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Employment benefits and executive compensation law covers the rules and regulations governing employee benefit plans, retirement packages, health coverage, and specialized compensation for executives. In New Hampshire, as in most states, these areas are shaped by a combination of federal laws, including the Employee Retirement Income Security Act (ERISA), and certain state-specific regulations. Issues in this field may affect both public and private sector employees, including executives negotiating employment contracts, severance agreements, and incentive plans.
There are several situations where individuals or employers in New Hampshire may require legal assistance with employment benefits and executive compensation matters. Common scenarios include:
While federal law, especially ERISA and the Internal Revenue Code, predominantly governs employment benefits and executive compensation, New Hampshire has several relevant laws and unique considerations:
The Employee Retirement Income Security Act (ERISA) is a federal law that sets standards for most voluntary employer-sponsored retirement and health plans. It generally preempts state laws, including those in New Hampshire, but state contract and insurance laws may still play a role.
Employers in New Hampshire are not required by state law to offer benefits such as health insurance or retirement plans, but if they do, they must comply with applicable federal and state regulations.
Key features include salary, short- and long-term incentives (such as bonuses and stock options), benefits, retirement plans, severance arrangements, and provisions regarding non-compete or non-solicitation clauses.
Yes, executives can and often should negotiate contract terms, including salary, benefits, bonus eligibility, severance, and post-employment restrictions. An attorney experienced in executive compensation can add significant value in this process.
You typically have the right to appeal through the plan’s established process, often as required under ERISA. If internal appeals fail, you may pursue legal action in federal or state court depending on the claim.
While not required by law, when offered, severance agreements in New Hampshire are governed by contract law. Employers cannot withhold wages or severance for unlawful reasons, and agreements must comply with state and federal requirements.
Non-compete agreements are enforceable in New Hampshire if they are reasonable in geographic scope, duration, and purpose, and they protect legitimate business interests without being unduly restrictive on the employee.
Employers generally have the right to modify or terminate benefit plans, provided they comply with the terms of the plan documents and notify employees according to ERISA and any applicable state notice requirements.
Yes, these are often used to attract and retain key executives. The structure of these awards can significantly impact tax and legal obligations, making careful planning and agreement drafting important.
In addition to consulting with an attorney, you may reach out to governmental bodies such as the U.S. Department of Labor or New Hampshire Department of Labor for assistance or guidance.
If you are seeking more information or support regarding employment benefits and executive compensation in New Hampshire, consider the following resources:
If you have concerns or questions about employment benefits, retirement plans, or executive compensation, consider the following steps:
Professional legal guidance can help protect your interests, avoid costly mistakes, and ensure compliance with complex employment and benefits regulations in New Hampshire.
