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Michael Chittenden is an associate in the firm’s employee benefits and executive compensation practice group. Mr. Chittenden counsels clients on all aspects of employee benefits and executive compensation arrangements, including compliance with the Internal Revenue Code and ERISA, plan administration, the treatment of employee benefits in corporate transactions, and ERISA litigation. His practice covers tax-qualified retirement plans, equity compensation, and nonqualified deferred compensation plans, among other areas.
Prior to joining Covington, Mr. Chittenden was Director, Retirement Legislation & Regulation at The ERISA Industry Committee (ERIC), a national trade association that represents the interests of large employers on employee benefits and compensation issues. In his role at ERIC, he engaged relevant Congressional committees and regulatory agencies across a diverse range of retirement-related issues, including cash balance plans, Pension Protection Act (PPA) funding and benefit restriction regulations, proposed PPA hybrid plan regulations, qualified and eligible automatic contribution arrangements, fee disclosure litigation, legislation, and regulation, and Congressional efforts to impose new limitations on nonqualified deferred compensation.
Representative Matters
- Advised a Fortune 100 company on the use of assets in its section 401(h) account.
- Represented amicus curiae in an ERISA class action alleging imprudent selection of investment options.
- Drafted comment letter to the Department of Treasury and Internal Revenue Service on the treatment of participant-directed cash balance plans under proposed hybrid plan regulations.
- Drafted proposed legislation amending the Internal Revenue Code for a Fortune Global 500 client.
- Prepared voluntary correction program filings for a Fortune 200 company correcting errors in its section 401(k) and defined benefit plans.
- Advised a Fortune 100 company on the Sarbanes-Oxley trading restrictions for executive officers and directors.
- Advised a hedge fund on an IRS audit of its section 401(k) plan.
- Drafted a change-in-control plan for a financial company.
- Advised a Fortune 100 company on the employment tax implications of a non-qualified deferred compensation plan.
Previous Experience
- The ERISA Industry Committee, Director, Retirement Legislation & Regulation (2005-2009)
Pro Bono
- Drafting proposed court orders dividing pension and 457(b) retirement benefits for the former spouse of a DC government employee.
- Advising a small non-profit entity on its retirement plans.
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