Media Mentions
2007
Paul Hamburger was quoted in the November 5 issue of Defined Contribution & Savings Plan Alert about the Department of Labor’s newly finalized qualified default investment guidelines. Mr. Hamburger commented that all-equity target date funds fall outside of the QDIA rules. "I would expect a vendor would not want to market a fund in that way [100% equity as a default]," Mr. Hamburger said. "It takes you out of the running," he added.
Paul M. Hamburger PC, Employee Benefits & Pensions
Paul Hamburger was quoted in the October 1 issue of HRM Magazine in regard to how the IRS’ proposed rule provides a soup-to-nuts guidance on cafeteria plans, including new guidance on when plans unlawfully discriminate in favor of highly compensated employees. Mr. Hamburger said that under the proposed rule, if there is "one small violation in the plan document or operation, you've blown it" without any opportunity to correct the problem.
Paul M. Hamburger PC, Employee Benefits & Pensions
Paul Hamburger was quoted in the April 2007 issue of PlanSponsor about how Roth 401(k) gives individuals a chance to withdraw their assets tax-free at retirement, but at the same time, they pay taxes up front when they earn the money and contribute it to their 401(k)s. Mr. Hamburger is advising his sponsor clients to wait a bit because of current uncertainty over the tax implications involving a Roth 401(k). “You might first want to let the vendors make all their mistakes on the other guy's plan," Mr. Hamburger said.
Paul M. Hamburger PC, Employee Benefits & Pensions
Paul Hamburger was quoted in the February issue of On Wall Street about the eruption of recent litigation over allegedly excessive and hidden fees in the administration of 401(k) plans. "The reason why these disclosures haven't come sooner] is because it's very difficult to identify and capture what those fees are," Mr. Hamburger said. "A lot of [the fees] are based on the number of participants in that fund, and we don't know today how many are in it," he added.
Paul M. Hamburger PC, Employee Benefits & Pensions
2006
Paul Hamburger was quoted in the November 1 issue of HRMagazine in an article about the new pension law creating HR communication challenges. "Even switching to a cash balance plan might not be enough for some companies, which may have to consider freezing pensions or eliminating them," Mr. Hamburger said.
Paul M. Hamburger PC, Employee Benefits & Pensions
Paul Hamburger was quoted on Forbes.com on October 4 about recent lawsuits charging employers with paying excessive fees for 401(k)-related services, in violation of the Employee Retirement Income Security Act. "These lawsuits are an attack on the whole industry," Mr. Hamburger said.
Paul M. Hamburger PC, Employee Benefits & Pensions
Paul Hamburger was quoted in the August 29 issue of Pension & Benefits Reporter about the Pension Protection Act of 2006 promising needed guidance as to how to treat a qualified domestic relations order when a subsequent QDRO modifies it. Mr. Hamburger said that some plan administrators may have been reluctant to follow the terms of subsequent QDROs because the law was unclear as to how to deal with them.
Paul M. Hamburger PC, Employee Benefits & Pensions
Paul Hamburger was quoted in the June 30 issue of Bankrate.com in an article about a glitch to the COBRA. It guarantees you the right to continue the medical insurance you had when your coverage stopped because of various circumstances, primarily quitting or losing your job. However, it may not protect you if a new job takes you out of the coverage area. "Generally under COBRA, you have the right to continue exactly what you have," Mr. Hamburger. "You only get to keep what you had immediately before the qualifying event, even if it's no longer valuable to you," he added.
Paul M. Hamburger PC, Employee Benefits & Pensions
Paul Hamburger was quoted in the January 6 issue of HR News in an article about the challenges of communicating the value of Roth 401(k)s to workers. The IRS refrained from an aggressive interpretation of the Economic Growth and Tax Relief Reconciliation Act of 2001 in its Roth 401(k) final rule. "Employers should think before adopting Roth contributions to 401(k) plans," Mr. Hamburger said.
Paul M. Hamburger PC, Employee Benefits & Pensions
2005
Paul Hamburger was featured in the November 1 issue of Pension & Benefits Reporter in an article in which he recommends issues to consider for future storm relief measures. "There are some things missing from the Hurricane Katrina relief measures provided by the Internal Revenue Service and the Department of Labor that affect health insurance coverage that should be addressed in any future such relief," Mr. Hamburger said.
Paul M. Hamburger PC, Employee Benefits & Pensions
Paul Hamburger was quoted in HR News Online on September 27 in an article about the Labor Department and IRS invoking an emergency provision in ERISA to suspend deadlines for employee benefits plans, participants and beneficiaries affected by Hurricane Katrina. The Labor Department did not suspend the requirement under COBRA to notify all employees and covered spouses in writing of their COBRA rights when they first become covered by a group health plan, noted Mr. Hamburger. It was irresponsible of the Labor Department to "leave a gaping hole like that" by not suspending this notice requirement as well, he said.
Paul M. Hamburger PC, Employee Benefits & Pensions, Employee Benefits Litigation, Labor & Employment
Paul Hamburger was quoted in HR News Online on September 20 in an article about the COBRA implications of Hurricane Katrina. Due to flood waters and relocation, many workers did not receive notices of their right to health care continuation coverage from employers. For the well-being of displaced workers, many organizations have simply extended health insurance coverage for them. "But that cannot go on indefinitely," Mr. Hamburger said. "Employers in the region will face difficult choices between technically complying with the law and doing-within their means-the best that they can for their employees."
Paul M. Hamburger PC, Employee Benefits & Pensions
Paul Hamburger was quoted in the January issue of D&O Advisor in regard to changes in deferred compensation plans as a result of The American Jobs Creation Act of 2004. "This is a clear example of a bill with little lead time," commented Mr. Hamburger in regard to general counsel and accountants scurrying to get up-to-speed on the details of the law. He also suggested that how executives and independent contractors rewrite contracts signed in previous years will be the law's sleeper issue. "The delay they thought they had concerning deferred compensation will have to be renegotiated," he commented.
Paul M. Hamburger PC, Employee Benefits & Pensions, Executive Compensation, Non-Qualified Deferred Compensation
2004
Paul Hamburger was quoted on October 13 in The Wall Street Journal on new changes in the rules governing deferred-compensation plans passed by the U.S. Congress. "Virtually every deferred-compensation plan or arrangement maintained by companies is going to have to be reviewed and likely amended," commented Mr. Hamburger. He continued by stating the legislation "is not likely to dampen the interest in deferred compensation."
Paul M. Hamburger PC, Employee Benefits & Pensions, Executive Compensation, Non-Qualified Deferred Compensation, Tax
Paul Hamburger was quoted by Forbes.com on June 16 regarding COBRA, which requires employers to let departing employees and their families keep their group health insurance coverage for at least 18 months by paying the full premium (plus an administrative fee) themselves. In May, the Department of Labor issued final regulations spelling out certain of the legal rules, including the content of notice to employees and procedures on notification. Mr. Hamburger commented that employers should retool their COBRA plan documentation and notices to comply with the new rules and mail out new notices to all employees at home. "Employers now have a road map from the government for exactly what they need to do," said Mr. Hamburger.
Paul M. Hamburger PC, Employee Benefits & Pensions
2003
Paul Hamburger was mentioned in the January 6 issue of Legal Times in regard to being named a member of the National Advisory Committee for the Worldwide Employee Benefits Network, a nonprofit professional association.
Paul M. Hamburger PC, Employee Benefits & Pensions
2001
BTI, a management consulting firm based in Boston surveyed more than 170 general counsel from Fortune 1000 companies on a variety of issues, including client satisfaction and service. The survey identified three McDermott Will & Emery attorneys, Paul Hamburger, David Rogers and David Ryder, as providing outstanding client service. The only way to be listed in the survey is to be identified by a client on an unprompted basis. The survey results list 78 lawyers representing 63 law firms, and only four firms, including MW&E were named three times. The BTI Client Service All-Star List for Law Firms was covered by Business Wire on October 9.
