ERISAfire offers the best, most accurate compliance work product in the industry. We mean what we say, and we put our money where our mouth is. All ERISAfire professional services carry a million-dollar warranty backed 100% by a combination of cash in the bank and a lawyers professional liability insurance policy, ensuring that the protection we provide is very real.
This warranty applies generally to ERISAfire professional service work product. (For the Wrap+ legal opinion and warranty see this article.) Legal opinions formally documenting this warranty for a specific project are issued for plan documents, Forms 5500 and nondiscrimination testing. Legal opinions for other projects can be provided upon request.
The scope of the legal opinion and warranty varies from project to project, obviously, but these are the general terms that apply to all legal opinions and ERISAfire's industry-leading million-dollar warranty.
Warranty General Terms
Whether work product is delivered by an attorney or paralegal, one of the attorneys affiliated with the law firm of LeFevre Law PC (the “Firm”) will have examined it. The Firm will have reviewed these documents and applied both its knowledge of ERISA and the Internal Revenue Code and its experience with ERISA compliance matters. Where necessary, the Firm will have made changes to the work product, which changes are reflected in the final versions delivered to the client. Specific statements of compliance will be issued for plan document, Form 5500 and nondiscrimination testing results. Specific statements of compliance can be issued for other projects upon request.
The warranty covering ERISAfire professional service work product is issued by the Firm, which is backed by a policy of professional liability insurance having limits of at least $1,000,000 per claim and $1,000,000 in the aggregate. The Firm shall at all times maintain sufficient cash or cash-equivalents to satisfy the deductible for such policy. A copy of the declarations page from such policy can be provided upon request.
Audit Defense Guarantee General Terms
For plan document, Form 5500 and nondiscrimination testing projects, in the event the client is subject to any governmental audit or inquiry regarding the plan documents—including an audit or investigation by the U.S. Department of Labor, the U.S. Department of Health and Human Services, and/or the Internal Revenue Service—the Firm covenants and guarantees that it will provide legal counsel to represent the client in such audit or investigation to the extent such audit or investigation relates to the compliance or sufficiency of ERISAfire's or the Firm's work product, at no additional cost to the client; provided that the work product was timely and properly executed upon (e.g., signed, filed, recommendations implemented, etc.). Requests for audit defense pursuant to this guarantee must be made within two years of the date of work product delivery, or such other date as is provided in a specific project's legal opinion.
The Firm’s opinions and covenants shall be considered “issued,” only upon proper and timely execution of the work product by the client (e.g., signing, filing, implementation of recommendations, etc.). Any statement of warranty, guarantee or opinion or statement of compliance (collectively, "opinions") shall be interpreted in accordance with the legal opinion principles issued by the Committee on Legal Opinions of the American Bar Association’s Section of Business Law as published in 57 Bus. Law. 75 (2002).
The opinions are limited in all respects to the federal law of the United States as it exists on the date given. The Firm expresses no opinion with respect to the law of any other jurisdiction, and it assumes no obligation to update its opinions or to advise of any changes in facts or laws subsequent to the date of issuance. Similarly, the audit defense guarantee covenant applies solely to the compliance and sufficiency of the work product as of the date provided, and the Firm has no obligation to tender defense to the extent of any intervening change in the law or facts.
As to certain matters of fact, the Firm will have relied on factual representations made by the client and its insurance consultant, and the Firm will not have independently established the facts. Notwithstanding the Firm’s reliance on such factual representations, the Firm will have reviewed its work product to ensure that, as written in the plan documents, they are in compliance as stated in the opinion for such work product. For example, and without limiting the foregoing, with respect to a plan document project, the Firm will have accepted as true that the eligibility and waiting period requirements of the plan are as stated in the plan documents, and it will not have undertaken an independent investigation to determine if, in fact, the client is using different eligibility requirements; it will, however, have reviewed the eligibility provisions as written in the plan documents to determine whether or not they comply with ERISA and the Internal Revenue Code.
Opinions are delivered in connection with a specific project for a specific client, may be relied upon only by that client in connection with such project and may not be relied upon by the client for any other purpose. Opinions may not be relied on by, or furnished to, any other person or entity without the Firm’s prior written consent; and, without limiting the foregoing, may not be quoted, published, or otherwise disseminated, without in each instance the Firm’s prior written consent.
Except to the extent necessary to perform the audit defense guarantee covenants herein, the client's limited-purpose engagement of the Firm shall terminate upon delivery of the work product (or earlier if the project is abandoned, as stated in ERISAfire's end user license agreement and the Firm's limited-purpose attorney engagement terms). The Firm will retain client legal files for a period of seven (7) years after the date of issuance. At the expiration of the 7-year period, the Firm will destroy these files unless the client notifies the Firm in writing that it wishes to take possession of them. The Firm will not notify clients upon the expiration of the 7-year period. The Firm reserves the right to charge administrative fees and costs associated with researching, retrieving, copying and delivering such files.