Overview
Amanda Dernovshek is an employee benefits attorney in our Business and Tax group. Her practice focuses on issues related to employee stock ownership plans (ESOPs), non-qualified deferred compensation plans, qualified retirement plans, and general business planning. Amanda also assists the Firm’s mergers and acquisitions team.
Amanda works with clients to answer questions related to complicated employee benefits issues and general business issues. She aims to fully understand the client’s goals and assist them by providing understandable and practical advice. Specifically, the types of issues Amanda handles include:
Employee Benefits
- Drafting required documentation for plans covered by ERISA including Plan documents, Plan Amendments, Summary Plan Descriptions, and Summaries of Material Modification
- Guiding clients through discussions related to establishing, amending, and terminating employee benefit plans, including cafeteria plans, 401(k) plans, ESOPs, and deferred compensation plans
- Assisting clients with compliance under ERISA, COBRA, health care reform, and other relevant laws
- Facilitating employee benefit plan corrections to reduce penalties through formal governmental programs
- Corresponding with the IRS and DOL on behalf of clients related to audits of employee benefit plans
Business Planning
- Assisting a variety of businesses in analyzing the considerations involved in entity selection and formation
- Facilitating discussions with shareholders of corporations and members of LLCs on a variety of issues and drafting shareholder and operating agreements to meet client needs
- Advising clients on the process and assisting them with submission of IRS applications for tax-exempt status under Internal Revenue Code Section 501(c)
- Performing due diligence during mergers and acquisition transactions for a variety of businesses of all sizes
Prior to joining Foster Swift, Amanda served as a judicial extern for Sixth Circuit Court of Appeals under the Honorable David McKeague.
Amanda earned her undergraduate and master’s degree at East Tennessee State University in her home state of Tennessee. She then moved to Michigan and earned her juris doctorate at Michigan State University College of Law, where she served as the Editor-in-Chief of the International Law Review.
Honors & Recognitions
Ingham County Bar Association, "Top 5 Under 35" Award, 2024
Lansing Regional Chamber of Commerce, "10 Over the Next Ten" Award Nominee, 2022
Affiliations
Memberships & Affiliations
Legal Affiliations
- State Bar of Michigan
- American Bar Association
Community Affiliations
- Girls on the Run Mid-Michigan, Board Chair
- Junior League of Lansing, Previous Member
Experience
Representative Matters
ESOP Transactions
- Represented an ESOP trustee in a $19.5M transaction in which an industrial gas and welding supplier became 49% ESOP owned. This transaction included both seller financing and bank financing strategies.
- Represented an ESOP trustee in a $7.5M transaction in which a metal manufacturing and fabricating company became 30% ESOP owned. This transaction included a 1042 election and the issuance of SARs post-transaction.
- Represented a long-time firm client with the implementation of a new ESOP and the sale of 30% of the company stock to the ESOP with a 1042 tax election. This company is in the business of software, screen shooting, and video editing. The transaction total was $13.9M.
- Represented a family-owned construction company with the implementation of a new ESOP and the sale of 40% of the company stock to the ESOP. This transaction totaled approximately $8.3M and involved almost 20 selling shareholders.
- Represented an ESOP trustee in a second-stage ESOP transaction for a building design company in which the ESOP became majority owner of the company. The transaction included six selling shareholders and a total transaction price of $2.7M.
- Represented a long-time firm client in the agricultural industry to become 100% ESOP owned in a $7.6M ESOP implementation transaction.
- Represented an ESOP trustee in a redemption and purchase transaction where a commercial electrical contractor became 100% ESOP owned as part of a $9.7M transaction.
- Represented a specialty municipal services company in a $1M transaction in which the company became 30% ESOP owned.
- Represented a tool and die manufacturing company in a $6.2M transaction in which the company became 100% ESOP owned.
- Represented an ESOP trustee in a transaction for a plumbing and electrical company in which the ESOP became 25% owner of the company. The transaction included a purchase price of approximately $4.5M.
- Represented an ESOP Trustee in a transaction for a well servicing company in which the ESOP became 100% owner of the Company. The transaction included a purchase price of $8.6M.
- Represented an ESOP trustee in connection with a redemption and purchase transaction in the specialized tool manufacturing industry, in which the company become 100% ESOP owned the purchase price for the transaction was approximately $6.2M.
- Represented an ESOP trustee in connection with the purchase of stock in a family-owned manufacturing company that specialized in radiators, charge air coolers, and other cooling components for substantial machinery. This company became 100% employee owned in connection with the $13M transaction.
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- Represented a long-time firm client consisting of a group of closely-held companies that operate numerous restaurants, golf courses, and venues throughout Michigan in a transaction in which it became 100% ESOP owned.
- Represented a second generation, family-owned company that specializes in lake and pond management products to become 100% ESOP owned in an enterprise transaction.
General Business Matters
- Advised an international company on its executive compensation plan, which was designed to incentivize diversity and inclusion among the company employees and management.
- Conducted extensive diligence that involved reviewing hundreds of contracts to determine the implications of a stock transaction between two hospitals in which change in control was an important issue.
- Assisted a client with all materials needed to file a voluntary correction program application to obtain approval of the client’s correction of a failure that involved the omission of required form filings for over a decade.
- Advised a client on the correction options and processes upon discovery of administrative errors in 401(k) Plan administration.
- Assisted a client in reconciling stock histories and certificates in connection with ESOP repurchases and re-leveraging.
- Counseled a family business on its business succession planning issues, including discussions related to selling and gifting portions of the business to the owners' children.
Communications
Recent Blog Posts
BizTech Law Blog
- DOL Echoes Employee Benefits and Cybersecurity Best Practices
- Is it Time to Update and Restate Your Summary Plan Description?
- The Corporate Transparency Act and its Impact on ESOPs
- The Importance of Adopting an E-Signature Policy for Your Business
- IRS Announces 2024 Cost-of-Living Adjustments for Retirement Plans and for Health and Welfare Benefit Plans
- Process and Requirements of Women-Owned Small Business Certification
- IRS Makes it Easier to Correct Certain Retirement Plan Compliance Issues
- Department of Labor Releases Employee Benefits and Cybersecurity Best Practices
- A Brief Legal Guide to Buying a Distressed Business
- Women Owned Small Business Certification Program - Part Two: Certification and Benefits
Publications
- Will Recent Alabama Ruling Stay Implementation of the Corporate Transparency Act?, Foster Swift Business & Tax Law News, March 5, 2024
- 2023 Year-End Checklist for Businesses, Foster Swift Business & Tax Law News, November 17, 2023
- What You Need to Know About SECURE 2.0, Foster Swift Business & Tax Law News, February 23, 2023
- Court of Appeals Ruling Halts Pending Minimum Wage Increase and New Earned Sick Time Act – For Now, Labor & Employment Law News E-blast, January 27, 2023
- Don't Forget! Michigan's Minimum Wage Increases on January 1, Additional Hike Expected, Foster Swift Labor & Employment Law News E-blast, December 28, 2022
- Employee Benefits Considerations After Dobbs v. Jackson Women's Health Organization: Foster Swift Highlights Options Available to Employers, Foster Swift Employee Benefits Law E-blast, July 7, 2022
News & Events
Speaking Engagements
- When Should Your Business Consider Mediation?, Legal Strategies for Women Leaders, October 16, 2024
- Women's Month AI Meetup, Lansing Startup Grind, June 25, 2024
- 2024 AI Predictions and Legal Strategies for Women Leaders, Legal Strategies for Women Leaders, June 4, 2024
- Bringing 2022 to a Close with Best Practices for Businesses, Foster Swift Second Wednesday Lunch Break, December 14, 2022
- Protecting Your Business and Assets when the Marriage Fails, Foster Swift Legal Strategies for Women Leaders, August 9, 2022
- Learn Executive Compensation Options & Negotiation, Foster Swift Legal Strategies for Women Leaders, June 7, 2022
News
- LEAP Teams with Foster Swift, LRCC, Tri-Star and Transworld to Offer Succession Planning Program for Ingham County Businesses, Lansing Regional Chamber of Commerce, April 18, 2024
- Dernovshek Named to ICBA's “Top 5 under 35” Attorneys, Ingham County Bar Association, March 15, 2024
- Preparing Women Business Leaders for 2024 Legal Challenges, Meltwater Newswire, February 20, 2024
- New Video Series Discusses Legal Issues for the Michigan Farmer, Foster Swift Agricultural Law News, October 6, 2022
- New Virtual Program Addresses Legal Strategies for Women Business Leaders, Michigan Business Network, March 28, 2022
- Learn Employee Benefits Legal Trends and Policies in 2021, Foster Swift Employee Benefits E-blast, April 19, 2021
- Legal Requirements For Employer Benefit Plans, Michigan Business Network, September 29, 2020
Media
Practice Areas
Education
Michigan State University College of Law, J.D., 2018
East Tennessee State University, M.B.A., Business Administration, 2015
East Tennessee State University, B.S., Business Administration in Management, 2013
Bar and Court Admissions
Michigan