Biography

Mr. Flanagan is a partner specializing in the areas of Employee Benefits & Executive Compensation. He serves as lead employee benefits counsel to many companies, both public and closely held. He counsels companies with regard to qualified and nonqualified retirement plans, health and welfare plans, as well as cash and equity-based incentive compensation programs.

Mr. Flanagan advises trustees, boards of directors, investment committees, plan administrators and plan fiduciaries regarding their powers and responsibilities under the Employee Retirement Income Security Act of 1974 (ERISA) and laws governing fiduciary conduct. He assists fiduciaries with review of practices and procedures for analyzing, making, and monitoring investments to ensure ERISA compliance. Mr. Flanagan advises fiduciaries on matters involving conflicts of interest, prohibited transactions, reimbursement of appropriate administrative expenses from plan assets, claims for benefits, resolutions of disputes with contracting parties, and participant claims of breach of fiduciary duty. He has conducted numerous ERISA fiduciary compliance reviews and training sessions for retirement plan investment and administrative committees as well as claims administrators. Mr. Flanagan has also advised professional investment managers regarding their status as qualified professional asset managers (QPAMs) and their duties under ERISA to develop prudent policies and procedures for selecting, allocating, recommending, negotiating, monitoring, and disposing of investments for the manager's employee benefit plan clients.

Mr. Flanagan also advises employers about the design, drafting, and administration of qualified retirement and pension plans, executive compensation arrangements, equity-based incentive plans, severance plans, and other welfare plans, such as health plans, life insurance, long-term disability, long-term care policies, flexible spending accounts, retiree health plans, and in the establishment of tax-exempt voluntary employees' beneficiary associations (VEBAs).

Mr. Flanagan has counseled employers designing severance packages in conjunction with reductions in force. With respect to tax-exempt and governmental entities, Mr. Flanagan has experience with eligible deferred compensation plans and tax-sheltered annuity programs under Sections 457 and 403 of the Internal Revenue Code. He also has negotiated third-party provider contracts for administrative services to qualified retirement plans, nonqualified deferred compensation plans, and health benefit plans. He has counseled numerous employers concerning the vested contractual rights issues implicated by their retiree health programs, and potential funding vehicles for them.

Mr. Flanagan has represented clients in disputes and negotiations with the Internal Revenue Service, Department of Labor and Pension Benefit Guaranty Corporation, and in ERISA litigation. He also assists companies with the employee benefits issues that arise in mergers and acquisitions.

Education

Admissions

• Illinois