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Thursday
May172001

You Must Revise Retirement Plans Before IRS Deadline

If your organization has a 401(k) or other qualified retirement plan, you may face horrific penalties if you don't revise your plan documents before upcoming IRS deadlines.

There have been numerous changes in the laws governing retirement plans. Existing plans must be revised to comply with those laws. If you fail to revise your plan before the deadline, you could be penalized as much as $20,000 to $30,000.

The deadline for submitting plan revisions ranges from December 31, 2001 to some time next year. It is best to get started now however, because the process may take some time.

We do not work on retirement plans. However, because of the scale of the penalties involved, we want to alert all LegalBrief subscribers to this problem.

DON'T: Don't put this matter off. If you have a 401(k) or other retirement plan, have your plan reviewed by a retirement planning specialist without delay.

DO: Do begin the process of revising your retirement plan now. Some employers will only need to fill out a form. For others, however, the process will be more complicated and the help of a benefits expert will be necessary.

DO: Do call us if you would like a referral to a benefits expert. We do not practice in this area but we know others that do.

LEGALBRIEFS ARE BACK!

It has been awhile since our last issue of LegalBriefs. During the hiatus, many of you told me how much you appreciate LegalBriefs and how you were hoping they would continue.

Your kind words and support are appreciated.

Do not fear, LegalBriefs are continuing. We just took a break to develop a couple of new programs that will help employers take advantage of the latest strategies for solving employee problems and preventing employee lawsuits. We are quite excited about these new programs.

We have developed database systems that allow us to produce customized employment forms for Oregon employers. These are the forms from hiring to firing that we wish our clients were using to ensure that their employees are treated fairly while protecting the employer from frivolous claims. We can now provide customized updated forms each year and throughout the year as necessary so that employers have the latest legal protection without spending time following the latest employment law decisions themselves.

An even more ambitious project is our database system for creating employee handbooks and tracking the handbook provisions of each client so that we can provide updated employee handbooks each year that comply with the latest employment law changes while retaining all of the custom provisions that are unique to that particular employer.

We will be letting you know more about the Employment Form system and the Employee Handbook system in the future. As far as we know, we may be the only law firm in the country offering these unique services to our clients. This meant, however, that we had to draft the forms and develop the database system from scratch. This took us away from LegalBriefs temporarily but we are pleased to say that we are back!

SBA LOAN SEMINAR

From time to time, we pass along information from others that may be of value to our LegalBriefs subscribers. This is one of those instances.

Pacific Continental Bank is hosting a Small Business Administration Lending Seminar on Tuesday June 5, 2001 at the Valley River Inn at 9 to 11 a.m. The seminar will cover:

- Uses of SBA financing.
- Benefits of SBA financing.
- Eligibility guidelines, application & approval process.

If you are interested in attending this free seminar, you can register by providing your name, company, phone number, fax number and email to Krista Riddle by email at krista.riddle@therightbank.com, by fax at 541-344-2843 or be telephone at 541-984-2345. You can also tell Krista specific topics you would like to see addressed at the seminar.

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