WHY BENEFIT FUNDS NEED LEGAL COUNSEL
The regulation of welfare benefits under the Internal Revenue Code (Code or IRC) is substantial. It governs the tax treatment of employer and employee contributions to welfare benefit plans, such as health, vision, dental, life, dependent care assistance, educational assistance, health expense reimbursement, and cafeteria plans. These Code requirements govern the formation and ongoing administration of all welfare benefit plans established and operated in the United States.
In addition to the IRC requirements, many other ever-evolving federal and state laws impose additional complex requirements on welfare benefit plans, resulting in a legal landscape that is difficult to maneuver without competent legal counsel.
HOW YOUR LOCAL'S BENEFIT FUND CAN GET THE HELP IT NEEDS
Several NYSUT local associations have established formal benefit funds. Other locals may not have formally created a benefit fund but may be providing benefits that require compliance with state and federal laws. A local's Labor Relations Specialist (LRS) can help determine what level of support that a local requires when it comes to offering benefits.
The NYSUT Accounting Department can also assist benefit funds with their financial operations, including best practices, fiduciary responsibility, regulatory issues, and much more. Please contact Jaclyn Ferrucci, Deputy Director of Finance, at
jaclyn.ferrucci@nysut.org or Amy Ethier, NYSUT Accountant, at
amy.ethier@nysut.org. They can also be reached by calling
800-342-9810.
SPECIAL OFFER FROM MEMBER BENEFITS
NYSUT Member Benefits can also assist your local's benefit fund. This website contains a variety of information regarding various benefit fund-related topics. Member Benefits also holds a biennial Member Benefits Conference that offers face-to-face presentations from experts on key topics of interest to benefit funds such as best practices, fiduciary training, and compliance with applicable laws.
Do you need to speak with an attorney? Member Benefits has contracted with the law offices of Blitman & King and Lipsitz Green Scime Cambria to provide a free one-hour consultation to locals and benefit funds that have any questions they would like to discuss. Both firms provide competitive rates to NYSUT locals and benefit funds. To access their services, please contact the Benefits Coordinator covering your region.