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Should You 'ERISA-fy' Your Severance Plan?
Employers with severance plans need to know whether or not their plans are subject to the Employee Retirement Income Security Act of 1974 (ERISA). And if the employer finds that they are not, it may wish to consider amending the plans to bring them under ERISA. Although most people think of ERISA as applying exclusively to retirement and welfare plans, it can also apply to severance plans. To use the law to best advantage and avoid unpleasant surprises, it is essential to know whether a severance plan is covered by ERISA. Also, knowing these rules will help the employer design (or amend) a plan to take advantage of benefits that are only available to plans governed by ERISA.
When Does ERISA Apply?
Although there are a variety of severance arrangements, ERISA typically applies only to those that require an ongoing administrative scheme, meaning that the employer needs to make certain determinations regarding the plan, such as when someone is eligible for benefits, how the benefits will be paid (lump sum or periodic payments), for how long the payments will be made, and whether payment is triggered due to a one-time event or events that may recur.
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