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Note: The number in parentheses ( ) indicates semester hours of credit.
Required Courses:
Fundamentals I of Retirement Plan Issues (3) EB 361
This course and Fundamentals II (EB 362) provide an in-depth examination of the rules governing retirement plans “qualified” under Section 401(a) of the Internal Revenue Code. Intended for the practitioner who wishes to specialize in this area, the course covers the design, qualification, funding and the administration of employee retirement plans, with emphasis on compliance with the requirements of ERISA and the Internal Revenue Code.
Prerequisite: Survey of Retirement Plan Issues or equivalent knowledge
Fundamentals II of Retirement Plan Issues (3) EB 362
This course is a continuation of Fundamentals I (EB 361), intended for the practitioner who wishes to specialize further in employee benefits. The course continues the in-depth examination of retirement plan issues. Where applicable, lectures will be supplemented with necessary plan and trust documents.
Survey of Executive Compensation Plans (2) EB 365
This survey course is intended to provide an overview of the framework of rules governing nonqualified executive compensation, with primary focus on the tax, legal, financial, and accounting issues that specifically impact such arrangements. Funding vehicles such as “rabbi” and secular trusts are discussed. Advanced coverage of executive compensation plans will be addressed in EB 369 (Executive Compensation Benefits: Advanced).
Prerequisite: Individual Income Tax
Recommended: Taxation of Corporations
Survey of Retirement Plan Issues (3) EB 360
This course will survey provisions of ERISA and the Internal Revenue Code concerning the qualification of employee pension and profit sharing plans. By providing an overview of the framework of rules governing such plans, students will learn the basic tax, legal, business and other issues that specifically affect retirement plans and participants’ rights under such plans. When this course is offered in a two-credit-hour format during the summer term, the course number will be changed to EB 359 to reflect that fact. No student will be permitted to take the course in both formats.
Survey of Welfare Plan Issues (2) EB 363
This basic survey course is intended to provide fundamental familiarity with welfare benefit plans. It examines the wide variety of Code provisions governing welfare benefit plans, namely short- and long-term disability income plans, dependent care and family leave, medical and dental plans, death benefit coverage, unemployment compensation, and others. Topics such as flexible benefit plans and flexible spending accounts which provide tax shelters for such welfare benefits will also be discussed.
Prerequisite: Individual Income Tax
Tax & Employee Benefits Research (2) TX 333
This course acquaints students with the large amount of research materials available in the tax and employee benefits areas and develops their skills in researching issues through the effective use of these materials. Primary and secondary sources will be examined in depth. Emphasis will be placed on researching judicial decisions, legislative histories, and administrative rulings. The course will also develop skills in using computerized research tools. No final examination will be given. Student evaluations will be based on various research assignments.
Elective Courses:
Cash or Deferred Arrangements (2) EB 354
This course examines the design and administration of cash and deferred plans (also known as 401(k) plans), SIMPLE/IRA plans, SIMPLE/401(k) plans, SEPs, 403(b) plans and 457 plans. In determining whether to implement a cash and deferred arrangement,
all of the various arrangements will be discussed. Once in place, the ongoing administration of such plans, including annual testing, use of plan loans, investment of plan assets, fiduciary issues, QDRO procedures and reporting and disclosure requirements will be highlighted. Unique uses of cash and deferred arrangements with ESOPs and in executive compensation contexts will also be analyzed.
Prerequisites: Fundamentals I and II of Retirement Plan Issues
Compensation Law: Taxation and Other Legal Issues (3) EB 344
This course will explore how businesses pay compensation to individuals in exchange for services, especially in relation to the following legal issues: (1) how the federal Internal Revenue Code affects the taxation of that compensation to both the individuals and to the business; (2) how publicly traded companies must disclose compensation packages (especially to executives) to their shareholders; (3) how businesses must comply with minimum wage and other labor laws; and (4) how businesses can be liable for discriminatory compensation policies and actions. In addition, as the market for independent legal counsel to compensation committees has exploded in the past few years, we will explore the best legal practices for sound corporate governance resulting from the Sarbanes Oxley Act of 2002. No prior knowledge of federal tax, labor, or securities law is required for this introductory course.
Contemporary Benefit Issues (2) EB 367
This course is intended for the tax practitioner who is well-versed in employee benefits law and wishes to keep abreast of timely issues that affect employee benefit plans. Current topics may include IRS/DOL compliance and audit programs, estate tax planning distributions, fiduciary litigation, and the impact of other federal laws on employee benefit plans (e.g., HIPPA, COBRA, and FMLA).
Prerequisite: Fundamentals I of Retirement Plan Issues
DOL Externship Program (3-4) EB 393
Students selected to participate in this program work with the attorneys at the Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor’s Chicago Regional Office. The educational objectives of this course include practical experience in employee benefits law, development of research, writing and drafting skills, and preparation of memorandum, discovery documents, and guidelines to assist pension investigators and auditors. Professor Kathryn J. Kennedy is the director.
Prerequisites: Fundamentals I and II of Retirement Plan Issues
Employee Benefits Litigation (2) EB 358
This advanced course examines the litigation aspects of controversies and claims involving pension and retirement plans, health and medical plans, and other employee fringe benefit plans. The course covers all aspects of claims, defenses, pleadings, discovery, motions, trial and settlement approaches used in employee benefits litigation and dispute resolution. It is designed for attorneys handling litigation involving employee benefit plans and presumes a working knowledge of ERISA and the qualification requirements for various employee benefits plans under the Internal Revenue Code.
Prerequisites: Survey of Retirement Plan Issues or Survey of Welfare Plan Issues
Employee Benefits Practice and Procedure (2) EB 357
This course examines the federal administration of employee benefit plans under the Internal Revenue Code and ERISA, including requests for determination letters, private letter rulings, technical advice, preparation and filing of annual returns, audit procedures, administrative appeals, funding deficiencies, tax penalties and statute of limitations. Preparation of a determination letter request and plan amendments for a qualified retirement plan will be required.
Prerequisite: Fundamentals I of Retirement Plan Issues
Employee Benefits Practicum (3, 4) Law 397
The Employee Benefits Practicum was added to the curriculum to provide students with a hands-on experience in employee benefits practice. Under careful supervision, the student will work with a member of the adjunct faculty in one of the various settings where employee benefits lawyers practice: law firms, consulting firms, corporations or government. The course is intended to meet the needs of the individual student who has not yet had significant practice experience in the field of employee benefits law.
ERISA Fiduciary Law (2) EB 356
This course is designed to be a practical study of the fundamental structure of fiduciary responsibility under ERISA: the requisites for fiduciary status, the statutory bases of specific duties and prohibitions, and issues surrounding the management of plan assets. Timely topics, such as participant-directed investments and the evolving duty of disclosure, will also be discussed.
Prerequisites: Survey of Retirement Plan Issues and Estates and Trusts I
ESOPs (1) 355
This course focuses on the use of employee stock ownership plans (ESOPs) as employee benefit plans, tools of corporate finance, and ownership succession strategies. The course will address tax consequences of establishing and maintaining such plans, as well as securities, accounting and fiduciary issues. Use of ESOPs in leveraged transactions, by Subchapter S corporations, and in conjunction with cash and deferred arrangements (KSOPs) will be examined.
Prerequisites: Fundamentals I and II of Retirement Plan Issues
Executive Compensation Benefits: Advanced (2) EB 369
This course is a continuation of Survey of Executive Compensation Plans, intended for the practitioner who wishes to specialize further in executive compensation. Various types of equity-based compensation plans and related securities law issues, change of control arrangements, executive compensation for multinationals and tax-exempts, and the uses of insurance in the executive compensation package will all be discussed. Where applicable, lectures will be supplemented with sample contracts and plans. Drafting exercises will be used as appropriate.
Prerequisite: Survey of Executive Compensation Plans
Graduate Seminar: Employee Benefits Law (2) EB 368
This advanced-level course is offered to prepare the student for the real world after leaving the purely academic environment. The course is restructured each time it is offered so that current topics are discussed and so that the most relevant practitioners can participate as guest lecturers. Grades will be determined on participation in seminar discussions and on a specific writing requirement (that will be communicated on the first day of the class).
Prerequisite: Fundamentals I & II of Retirement Plan Issues
Independent Study (1-3) EB 394
Research on an issue of employee benefits law and formation of an original idea in connection with that issue, culminating in a written work of publishable quality.
International Employee Benefits (1) EB 388
This course is intended to familiarize the practitioner with issues arising from the use of employee benefit plans in the international context. Such plans include a variety of deferred compensation arrangements, including qualified pension, profit sharing, stock bonus and ESOPs, as well as nonqualified plans, individual deferral arrangements and stock-based purchase plan. The tax effects of such plans on the U.S. employer, as well as the employee of a multinational company will be discussed.
Prerequisites: Fundamentals I and II of Retirement Plan Issues
IRS Externship Program (3-4) EB 389
Students selected to participate in this program work with the attorneys at the Office of Chief Counsel of the IRS’ Tax Exempt/Government Entities Counsel. The educational objectives of this course include practical experience in tax & employee benefits law, development of research, writing and drafting skills, and preparation of pleadings, discovery of documents, stipulations of fact and trial memoranda used in Tax Court cases.
Prerequisites: Federal Income Tax, Tax /Employee Benefits Research, and Survey of Retirement Plan Issues
Pension Benefit Guaranty Corporation (PBGC) Summer Externship Program in Washington, D.C. (3, 4) Law 391
Students selected to participate in this program work with the PBGC attorneys, accountants and actuaries over the summer months in Washington, D.C. The PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974. It insures private single-employer and multi-employer defined benefit pension plans. The education objectives of this externship include practical experience in defined benefit plans and their terminations; to further develop research, writing and drafting skills; to learn practical lawyering skills of document review and application of law and policy. Consultation with and approval of the director of the program is required for registration.
Pension Rights Center Externship Program (3, 4) Law 396
Students selected to participate in this program will work closely with Pension Rights Center attorneys and personnel. The Pension Rights Center is the country’s only consumer organization dedicated solely to protecting and promoting the rights of American workers, retirees, and their families. It works in conjunction with the Pension Information and Counseling Project that has projects in Illinois, Massachusetts, Michigan, Minnesota, Missouri, New York, Ohio, Texas, and Wisconsin. The educational objectives of this externship include practical experience in developing research, writing, and drafting skills; to learn practical lawyering skills of document review; and to be involved in consumer outreach efforts. Consultation with and approval of the director of the program is required for registration.
Profit Sharing/401k Council of America (PSCA) Externship Program in Chicago (3, 4) Law 390
Students selected to participate in this program work with the attorneys at the Profit Sharing/401k Council of America (PCSA). The PCSA is a national, non-for-profit association that offers assistance to their members regarding the administration, investment, compliance and communication of profit sharing and 401(k) plans. The educational objectives of this externship include practical experience in profit sharing and 401(k) plans; development of research, writing and drafting skills; preparation of memoranda and communication pieces to assist PCSA members. onsultation with and approval of the director of the program is required for registration.
Specialized Employee Benefit Plans (2) EB 366
Intended for the tax practitioner who has a firm foundation of the rules governing retirement plans, this course examines the additional tax rules applicable to specialized retirement plans. Specialized plans discussed include cash and deferred arrangements, state and local governmental plans, tax-deferred annuity plans, multi-employer plans, foreign pension plans, ESOPs, IRAs and SIMPLEs, retirement plans for small businesses and the self-employed, cash balance plans and target benefit plans. Drafting of plan documents will also be discussed.
Prerequisite: Fundamentals I of Retirement Plan Issues
U.S. Department of Treasury Office of Tax Policy, Benefits Tax Counsel Summer Externship Program in Washington, D.C. (3, 4) Law 395
Students selected to participate in this program will work in The Department of Treasury’s Office of Tax Policy over the summer months in Washington, D.C. Each student will be assigned to an Office of Benefits Counsel supervising attorney, who is responsible for the extern’s orientation; introduction to attorneys, accountants and actuaries in that office; assignment of work; and final evaluation of performance. The educational objectives of this externship are to provide students with practical experience in a specialized area of employee benefits law by becoming thoroughly familiar with the legal and policy implications of the Office of Benefits Counsel within the Department of the Treasury. Consultation with and approval of the director of the program is required for registration.
Welfare Benefit Plans: Tax, Legal & Design Issues (2) EB 364
This course goes beyond the basic survey course of EB 363 and examines the specific tax, legal and design rules affecting welfare benefit plans, including flexible benefit plans and flexible spending accounts. Also discussed are the various insurance and self-insured funding instruments, including Section 501(c)(9) trusts that are used in connection with these benefits. Timely topics, such as post-retirement medical benefits for retirees and long-term care, are also discussed.
Prerequisite: Survey of Welfare Plan Issues
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