Carol T. McClarnon

Carol T. McClarnon: Attorney with Eversheds Sutherland (US) LLP

Biography

Carol McClarnon has more than 20 years of experience covering all aspects of compliance with the Employee Retirement Income Security Act (ERISA) from both the employer and the retirement services industry perspectives. Carol routinely advises financial services companies on ERISA and federal income tax matters that impact their business operations. She often works together with our Financial Services lawyers in providing legal advice for financial product development.

Carol also represents employers and service providers in ERISA litigation and in administrative proceedings before the United States Department of Labor and the Internal Revenue Service (IRS). She is skilled in working with clients to proactively resolve compliance issues through obtaining prohibited transaction exemptions, private letter rulings and IRS voluntary compliance relief and closing agreements. Her experience covers the full range of retirement solutions, including employer-sponsored qualified pension and profit sharing plans, 403(b) plans, IRAs, 457(b) plans and non-qualified annuities.

Client Tools

•409A Law

Selected Experience

Represented retirement product and service providers in ERISA litigation and before the IRS, Treasury, EBSA, PBGC, SEC, FINRA, OCC and state regulators.
Advised on hundreds of plan financial products and service arrangements.
Advised on structuring retirement products and services to satisfy ERISA-prohibited transaction requirements.

Awards and Rankings

Recognized by The Legal 500 United States in the area of tax: employee benefits and executive compensation (2018)

Publications

Legal Alerts

Legal Alert: 2018 in review - ERISA guidance (March 7, 2019)
In broad scope, the guidance issued in 2018 by the Department of Labor (DOL) under the Employee Retirement Income Security Act of 1974, as amended (ERISA), extended a trend established over the ...

Legal Alert: IRS cracks open the window for retiree lump sums (March 7, 2019)
On March 6, 2019, the Internal Revenue Service (IRS) issued Notice 2019-18 (Notice), announcing that it is retracting its previous position that prohibited pension plan sponsors from offering ...

Legal Alert: Proposed Regulation BI coverage of retirement investors (March 5, 2019)
There is some debate about the intended scope of proposed Regulation BI (Best Interest) coverage in the case of retirement investors.The SEC explicitly contemplated that the proposal would be ...

Legal Alert: The best interest standard under FINRA’s suitability rule (February 26, 2019)
In connection with the US Securities and Exchange Commission’s proposed Regulation Best Interest, the Financial Industry Regulatory Authority (FINRA) has asserted (with some case law support from the ...

Legal Alert: Broker-dealers selling annuities - preparing for the best interest standard under New York’s amended Insurance Regulation 187 (February 14, 2019)
Broker-dealers selling annuity products in New York will soon need to comply with New York's recently amended Insurance Regulation 187 ( Suitability and Best Interests in Life Insurance and Annuity ...

Legal Alert: The far reach of state law - Nevada proposes fiduciary duty regulations for broker-dealers and investment advisers (January 28, 2019)
Under Nevada law, financial planners owe a fiduciary duty to their clients.1 In accordance with this duty, a financial planner must disclose, at the time advice is given, any gain the financial ...

Legal Alert: Treasury and IRS issue interim guidance on executive compensation excise tax under section 4960 (January 18, 2019)
Introduction On December 31, 2018, the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) issued Notice 2019-09 (Notice) providing comprehensive interim guidance ...

Legal Alert: Texas v. United States decision could impact employer-sponsored health plans (January 4, 2019)
On December 14, 2018, a Texas District Court ruled that the Affordable Care Act’s (ACA) requirement that certain individuals maintain a minimum level of health coverage, often referred to as the ...

Legal Alert: IRS formalizes and provides relief for section 403(b) “once-in-always-in” part-time rule - immediate action required (December 17, 2018)
In Notice 2018-95, released on December 4, 2018, the Internal Revenue Service (IRS) formally announced a “once-in-always-in” interpretation of the section 403(b) participation exclusion for part-time ...

Legal Alert: DOL considers important efficiencies for the retirement system (November 14, 2018)
In the last three weeks, the Department of Labor (DOL) undertook two initiatives that have the potential to improve the efficiency of the retirement system and the retirement security it provides to ...

Articles

White paper: Employee benefits in the Supreme Court (2018 update) (October 2, 2018)
The US Supreme Court has decided an astonishing 129 employee benefits cases in its 43 terms following the effective date of ERISA. We’ve updated our groundbreaking survey of these cases with the ...

White Paper: Employee Benefits in the Supreme Court (October 19, 2017)
In conjunction with the start of the Supreme Court’s new term, Eversheds Sutherland took a look back at the Court’s work in employee benefit cases since the enactment of ERISA. We found an ...

Labor Department Provides Guidance on ERISA Coverage of State-Run Retirement Programs for Private Sector Employers (April 2016)
Employee Benefit Plan Review
On November 16, 2015, the U.S. Department of Labor (DOL) issued two pieces of guidance in regard to Employee Retirement Income Security Act of 1974 (ERISA) coverage of state-run retirement programs ...

The Final Rule: DOL’s Expanded Definition of Investment Advice Fiduciary Under ERISA and Revised Complex of Exemptions (April 12, 2016)
Just less than a year since its proposal, and just more than six months after receiving thousands of pages of commentary, petitions and hearing testimony, the Department of Labor finalized its ...

Supreme Court Instructs Ninth Circuit to Consider Common Law of Trusts in Applying ERISA's Statute of Limitations (September 2015)
TerraLex Connections
In their article for TerraLex Connections, Sutherland attorneys W. Mark Smith, Carol McClarnon and Wilson Barmeyer discuss the U.S. Supreme Court ruling in Tibble v. Edison, which had held that a ...

Newsletters

Eversheds Sutherland Global Tax Brief (December 2017)
The Eversheds Sutherland Global Tax Brief is a collection of tax developments from our attorneys across the globe. We hope you enjoy this issue of the Brief and look forward to sharing more updates ...

Presentations

“I started my career as a litigator and I worked on ERISA litigation, primarily benefit claims and fiduciary litigation in the health insurance and retirement areas. That was my introduction to ERISA. Now I focus much of my practice on financial products in ERISA-covered plans and retirement plans in general.”

Presentations

Webcast: Planning for a patchwork of best interest standards (November 15, 2018)
As 2018 concludes, regulatory developments governing broker-dealer and adviser standards of conduct continue to advance on a number of fronts. Join Eversheds Sutherland for a webcast discussing steps ...

The Hottest Litigation Topics in Life Insurance, Annuities and Retirement Products - A Year in Review (May 10, 2018)
Insured Retirement Institute (IRI) ACTION18 Conference
Eversheds Sutherland (US) Partners Wilson Barmeyer and Carol McClarnon speak on the The Hottest Litigation Topics - A Year in Review panel at the IRI ACTION18 conference on May 10, 2018, in ...

Webcast: The SEC’s proposed fiduciary duty and standards of conduct for broker-dealers and investment advisers (May 8, 2018)
The US Securities and Exchange Commission (SEC) has proposed its comprehensive standard of conduct rules, forms and interpretation, which would:Require registered investment advisers and ...

Legislative Trends: Impacts on the Insurance Industry (April 25, 2018)
LIMRA
Eversheds Sutherland (US) Partner Carol McClarnon presents on LIMRA’s webcast, “Legislative Trends: Impacts on the Insurance Industry,” on April 25, 2018.

CCIT Webinar: Litigation trends impacting CITs and the retirement marketplace (March 21, 2018)

The Coalition of Collective Investment Trusts Legal and Compliance Meeting (October 26, 2017)
The Coalition of Collective Investment Trusts (CCIT)
Eversheds Sutherland (US) attorneys Carol McClarnon and Allison Wielobob present at The Coalition of Collective Investment Trusts Legal and Compliance Meeting on October 26, 2017, in Washington, D.C. ...

Insurance Trends and Emerging Issues CLE Program (September 12, 2016)
Sutherland is proud to host a CLE program focused on Insurance Trends and Emerging Issues on September 12, 2016, in Greenwood Village, Colorado. Topics include Cybersecurity and Technology, Insurance ...

DOL Fiduciary Implementation Workshops: For Recordkeeps and Other Service Providers (June 8, 2016)
IRI Government, Legal & Regulatory Conference
Sutherland attorney Carol McClarnon presents DOL Fiduciary Implementation Workshops: For Recordkeeps and Other Service Providers at the IRI Government, Legal & Regulatory Conference on June 8, ...

Webcast: Annuities and Life Insurance: BICE and 84-24 (May 19, 2016)
LIMRA Secure Retirement Institute
Sutherland attorneys Susan Krawczyk, Carol McClarnon and Mark Smith present Annuities and Life Insurance: BICE and 84-24, a webcast hosted by the LIMRA Secure Retirement Institute on May 19, 2016.

The DOL Fiduciary Rule (May 12, 2016)
The Coalition of Collective Investment Trusts
Sutherland attorneys Cliff Kirsch, Carol McClarnon, Mark Smith and Gail Westover present The DOL Fiduciary Rule at The Coalition of Collective Investment Trusts Annual Meeting on May 12, 2016, in ...

News

In the News

Washington-area Appointments and Promotions for January 1 (December 30, 2017)
Washington Post
In this article for the Washington Post, nine Washington DC-based Eversheds Sutherland attorneys are mentioned for being elected partner, effective January 1, 2018.

Moves and Appointments (December 29, 2017)
Tax Analysts
In this article for Tax Analysts, five Eversheds Sutherland US tax attorneys are mentioned for being elected partner, effective January 1, 2018.

Eversheds Sutherland Unveils US Promotions (December 21, 2017)
Legal Week
Eversheds Sutherland is mentioned in this Legal Week article regarding the election of 17 new US partners effective January 1, 2018.

Will ERISA Preempt State Law Under the Fiduciary Rule? (March 30, 2017)
BenefitsPro
Eversheds Sutherland (US) Counsel Carol McClarnon is quoted in this BenefitsPro article discussing how the Department of Labor’s fiduciary rule may give IRA investors access to jury trials in class ...

Morningstar Expects Up to $150M in Annual Class-Action Settlements under Fiduciary Rule (March 16, 2017)
BenefitsPro and ThinkAdvisor
Eversheds Sutherland (US) attorney Carol McClarnon is quoted in articles for BenefitsPro and ThinkAdvisor providing insight on Morningstar’s expected $150 million annual class-action settlements ...

BICE on Ice? Status of the DOL Fiduciary Rule (March 9, 2017)
BenefitsLinks.com
Sutherland’s legal alert, “The Final Rule: BICE on Ice? Status of the DOL Fiduciary Rule,” is featured in an article by BenefitsLinks.com.

Press Releases

Eversheds Sutherland Reaches Settlement in Suit Filed on Behalf of Parents Facing Deportation After Being Separated From Their Children (November 16, 2018)
Eversheds Sutherland (US) LLP is pleased to announce that on November 15, 2018, a settlement agreement was approved in Dora v. Sessions, a lawsuit the firm filed on behalf of parents facing ...

Eversheds Sutherland Files Suit on Behalf of Migrant Parents Facing Deportation without Due Process (August 20, 2018)
On August 17, Eversheds Sutherland (US) LLP filed a lawsuit on behalf of approximately 30 migrant parents, most of whom are in detention centers in Texas, facing deportation without due process. The ...

18 Eversheds Sutherland Practice Areas, 68 Attorneys Named Among Nation’s Best in 2018 Legal 500 United States (May 30, 2018)
Eversheds Sutherland (US) LLP is pleased to announce that 18 practice areas and 68 attorneys have been recognized in the 2018 edition of The Legal 500 United States, a comprehensive survey of legal ...

Eversheds Sutherland Elects 17 New US Partners (December 20, 2017)
Eversheds Sutherland (US) LLP is pleased to announce the election of 17 new partners effective January 1, 2018. Eversheds Sutherland Co-CEO Mark D. Wasserman commented: “It is an honor to welcome our ...

Sutherland Secures Pro Bono Victory on Behalf of Client Facing Persecution in Guatemala (April 28, 2016)
WASHINGTON-Sutherland Asbill & Brennan LLP is pleased to announce that its pro bono trial team convinced a U.S. Department of Justice Immigration Judge to grant withholding of removal and protection ...

Multimedia

Videocast: Retirement plan considerations for 2019 (March 27, 2019)
In this Bottom Line videocast, Eversheds Sutherland’s Carol McClarnon and Laura Taylor discuss ERISA planning considerations for 2019, including:basic ERISA complianceDepartment of Labor ...

Webcast: Planning for a patchwork of best interest standards (November 15, 2018)
As 2018 concludes, regulatory developments governing broker-dealer and adviser standards of conduct continue to advance on a number of fronts. Join Eversheds Sutherland for a webcast discussing steps ...

Webcast: The SEC’s proposed fiduciary duty and standards of conduct for broker-dealers and investment advisers (May 8, 2018)
The US Securities and Exchange Commission (SEC) has proposed its comprehensive standard of conduct rules, forms and interpretation, which would:Require registered investment advisers and ...

Areas of Practice (5)

  • Employee Benefits & Executive Compensation
  • Retirement Products & Services
  • Insurance Products
  • ERISA
  • Tax

Education & Credentials

Contact Information:
202.383.0946  Phone
www.eversheds-sutherland.com
University Attended:
Ball State University, B.S.
Law School Attended:
Indiana University School of Law, J.D., cum laude, Managing Editor, Indiana Law Journal
Year of First Admission:
1990
Admission:
1999, District of Columbia; 1990, Ohio
Birth Information:
Hammond, Indiana, December 24, 1960
ISLN:
903208657

Peer Reviews

This lawyer does not have peer reviews.

*Peer Reviews provided before April 15, 2008 are not displayed.

Documents (33)

Documents by this lawyer on Martindale.com

Washington, District of Columbia

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