Lori L. UnderbergerOf Counsel
Lori L. UnderbergerOf Counsel
Lori understands that it is her client’s business objectives that drive the makeup of a sound and practical compliance strategy.
Lori’s practice includes the drafting and administration of qualified pension, profit sharing and 401(k) plans, employee stock ownership plans, cafeteria plans, and nonqualified benefit plans. She advises and strategizes with her clients on day-to-day issues that arise as well as on all aspects of plan design, operations and procedures. Lori represents corporations, municipalities and tax-exempt organizations.
Lori assists plan sponsors with ERISA reporting and disclosure requirements, including Pension Benefit Guaranty Corporation notice of reportable events requirements and correction of missed/late filings. She reviews and negotiates plan service contracts with vendors. Lori counsels plan sponsors and fiduciaries regarding their ongoing fiduciary responsibilities.
Lori frequently deals with the Internal Revenue Service and the Department of Labor regarding tax qualification of defined benefit and defined contribution plans, and the numerous issues that arise in the administration of these plans, voluntary correction submissions, and plan audits. Her experience includes counseling clients on correction of compliance issues and preparing submissions under the Internal Revenue Service Voluntary Correction Program and the Department of Labor Delinquent Filer Voluntary Compliance Program. Lori routinely assesses potential risks in the merger and acquisition context from the initial due diligence of reviewing retirement plan documents and company procedures to assessing potential risks and analyzing whether plans should be maintained, merged or terminated, drafting plan merger documentation, plan termination submissions, and participant communications.
Lori advises employers on issues relating to health and welfare plans, including insured and self-insured medical plans, cafeteria plans, wellness programs, flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), and high deductible/health savings account (HSA) arrangements. She drafts and amends nonqualified deferred compensation plans, including supplemental executive retirement plans (SERPs) and 457 plans, and advises on the applicable federal tax requirements. She also reviews and drafts qualified domestic relations orders.
Her background also encompasses research on the intricacies of 409A nonqualified deferred compensation plans and the drafting of wrap documents for health and welfare plans.
- Counseled municipalities on Internal Revenue Code requirements applicable to governmental retirement plans.
- Participated in mediation on behalf of municipality concerning employee eligibility and entitlement to a retirement benefit.
- Counseled a municipality during collective bargaining negotiations on proposed pension plan changes.
- Advised a municipality on Health Savings Account contribution limits and correction of excess contributions.
- Facilitated calculation of employee’s retirement benefit factoring in pension plan provisions and nonqualified deferred compensation plan.
- Handled restructuring of company’s profit sharing into 401(k) plan to encourage employees to save for retirement and negotiated service contract with company’s new record keeper.
- Analyzed pension plan compensation definition in relation to company operations, advised company on correction options, and guided company through self-correction process.
- Served as outside employee benefits counsel for a community hospital, including providing advice on the impact of, and options to address, tax law changes on the hospital’s nonqualified deferred compensation plans.
- Assisted employers and plan fiduciaries on navigating plan operation and compliance issues and counseled on issues of fiduciary responsibility.
- Represented a municipality on the redesign of its retirement plan program and facilitated conversion to a new document provider, record keeper, and investment platform.
- Advised a municipality on rehire issues, including rehire after retirement and in-service distributions.
- Prepared and presented "Overview of Fiduciary Duties" to trustees of governmental entity pension plan.
- State of Connecticut
- George Washington University Law School, J.D.
- Brandeis University, B.A. (cum laude)
Professional & Community Involvement
- Connecticut Bar Association
- American Bar Association
- Congregation B'nai Israel
- Board of Trustees, Treasurer (2012-2016)
- Budget Committee (2012 - present)
- Investment/Endowment Committee (2014 - present)
- Senior Staff Relations Committee (2022)