Service Areas
Education
- New York Law School , J.D., 2009
- Syracuse University S.I. Newhouse School of Public Communications, B.A., 2006 cum laude
- Villanova University Charles Widger School of Law, LL.M. (Taxation), 2020
Admissions
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Bar Admissions
- Connecticut
- New York Court Admissions
- State of Connecticut
- State of New York
- U.S. District Court, Southern District of New York
- U.S. District Court, Eastern District of New York
- Overview
- Experience
- Distinctions
- News & Media
- Events
- Affiliations
Overview
Tim leads the firm’s Employee Benefits & Executive Compensation practice.
Tim is a seasoned attorney with experience providing ERISA advice and related services to a variety of plan sponsors and employee benefit plans, including corporate, nonprofit, multiemployer and governmental plans providing retirement, health, disability, dental and other welfare benefits. In the field of executive compensation, Tim assists employers, employees and parties in M&A transactions with equity and incentive compensation, including stock options, restricted stock and “phantom equity”; deferred compensation plans; and executive employment and severance agreements. Among other industries, Tim has represented clients in the financial, private equity, construction, clean energy, manufacturing, automation, medical, fashion, talent acquisition, real estate and legal industries.
Tim chairs the Fairfield County Bar Association Employment Law Committee, and co-chairs the Business Law Committee.
Experience
- Advised employers on corrections of errors and failures in qualified retirement plans, including late contributions to 401(k) plans and delinquent Form 5500 filings
- Represented numerous C-suite officers and key employees in the negotiation of executive employment agreements, including the design and terms of incentive and equity compensation
- Advised on and prepared equity compensation plans and deferred compensation plans for employers
- Acted as special ERISA counsel to law firms and corporate clients in M&A transactions and traditional compliance matters
- Provided executive compensation and ERISA support to seller clients in large acquisitions by publicly traded strategic buyers
- Advised and assisted employers on terminating 401(k) and defined benefit pension plans
- Reviewed and advised corporate clients and executive employees on proposed domestic and international M&A transactions with respect to employee benefits and executive compensation matters, including transaction bonuses and “golden parachute” issues
- Prepared and successfully obtained numerous IRS tax qualification letters and Voluntary Correction Program (VCP) compliance statements for employers’ qualified retirement plans
- Advised administrators of group health plans on questions and issues relating to the Patient Protection and Affordable Care Act (ACA), COBRA, HIPAA and related federal regulation of health plans
- Represented plan sponsors in numerous U.S. Department of Labor audits/investigations of employee benefit plans for ERISA and ACA compliance
- Negotiated enhanced severance benefits, including extended medical coverage, for executive and professional employees after termination
- Pursued and successfully obtained monetary settlement on behalf of employer enforcing non-competition and non-solicitation agreements
Distinctions
- Selected for inclusion as a Rising Star in Connecticut Super Lawyers® in the area of Employee Benefits, 2021
- Selected for inclusion as a Rising Star in New York Metro Super Lawyers® in the area of Employee Benefits, 2018-2020
News
- Carmody represents Carling Technologies on its $315 million sale to Littelfuse Inc.
- FAQs on the New COBRA Subsidy
- Withholding for Remote Employees Working in Other States (And Other Fun Scenarios)
- American Rescue Plan Act: Key Employment Aspects for CBIA
- Timothy S. Klimpl quoted in SHRM reporting on COBRA subsidy in American Rescue Plan Act
- Timothy S. Klimpl Selected as a 2020 New York Metro Rising Star
- Carmody Torrance Sandak & Hennessey LLP Welcomes Timothy S. Klimpl As Counsel
Publications
- Here’s how CT small employers can handle threat of major health insurance rate increases
- Young Black investors are betting heavily on crypto, worrying some advisors
- As Crypto Enters the Compensation World, Employers Should Walk Before Running
Blogs
- Department of Labor Warns Against Crypto in 401(k) Plans
- The U.S. Supreme Court Clarifies ERISA’s Fiduciary Duties to Monitor All Plan Investment Options
- Important New Requirements for 401k Plans—Is Your Plan Compliant?
- Health Plan Reimbursement of Over-the-Counter COVID-19 Tests
- Prepare for the 2022 ACA Reporting Deadlines
- Increase in Plan Limits for 2022
- Vaccine Incentives and Surcharges in Health Plans: The HIPAA Police Weigh In
- Playing Away from the Fringes: Understanding Indirect Employee Compensation
- Incentives for COVID-19 Vaccines and Extra Time for FSAs
- Beware the Ides— March 15 Deadline Approaches for Payment of Short-Term Deferred Compensation
- COVID-19 Vaccines Go to Work
- Substantial Relief Provided to Employees with Unused Health Flexible Spending Accounts or Dependent Care Accounts Benefits under Recent Stimulus Bill
- Employee Benefits Cost-of-Living Adjustments for 2021
- Remote or Not, Electronic Delivery of Retirement Plan Documents is Now Easier Than Ever
Events
- Who Is an Independent Contractor? Pitfalls of Misclassification and The U.S. Department Of Labor’s Newly Proposed Rule
- Marijuana Business Law in Connecticut
- Cryptocurrency in Employee Benefits and Executive Compensation Arrangements
- Top Considerations in Executive Employment Agreements
- Non-Compete Agreements in Current Employment Law
- Best Practices in Onboarding New Employees
- Nuts and Bolts of Business Law, A Series Part 1: Formation Matters
- Employer-Sponsored Health Plan Federal Regulation: ACA, COBRA, ADA, GINA, CAA, MHPAEA, Reporting Requirements
- CBIA Employment Law Conference
- 2021 Annual Labor & Employment Seminar
- New Laws Impacting Connecticut Employers – What You Need To Know
- CT Paid Family and Medical Leave Act (PFMLA): A Refresher with Updates for 2022
- The New Employee Benefits Landscape: What’s Changed and What’s Ahead
- Employee Stock Ownership Plans (ESOPs): Dispelling Myths and Emphasizing Certain Truths
- Succession Planning
- Equity and Incentive Compensation
- Mental Health in the Workplace: The Current State of the Law and What’s on the Horizon
- Fundamentals for Business Succession Planning
- Business Succession Planning—Never a Better Time
- New DOL Electronic Disclosure Rules for ERISA-Covered Retirement Plans: Critical Next Steps and Legal Ramifications
- CARES Act: Employee Benefits Provisions, DOL Guidance, Relief for Sponsors of Certain Plans and Pensions
- COVID-19 Impact on Law Firms, Employees and Small Businesses: Where Do We Stand Now??
Affiliations
- Fairfield County Bar Association, Board Member
- Connecticut Bar Association
Events
