- Public Finance
- Tax Law
- ERISA and Employee Benefits
- Federal Taxation
- Tax Exempt Organizations
- Tax Planning for Individuals & Pass-Through Entities
- Employee Compensation & Benefits
- Employee Benefits Litigation
- Health Care
|University ||Michigan State University, B.A., 1996|
|Law School||University of South Carolina, J.D., 1999; University of Florida, LL.M. in Taxation, 2000|
|Admitted||1999, South Carolina|
Civic & Professional Memberships
•The ESOP Association - Member
•Greater Chapin Community Endowment - Former Board Member and Treasurer
•American Health Lawyers Association - Former Member
•Humane Society/SPCA - Former Board Member and Vice President
•South Carolina Bar - Member
•St. Thomas Lutheran Church in Chapin, SC - Member
Sue Odom is a tax attorney who focuses her practice on the area of ERISA, employee benefits, and executive compensation. Sue has worked extensively with all types of employer-sponsored retirement and welfare benefit plans, including pension, profit sharing, 401(k), 403(b), and 457(b) plans, ESOPs, and health, accident, disability, Section 125, flexible spending, and other welfare plans. Her clients include large and small for-profit companies across all industry sectors, non-profit corporations, and governmental entities.
Sue is quick to quip, The life of a tax and employee benefits attorney is not a glamorous one. That said, Sue is very proud of the fact that:
•The IRS and U.S. Department of Labor have reviewed plans that Sue was responsible for maintaining and with respect to which she provided regular legal advice on administrative matters, and those governmental agencies found no identified compliance problems on audit.
•She regularly obtains favorable determinations on qualified plans and newly-formed tax-exempt organizations.
•With solid and proactive fiduciary and business advice, her clients are able to avoid the time and expense of employee benefits litigation.
•Sue has established close personal and professional working relationships with IRS and Department of Labor representatives. Due to the vast number of submissions and compliance matters she has handled over the years, she knows many of the representatives, understands the government processes, and is very comfortable resolving client matters on the phone and in meetings with the IRS and DOL. She also has partnered with leadership at the IRS and DOL as members of a planning committee for the University of South Carolina's Retirement and Benefits Management Seminar.
•She thinks outside the box and works with clients to find business solutions.
Sue firmly believes in handling legal matters as efficiently as possible. She helps to contain costs on these matters by working extensively with our clients' other service providers, including CPAs, auditors, actuaries, administrative firms, brokers and others, playing a leadership role to orchestrate these providers to ensure that the most efficient party is involved with the project.
•Best Lawyers in America - Employment Benefits (ERISA) Law; Tax Law (listed since 2013)
•Leadership Columbia Class of 2004
•American Jurisprudence Awards in ERISA, Partnership Tax, Corporate Tax, Estate and Gift Tax, Income Tax, Products Liability and Legal Research
•Arthur B. Custy Tax Award
Speaking & Writing
“Top Hat Retirement Plan 'Traps for the Unwary'”
April 29, 2015
2014 In-House Counsel Ethics Seminar
October 31, 2014
Employee Benefits Alert: New Developments Impact Retirement Plans & More
December 11, 2013
Employee Stock Ownership Plans: Innovative and Tax-Efficient Tools to Meet Business Planning Needs
January 7, 2014
Tax Alert: US Supreme Court Rules Severance Pay Subject to FICA Taxes
March 26, 2014
Tax Alert: New Executive Compensation Regulations Clarify Timing of Taxation
April 7, 2014
Tax Alert: Attention Employers Using Pre-Approved Retirement Plans - It's Amendment Time Again!
April 15, 2014
The Latest on Wellness Programs: EEOC Proposes Rule to Address Legal Hurdles Under the ADA
May 19, 2015
Sue is a leader in her field and regularly is invited to speak and write about employee benefits. Some of her recent presentations include:
Hot Topics in Tax and Employee Benefits Law, SCACPA - CPAs in Business and Industry Conference - May 11, 2015
Legal Considerations for Wellness Programs, SCHA Working Well Spring Meeting - April 29, 2015
4 Gotchas and 1 Gimme: Important Developments in Tax and Employee Benefits Law, CPAs in Business and Industry Conference, Columbia, SC - May 15, 2014
Trends in Executive and Physician Compensation and Benefits NC/SC Healthcare Human Resources Associations Joint Conference, Wild Dunes Resort, Isle of Palms, SC - May 1, 2014
Appearance on WIS Investigates: The Affordable Care Act in September, 2013
A Year in the Life of a 401(k) Plan CPAs in Business & Industry Conference, The South Carolina Association of CPAs, Columbia, SC, May 21-22, 2012
Plan Sponsor Perspectives on Health Care Reform 41st Annual Retirement and Benefits Management Seminar, University of South Carolina's Darla Moore School of Business, Columbia, SC, April 26-27, 2012
Classifying Workers - Who is Eligible? 2012 National Institue of Pension Administrators Annual Forum & Expo, Las Vegas, NV, April 29-May 2, 2012
The Classification of Workers and Impact on Benefit Plans 40th Annual Retirement and Benefits Management Seminar, University of South Carolina's Darla Moore School of Business, Charlotte, NC, April 28-29, 2011
The Economy Takes a Swing at 401(k) Plans & The New 'Normal' for Plan Administration 2010 National Institute of Pension Administrators Annual Forum & Expo, Las Vegas, May 2-10, 2010
“Employee Benefits: Legalities in Discrimination of Health Benefits 2010 SCACPA Industry Conference, Columbia, SC, October 11-12, 2010
Outside Nexsen Pruet
As a native of Troy, Michigan, Sue regularly is asked: “What brought you down to South Carolina?” Sue is quick to answer: “The sunshine.”
After graduating from Michigan State, Sue fearlessly followed the sunshine down to South Carolina to attend law school. This is in spite of her not knowing a single person residing in the State or ever having spent more than a couple family vacations here. Upon Sue's arrival in the heat of a Columbia, South Carolina summer, Sue fell in love with the State and knew that South Carolina is where she would spend the rest of her days.
Sue now calls Chapin, South Carolina her home, where she resides on Lake Murray with her husband and two children. The Odom family spends every moment they can outdoors boating and swimming in the pool, soaking in the sun.
Sue's love of the sun is only matched by her passion for music. Perhaps appropriately, her maiden and now middle name is “Guitar.”
Sue also thoroughly enjoys spending time with family and friends, going to college football games to cheer on the Gamecocks and the Spartans, traveling, camping and hiking. Ask Sue about her vacation travels sometime - she'll tell you about her adventures.
|Reported Cases||Notable: ESOPs: Sue has extensive experience counsuling clients about Employee Stock Ownership Plans. Typical projects include strategic formation, design, and termination of ESOPs, shareholder stock sales, ERISA fiduciary and prohibited transaction matters, loans and pledge agreements, repurchase liability, contribution, and dividend allocation issues, constructing distribution policies, and advising on voting, diversification, and put option rights. Sue represents a substantial number of the ESOPs in South Carolina. In ESOP transactions, she has represented various parties, including selling shareholders, plan sponsor, trustees and the lender.; In early 2014, Sue wrote an article and created an infographic about Employee Stock Ownership Plans. Her piece entitled Innovative and Tax Efficient Tools to Meet Your Clients' Business Planning Needs was widely read after being published by two prominent Palmetto State magazines: South Carolina Lawyer (July 2014) and South Carolina Business (July/August 2014).; WIS Investigates: The Affordable Care Act : Just before new health care insurance exchanges opened across the U.S., Columbia's WIS Television presented an hour-long special. Sue joined Steve Coleman from the SC Underwriters Association, Thornton Kirby from the SC Hospital Association and Frank Knapp from the Small Business Chamber of Commerce on a panel that provided insight into the impact the new law is having on employers and small business owners.; Sue's experience in the employee benefits arena is vast. She regularly: Provides guidance about strategic employee benefit matters, such designing or modifying retirement plans to address eligibility exclusions, safe harbor options, automatic enrollment, and employer contribution allocation formulas, and preparing for the changes brought about by the healthcare reform law and other recent developments, such as the employee benefit implications of the recent same sex marriage decision.; Updates plans for regulatory changes and submitting plans to the IRS as part of the determination letter program.; Works on plan correction matters, including self-correction and voluntary correction with the IRS of operational and document failures and addressing Form 5500 filing deficiencies.; Represents clients on IRS and Department of Labor audit matters and proactively helping clients prepare for the same by making sure they understand what actions are expected of them and what documentation the government expects them to maintain.; Establishes, terminates, or handles on-going compliance issues involving VEBA (Section 501(c)(9) trusts) and Employee Stock Ownership Plans (ESOP), including with respect to the latter helping with shareholder stock sales, ESOP loans and pledge agreements, allocation issues, and distribution policies.; Assists with business planning or resolving legal compliance issues involving businesses under common control and affiliated service groups.; Advises about complicated tax law discrimination issues affecting retirement, health, group term life insurance and other plans, especially when coverage levels vary between executives or other highly-paid workforce members and other employees.; Plans, drafts, and assists with the administration of executive compensation plans, including extensive experience with the design and implementation of nonqualified deferred compensation plans, 457(b) plans, and 457(f) plans.; Works with wellness programs, including advise about the imposition of health insurance surcharges on employees who smoke and reasonable alternative standards.; Provides guidance regarding the taxation treatment of various fringe benefits, such as employee discounts, moving expenses, and cell phones.; Advises clients about income and payroll tax withholding and reporting requirements.; Resolves contingent workforce issues (e.g. leased employees, temporary employees, prn), including considering the impact of these workers on the benefits program, preparing needed plan amendments, advising about the needed recordkeeping requirements.; Drafts and reviews plan documents, summary plan descriptions, enrollment materials, and other employee communications.; Provides guidance about annual notice and filing requirements, such as the notices required by healthcare reform, COBRA notices, the HIPAA Privacy Notice of Privacy Practices and annual reports (Form 5500 series).; Addresses employee claim and fiduciary issues.; Reviews Qualified Domestic Relations Orders for compliance with applicable law and the terms of the governing plan.; In addition to working in the employee benefits area, Sue also regularly advises clients about tax-exempt organization matters. Her clients include public charities and private foundations described in Section 501(c)(3), social welfare organizations under Section 501(c)(4), Section 501(c)(6) trade associations, Section 501(c)(12) electric cooperatives, and many others.; Sue's experience in the tax-exempt organization context includes establishing and dissolving non-profit entities, submitting determination letter requests to the IRS, and advising about on-going compliance issues involving: Private inurement and private benefit; Excess benefit transactions; Conflict of interest issues; Lobbying and political activity restrictions; Annual report (Form 990) requirements; and; Unrelated business income tax (UBIT).|
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