients on Puerto Rico and federal tax issues affecting employee benefit plans; counsels clients on ERISA issues and provides tax advice on employment matters such as severance and settlement payments.
What We Do
The McConnell Valdés Employee Benefits team:
- Designs, establishes, amends and terminates retirement plans
- Drafts plan related documents, including, among others, SPDs, SMMs, SARs; and, negotiation, preparation and execution of deeds of trusts, and service and agency/custodial agreements
- Establishes and qualifies both Puerto Rico and U. S. retirement plans including issues related to the underlying trusts
- Handles employee benefit matters in the mergers and acquisitions’ context
- Offers advice on plan administration, exercise of fiduciary duties and compliance with ERISA, the PR and US Codes.
- Is actively involved in the drafting of Puerto Rico laws and regulations related to retirement plans such as: draft retirement plan provisions in original and technical amendments bills for Puerto Rico Internal Revenue Code of 2011 (2011 PR Code), revise regulations on the taxation of plan distributions and old retirement plan regulations under the prior 2011 PR Code, draft legislation, and regulations for the implementation of Sistema de Retiro 2000.
- Provides seminars in the employee benefits area, including tailored seminars to clients on a variety of employee benefit plan issues
News & Publications
News
- McV Employee Benefits NewsOctober 12, 2018
- New Tax AttorneysNovember 18, 2014
Publications
- An McV Employee Benefits AlertFebruary 1, 2023
- An McV Employee Benefits AlertOctober 4, 2022
- An McV Employee Benefits AlertJanuary 25, 2022
- An McV Tax AlertFebruary 26, 2021
- An McV Employee Benefits AlertFebruary 3, 2021
- An McV Tax AlertNovember 18, 2020
- An McV Employee Benefits AlertJune 30, 2020
- An McV Employee Benefits AlertApril 30, 2020
- An McV Tax AlertApril 22, 2020
- An McV Employee Benefits AlertApril 2, 2020
- An McV Employee Benefits AlertMarch 31, 2020
- An McV Employee Benefits AlertMarch 19, 2020
- An McV Employee Benefits AlertMarch 3, 2020
- An McV Employee Benefits AlertJanuary 14, 2020
- An McV Employee Benefits AlertNovember 21, 2019
- An McV Employee Benefits AlertJanuary 9, 2019
- An McV Employee Benefits AlertJanuary 2, 2019
- An McV Employee Benefits AlertDecember 14, 2018
- An McV Employee Benefits AlertNovember 15, 2018
- An McV Employee Benefits AlertNovember 7, 2018
- An McV Employee Benefits AlertAugust 1, 2018
- An McV Employee Benefits AlertJanuary 22, 2018
- An McV Employee Benefits AlertDecember 4, 2017
- An McV Employee Benefits AlertNovember 21, 2017
- An McV Employee Benefits AlertMay 10, 2017
- An McV Employee Benefits AlertFebruary 10, 2017
- An McV Employee Benefits AlertJanuary 19, 2017
- An McV Employee Benefits AlertJanuary 16, 2017
- An McV Employee Benefits AlertJanuary 9, 2017
- An McV Employee Benefits AlertDecember 19, 2016
- An McV Employee Benefits AlertMarch 17, 2016
- An McV Employee Benefits AlertMarch 14, 2016
- February 9, 2016
- January 4, 2016
- Incentives Act for the Payment of Taxes Prior to the Tax TransformationApril 1, 2015
- January 28, 2015
- Act. No. 238December 24, 2014
- PR Treasury Announces 2015 Retirement Plan LimitationsDecember 18, 2014
- Windsor Amendments Deadline ApproachingDecember 3, 2014
- PR Treasury issues Circular Letter of Tax Policy No.14-02October 1, 2014
- IRS Revenue Ruling 2014-24September 2, 2014
- Tax Prepayment on Accrued Value of Retirement Plan BenefitsAugust 11, 2014
- Post-Windsor Amendments to Puerto Rico Qualified PlansJune 10, 2014
- PR Treasury Announces 2014 Dollar Limitations for Qualified Retirement PlansFebruary 12, 2014
- Deadline to File Protective Refund ClaimFebruary 5, 2014
- DOMA Impact on Puerto Rico Employers and the Administration of Retirement and Health Benefit PlansOctober 8, 2013
- Extension for the Adoption of Plan Amendments and Filing of Qualification RequestsJune 10, 2013
- Deadline Approaching for Filing Plan Restatements and Certain Specific AmendmentsApril 10, 2013
- PR Treasury Clarifies Rules of Taxation Applicable to Distributions made by Retirement PlansJanuary 30, 2013
- Extension of Time to Adopt Retirement Plan Amendments and to File Requests for Qualification under PR Internal Revenue Code of 2011November 29, 2012
- Treasury Clarifies Limit on Deductions for Contributions to Trusts Funding Qualified Defined Benefit PlansNovember 12, 2012
- PR Treasury Issues Circular Letter to Establish Dollar Limitations for Qualified Retirement PlansNovember 12, 2012
- Deadline Approaching for Plan Qualification Requirements under the 2011 PR CodeJune 20, 2012
- PR Treasury issues guidance regarding Title I ERISA PlansMarch 1, 2012
- IRS Extends and Expands Relief Provided for Transfer of Assets from U.S. Retirement Plans to Retirement Plans in Puerto RicoDecember 29, 2011
- Puerto Rico Treasury to Issue Guidance Providing a 2013 Deadline for Puerto Rico Qualification of Retirement PlansDecember 13, 2011
- 2011 PR Code Qualified Retirement Plan Provisions are finally AmendedDecember 12, 2011
Employee Benefits Group
- (Practice Leader)
- (Practice Leader)