- Prepared and negotiated more than 60 voluntary compliance filings and closing agreements with the IRS under the Employee Plans Compliance Resolution System for qualified retirement plans and 403(b) plans for large clients (companies with 300,000 or more employees) and smaller clients.
- Negotiated a closing agreement saving more than $1 million in additional taxes and penalties in a fringe benefit dispute.
- Reduced a proposed closing agreement penalty of greater than $2 million to $75,000 in a 403(b) audit.
- Successfully negotiated a dispute involving 457(f) plans for key executives resulting saving more than $100,000 in penalties.
- On behalf of a health care organization, was able to reduce an IRS proposed closing agreement fee from $1.5 million down to $75,000.
- Represent FORTUNE 500 companies in compliance issues associated with their 401(k) plans and defined benefit plans.
- Draft, amend and advise on legal compliance with cash balance plans for FORTUNE 500 companies, as well as smaller professional service companies.
- Regularly conduct legal plan audits for qualified retirement plans to identify legal risks prior to potential audits by IRS or DOL.
Retired Partner,
- Phone: +1 404 881 7469
When faced with federal audits and ERISA issues, Fortune 500 clients called on Craig for counsel to proactively hedge their risks. He represented companies in disputes before the IRS, DOL and PBGC. He has a track record of preparing and negotiating filings and closing agreements that saved clients millions of dollars in taxes and penalties.
Craig Pett concentrated his practice on ERISA, qualified retirement plans, and executive compensation. His practice included advising clients on matters involving defined benefit pension plans, 401(k) plans and ESOPs; executive compensation issues arising under Code Section 409A; legal audits and dispute and voluntary resolution with the Internal Revenue Service, Department of Labor and Pension Benefit Guaranty Corporation (including agency audits and voluntary correction of errors involving qualified retirement plans); merger and acquisitions involving ERISA plans; 403(b) plans and other qualified and nonqualified retirement plans for tax-exempt entities; early retirement windows and initiatives; and executive incentive and deferred compensation.
Craig was an adjunct professor at Emory Law School in Atlanta, Georgia, where he taught the ERISA and Deferred Compensation course. He was on the Editorial Advisory Board of the Benefits Law Journal. He was also a contributing editor to the legal treatise “401(k) Plans,” published by the Employee Benefits Institute of America, in which he authored or co-authored chapters addressing voluntary correction programs with the Internal Revenue Service (IRS) and Department of Labor (DOL), how to conduct self-audits of 401(k) plans and responding to governmental audits of 401(k) plans by the IRS and DOL.
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General Publications Autumn 2016"Life in Plastic Could Be Fantastic: Considerations for the Use of Electronic Payment Cards to Pay Pension Benefits," Benefits Law Journal, Autumn 2016.This article evaluates some of the risks and rewards of private plan use of electronic payment cards to pay periodic benefits payments. It also discusses issues plan sponsors should consider as they contemplate switching from paper to plastic. Although the focus is on defined benefit pension payments from ERISA plans, the principles discussed can be extended to most periodic benefit payments.General Publications Autumn 2016"Life in Plastic Could Be Fantastic: Considerations for the Use of Electronic Payment Cards to Pay Pension Benefits," Benefits Law Journal, Autumn 2016.This article evaluates some of the risks and rewards of private plan use of electronic payment cards to pay periodic benefits payments. It also discusses issues plan sponsors should consider as they contemplate switching from paper to plastic. Although the focus is on defined benefit pension payments from ERISA plans, the principles discussed can be extended to most periodic benefit payments.
Bar Admissions
- Georgia
Education
- Brigham Young University (J.D., 1985)
- Brigham Young University (M.Acc., 1985)
- Brigham Young University (B.S., 1981)
Memberships
- Fellow of the American College of Employee Benefits Counsel
- The Best Lawyers in America© (since 2008)
- Georgia Super Lawyers (since 2007)
- Vice-Chair, subcommittee on 403(b) plans, 457(f) plans and governmental plans, Section of Taxation, American Bar Association