California Business Attorneys Helping Employers With Cost Claims and Contributions
Legacy liabilities refer to the cost that companies pay in healthcare for workers and the costs that companies face in paying pension plans for retired employees. Older companies may face higher legacy liabilities because they may have many workers drawing pensions and receiving healthcare benefits. Meanwhile, employers with legacy liabilities may face additional costs above and beyond paying labor costs.
Managing retiree pension funds and benefits packages can be one of the more complex business issues that established companies can face. It is important to ensure that your pension plans are properly funded and that you are aware of your liabilities going forward, especially if you plan to restructure your business in the near future. However, with an experienced team of California business lawyers on your side, your company can negotiate some of the tougher legacy liability issues your company may face.
Kevin Jamison Law, PC can assist your company or firm with all aspects pertaining to healthcare, pension plan and retiree liabilities. We understand that finding a balance between upholding or advancing your business goals and providing for your employees is key, but it can often be a difficult task to accomplish. Your company’s objectives may clash with the needs of your workers, so we act as the bridge between both parties, working in tandem with corporations, employees, unions, lenders and other decision makers to attain a solution that benefits all parties involved.
Finding the Balance Between Employee Benefits and Employer Bottom Lines
If you own a business and provide benefits to your employees, you know all too well that there is fine line between offering your workers the benefits they deserve and maintaining your bottom line. Unfortunately, the costs imposed on employers to provide pension plans and medical benefits for their employees are rising, to the detriment of both parties. Employers are finding it increasingly difficult to keep up with everchanging market conditions, and the result – while it may not be intentional – is a reduction in employer contributions for legacy funding.
If you face a legacy liability concern, you are not alone. Fortunately, you have the ability to seek legal counsel and tackle these issues quickly and successfully. Accounting for your corporate structure, taxes and existing employee benefit policies, our firm can help you restructure your business and liabilities, as well as guide you in developing a successful strategy that is tailored to your unique workplace dynamic.
If your company is undergoing major changes or even bankruptcy, you may want to have an attorney experienced in legacy liability matters on your side to help you understand your obligations and resolve some of the more difficult concerns that more established companies face. At the end of the day, many legacy liability concerns can be resolved through careful and conscientious negotiation strategies. The KJ Law team works with regulators, unions, employees, business owners and other stakeholders to help you resolve your concerns and get you the desirable results you seek as you restructure your business.
Questions About Legacy Liability? Speak With Our California Business Attorneys Today
If your company is considering bankruptcy or restructuring, you need to consider how legacy liabilities will play a role in the process. When you need to meet government regulations, negotiate strategies and provide for the needs of your employees, you need a qualified attorney on your side. Call (626) 314-1830 to schedule a free consultation with the legal team at KJ Law. Our firm can help your company find a legal solution that works.