January 07, 2009

Venable Partner Barabara Schlaff quoted in Baltimore Sun article on benefit safeguards

1 min

A December 21, 2008 article in the Baltimore Sun discussed the protections for employee benefits, even if an employer files for bankruptcy.

The article outlined the safeguards for 401(k), traditional pensions, insurance, wages and severance. Barbara Schlaff, a partner in Venable's employee benefits and executive compensation practice group, commented on the safeguards for traditional pension plans in the article.

"While any pension benefits you've accrued to date are protected, an employer can always change the plan formula going forward." According to Schlaff, many employers also have frozen costly pension plans. "Some exclude new hires from a plan, while others won't allow workers to accrue additional benefits after the freeze sets in."