Stevens Law Firm


 

Routinely working with driven, bright, and talented people. Helping to build businesses. Facilitating the development and advancement of technology. Pursuing and solving litigation issues. Assisting entrepreneurs in achieving their dreams.

For us, this isn’t work. We genuinely enjoy connecting with ambitious individuals and promising companies and playing key roles in the development of both, by offering innovative and efficient legal solutions. We’d love to get to know you more. Let us know today how we can help you.

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Why Your Executive Employment Agreement May Reference Dodd-Frank Clawback Policy

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 Executives in Chicago may be puzzled to begin seeing vague references to new compensation clawback policies in their executive employment agreements. Section 954 of the Dodd-Frank Wall Street Reform Act requires, as a condition of the employer's securities being listed on a national securities exchange or association (such as NYSE, NASDAQ, etc.), if the employer must restate any financial statements because of "material noncompliance" with the securities laws, then the issuer will recoup from any current or former executive officer during the 3 years preceding the date the employer had to restate those financial statements all amounts paid in incentive based compensation that exceeds what would have been paid under the restated financials. Executive Compensation lawyers who advise employers mostly agree the executive employment agreements need to mention the clawback policy. However, the employers' lawyers advise to avoid being specific about the terms of the clawba
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Don't Forget to Update Your Beneficiary Designations on Employer Sponsored Retirement or Life Insurance Plans

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  Executives and employees participating in employee benefit plans in Chicago received a reminder this week about why it is important to keep track of your benefit plans' beneficiary designations, and update those designations when appropriate. Many people may think they can enter into binding agreements with others, such as family members or former spouses, about entitlement to or waiver of benefits under an employee benefit plan, like a pension or life insurance. Lawyer office in Ohio . However, if the plan is one covered by ERISA, those agreements, even if part of an agreed court order, will have no bearing on what the benefit plan administrator does with any proceeds if inconsistent with the beneficiary designation. The United States Court of Appeals for the Seventh Circuit reiterated this point in Jackman Financial Corp. v. Humana Insurance Co., No. 10-2112, Slip Op. (7th Cir. May 31, 2011). In that case, Mr. Torrence was a participant in a group term life insurance policy of
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Courts Still at Odds over What Language Grants Discretion to an ERISA Plan Administrator

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  Employees in Chicago that are participants in any employee benefit plans should pay attention to the growing divide among Courts of Appeals over whether "satisfactory to us" is language in a plan sufficient to vest the plan administrator with discretion to interpret plan terms and make benefit determinations. When the administrator has such discretion, a court reviewing the administrator's decision will do so under an abuse of discretion standard--whether the decision was reasonable, not whether it was right. The United States Court of Appeals for the Third Circuit joined the ranks of courts in holding such language requiring a participant to provide proof of a loss "satisfactory to us" does not confer discretion on the administrator of the plan. Viera v. Life Insurance Company of North America, No. 10-22810, Slip Op. at 19 (3d Cir. June 10, 2011). Lawyer office in Ohio . The Third Circuit joined the ranks of the Second, Seventh, and Ninth Circuits in holding
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