Nicholas L. Saakvitne

Los Angeles, CA

Nicholas L. Saakvitne [N.Y.U. School of Law J.D. 1976, L.L.M. in Taxation 1977; Fellow, American College of Employee Benefits Counsel] has been an ERISA attorney for 34 years. Since 1997, he has acted as an ERISA fiduciary for employee benefit plans, and such fiduciary service now comprises more than 99% of his practice. Having served as a Trustee and Independent Fiduciary to coordinate the termination of orphan retirement plans (working closely with the EBSA division of the U.S. Department of Labor and, for defined benefit pension plans, with the Pension Benefit Guaranty Corporation) he believes he has served as fiduciary for more than 250 plans and has overseen approximately $1 billion of plan benefit payments/direct rollovers. Nick has been appointed as a plan fiduciary by many Federal courts, and on occasion by California state courts. He has served as Trustee and Independent Fiduciary for more than 40 Employee Stock Ownership Plans (and other retirement plans holding employer stock) over the past 10 years, on an ongoing basis for active plans, to negotiate stock purchase or stock/asset sale transactions, or to approve settlements or review other ESOP fiduciary transactions, and this is a growing area of his practice. On frequent occasions, Nick has acted as Independent Fiduciary for retirement plans to review and approve Class Action ERISA litigation settlements, working with nationally recognized members of the plaintiffs' Bar and established defense counsel.