Stephen Penrod Email & Phone Number

Cleveland, Ohio, United States

Counsels employers on the administration of qualified and nonqualified retirement and welfare benefit plans and on Employee Retirement Income Security Act (ERISA) and Internal Revenue Code compliance. • Negotiates purchase agreements, analyzes due diligence documentation, and integrates the employee benefits provisions raised in 400+ corporate acquisitions, dispositions, and mergers.• Mitigates benefit plan risks for numerous clients of various sizes with complex qualified, non-qualified and executive compensation issues and questions through training, counseling and legal analysis becoming a trusted advisor for business, legal and human resources clients.• Analyzes regulatory and case law changes, drafts client bulletins, and presents continuing legal education (CLE) seminars on legal updates and risk mitigating strategies given recent legal and regulatory changes.• Conducts frequent employee training for numerous clients on the Health Insurance Portability and Accountability Act (HIPAA).• Engages the Internal Revenue Service, the Department of Labor, the Pension Benefit Guaranty Corporation and the Department of Health and Human Services on behalf of clients through filings such as Forms 5310, 5500 and through plan audits while negotiating favorable results for the clients.

Akron, Ohio, United States

Collaborative leader of a four-person team responsible for administration, strategy and design, and communication of Executive Compensation, Compensation Strategy, Benefits Management, and Payroll Administration across multiple businesses and entities at a growth-oriented, publicly traded company. • Reduced payroll issues from several per day to occasional inquiries by implementing improved process workflows, accomplished through the establishment of a payroll committee to review processes, create documentation, and update audit procedures.• Discovered, corrected, and implemented processes to prevent issues with benefit plan administration using the Employee Plans Compliance Resolution System of the Internal Revenue Service (IRS).• Collaborated cross-functionally with Legal, Finance and external advisors to facilitate approval of long-term incentive plan and employee stock purchase plan with over 96% approval vote from shareholders.• Reduced the company cost of an employee move by 62%+ by leveraging a prior relocation relationship.• Oversaw equity analysis of compensation programs using both external market and internal equity data points.• Delivered presentations at every meeting of the Compensation and Management Development Committee of the Board of Directors, covering topics such as incentive plan improvements, executive compensation updates, benefits plan changes.• Integrated Total Rewards programs for 200+ employees during the acquisition of Signature Systems Group.• Onboarded, trained, and developed the entire Total Rewards team, who were new to their roles, resulting in a seamless transition and enhanced team performance.

Counseled employers on the administration of qualified and nonqualified retirement and welfare benefit plans and on Employee Retirement Income Security Act (ERISA) and Internal Revenue Code compliance. As a partner this role included managing increasingly complex issues and strengthening client relationships. • Negotiated purchase agreements, analyzed due diligence documentation, and integrated the employee benefits provisions raised in 400+ corporate acquisitions, dispositions, and mergers.• Acted as in-house benefits counsel for 2 Fortune 500 companies becoming an integral part of numerous cross-functional teams.• Mitigated benefit plan risks for numerous clients of various sizes with complex qualified, non-qualified and executive compensation issues and questions through training, counseling and legal analysis becoming a trusted advisor for business, legal and human resources clients.• Analyzed regulatory and case law changes, drafted client bulletins, and presented continuing legal education (CLE) seminars on legal updates and risk mitigating strategies given recent legal and regulatory changes.• Conducted frequent employee training for numerous clients on the Health Insurance Portability and Accountability Act (HIPAA).• Engaged the Internal Revenue Service, the Department of Labor, the Pension Benefit Guaranty Corporation and the Department of Health and Human Services on behalf of clients through filings such as Forms 5310, 5500 and through plan audits while negotiating favorable results for the clients.• Spearheaded the Engagement Committee, implementing office initiatives that significantly boosted employee morale and strengthened connections within the firm.• Analyzed benefit plan options and advised on permissible resolutions during multiple union negotiations.

Counseled employers on the administration of qualified and nonqualified retirement and welfare benefit plans and on Employee Retirement Income Security Act (ERISA) and Internal Revenue Code compliance.

Led the strategic planning, implementation and communication of Global Total Rewards Benefits, including health, welfare and retirement benefits, cash and equity compensation, and global relocation and assignment management. • Presented Total Rewards design recommendations to senior management and provided education and training for all levels of the organization.• Increased overall 401(k) plan participation from 67% to 74% (an increase of over 1,000 participants) through annual communications campaigns and plan design changes.• Reduced overall fees paid by participants and the company by over 32% by negotiating the renewal of a three-year defined contribution plan services agreement that included performance guarantees. • Decreased administrative errors and inefficiencies by ~75% with global benefits vendors through the implementation of performance guarantees and ongoing minimum standards of operation.• Reduced pooled insurance contract costs over 5% or $15K with future projected cost savings of between $170K-$345K per year by analyzing plan information for facilities in 15 countries and leading a cross-functional global team in interviewing, assessing and choosing two preferred multinational pooling partners.• Supported business units with over 30 acquisition, divestiture and plan design decisions and communications by performing due diligence reviews, evaluating potential liability and implementing a strategy for their integration.• Led a team of global stakeholders in the creation and implementation of a global governance structure for the coordination of all non-U.S. benefits and compensation which reduced corporate liability and increased the speed and efficiency of benefits and compensation decisions.• Performed a Code Section 409A compliance review of all global benefit plans, including executive compensation plans and presented large and small group and one-on-one meetings with officers and senior management to explain the changes.

Counseled employers on the administration of qualified and nonqualified retirement and welfare benefit plans and on the compliance of such plans with the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code.• Designed, drafted and revised qualified and nonqualified employee benefit plan documents, amendments and employee materials (such as summary plan descriptions) and designed, prepared and negotiated employment, severance, deferred compensation, option and change of control agreements for clients.• Advised employers with employee benefits issues raised in over 50 corporate acquisitions, dispositions, and mergers.• Extensive experience with legal research and the drafting of legal opinion memorandums and various government filings related to employee benefit plans including over 25 filings with the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC).

Juris Doctor, Law

Activities and Societies: Moot Court Team, Cleveland State Law Review, Environmental Moot Court TeamSumma Cum Laude

Bachelor Of Arts, Political Science With An Emphasis In International Relations