Overview
Todd A. Solomon focuses his practice on designing, amending and administering pension, profit sharing, 401(k), employee stock ownership and 403(b) plans, as well as nonqualified deferred compensation arrangements. He also counsels privately and publicly held corporations and tax-exempt entities regarding fiduciary issues under the Employee Retirement Income Security Act (ERISA), employee benefits issues involved in corporate transactions, executive compensation matters and the implementation of benefit programs for domestic partners of employees.
Todd has significant ERISA Title I experience and has counseled plan fiduciaries with respect to investment policies, private equity, hedge funds, and other alternative investments, prohibited transaction issues, investment management agreements and payment of expenses from plan assets.
He advises multinational clients on global employee benefits matters and compliance issues. Todd is a council member of the International Bar Association Global Employment Institute (GEI) and serves as editor of the GEI’s Annual Global Report on global legal issues impacting human resources.
Todd represents clients before the Internal Revenue Service on issues such as Employee Plans Compliance Resolution System (EPCRS) filings, Audit Closing Agreement Program (CAP) negotiations, benefit plan audits and applications for determination letters. He negotiates with the Department of Labor in connection with benefit plan audits and Voluntary Fiduciary Correction Program filings, and the Pension Benefit Guaranty Corporation in connection with 4062(e) events and plan terminations.
Todd is the former head of the Firm’s Pro Bono & Community Service Committee. He received the 2008 McDermott Will & Emery award for Outstanding Achievement and Commitment to Pro Bono and Service to the Community. Additionally, he is a member of the McDermott’s Diversity and Inclusion Committee and has been involved with evaluating the Firm’s domestic partner benefits policies and working with businesses in Chicago in jointly advocating for lesbian, gay, bisexual and transgender (LGBT) rights in the workplace.
Todd is a fellow of the American College of Employee Benefits Counsel, which recognizes attorneys who have made significant contributions to the advancement of the employee benefits field for at least twenty years. He is also ranked among the nations’ leading employee benefits and executive compensation lawyers by Chambers USA and The Legal 500 United States.
Results
- Assisted a large multi-brand restaurant operator with the $2 billion sale of a casual dining restaurant chain and the spin-off of various employee benefit plans
- Assisted an investment advisory firm with review of ERISA provisions of 10 to 15 private equity and hedge fund investments per year
- Assisted a consumer products company with a global benefits compliance review project and establishment of a global plan governance structure
- Led a request for proposal (RFP) vendor selection process for a West Coast retail and manufacturing company
- Counseled many employers with implementation and administration of benefits for same-sex partners and spouses
- Assisted a chemical manufacturer with global roll-out of equity compensation awards
- Assisted several pension plans with implementation of lump-sum windows and plan terminations
- Conducts fiduciary training and advises on plan governance issues for benefit plan committees
- Reviews investment management agreements for pension plan clients
Recognitions
- American College of Employee Benefits Counsel, Fellow
- Chambers USA, 2017 to 2023
- Employee Benefits & Executive Compensation, Band 2, 2020 to 2023
- The Legal 500 US, Recommended, 2019, 2021 to 2023
- The Best Lawyers in America, Employee Benefits (ERISA) Law, Chicago, 2020 to 2024
- Illinois Legal Aid Online, Pro Bono Attorney of the Month (June 2008)
- Maurice Weigle Exceptional Young Lawyer Award 2010, awarded by the Chicago Bar Association and the Chicago Bar Foundation based on his demonstrated commitment to pro bono and community service
- National LGBT Association Allies for Justice Award 2013
- Shortlisted for the International Bar Association Pro Bono Award 2014
Community
- Equal Justice Works, Member of the Board of Counselors
- International Bar Association (IBA), current Global Employment Institute Council member and past co-chair of the LGBT Law Committee and on the advisory board member of the Pension Action Center
- AIDS Legal Council of Chicago, past president of the board of directors
- Legal Assistance Foundation of Metropolitan Chicago, member of the board of directors
- Equip for Equality, member of the board of directors
Credentials
Education
University of Chicago Law School, JD, with honors, 1998
University of Michigan, BA, with high distinction, 1995
Admissions
Illinois
