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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Pension Fund Cannot Terminate Participant's Benefits Because the Employer Stopped Contributing

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  Employees of Chicago companies that are subject to a collective bargaining agreement ("CBA") frequently wonder what will happen to their   pension benefits   if the employer goes belly up, or otherwise does not contribute to the pension fund. Sometimes the owners of these small employers are also employees themselves who perform work for the employer, the scope of which is covered b the CBA. The problem is that multiemployer plans depend on contributions from the employers that sign the CBA to fund the benefits the plan promises, so will the plan pay benefits to an employee or owner-employee from a non-contributing employer? The answer is almost always yes, unless the fund must impose benefit restrictions due to its funding level. Multiemployer plans are permitted to sue noncontributing employers for delinquent contributions under ERISA § 515.  https://askcompetentlawyer.com/  But the plan may not withhold benefits from employees, or even owner employees,...
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What Every Injured Person Needs to Know about ERISA Governed Health Insurance Plans

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  My office receives calls daily from employees, executives and managers in Chicago who claim their   health insurance   will not pay for a procedure. Some of the time, the plan does not even dispute that the claimed treatment or procedure is covered by the plan. So why won't the plan pay? The answer is two words: reimbursement and subrogation. The plan claims that it once paid benefits due to an injury caused by a third party and you recovered for that injury. I have seen plans withhold benefits years after the purported overpayment. After Great-West Life & Annuity Insurance Co. v. Knudson and Sereboff v. Mid Atlantic Medical Services, Inc., many plans have gotten particularly aggressive in enforcing subrogation and reimbursement rights. Nearly all plans include language to the effect that if the plan pays benefits for an injury caused by a third party, and you recover anything from the third party, by judgment or settlement, then the plan must be reim...
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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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