Mark Baumann, an of counsel attorney in Maslon's Business & Securities Group, was interviewed for a June 2017 Minnesota Business Magazine article titled "Choosing the Right Benefits Provider & Package." The article details what employers can do to ensure their benefits packages are competitive and meet their obligations. Mark identifies four key questions and one rule of thumb for business owners and HR professionals to address, including "What do my employees do?" and "How do I pick the right partner?"
Mark states, "Picking your outside [benefits] provider is the hardest part. One thing you don't want to do is say, 'Hey, my brother-in-law does this and I want to give him some business.' You must do your due diligence." He adds that in his experience, "cheap administrators are cheap for a reason: they're prone to sloppy work that can be expensive to clean up."
To read the full article online, go to: "Choosing the Right Benefits Provider & Packages," Minnesota Business Magazine.
Mark's practice is primarily tax-related, including employee benefits, executive compensation (current and deferred), equity-based incentive plans, tax planning and tax disputes, partnerships, joint ventures, limited liability companies, other closely held businesses, professional firms, and tax-exempt organizations. Mark has designed many retirement plans that maximize tax-deferred benefits for executives and business owners, and he works closely with actuarial consultants to attain those results. Mark has also drafted flexible benefit plan documents and related employee summaries that combine all of an employer's health and welfare and "cafeteria" programs into a single plan for reporting and disclosure under ERISA.