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Craig B. Wheaton

Partner
AA Contact Info

Tracy Benning
Phone: 919.821.6654
tbenning@smithlaw.com

Overview

Craig Wheaton’s practice focuses on employee benefits, including retirement and welfare plans, executive compensation and fiduciary compliance. Craig, previously a partner at Kilpatrick Stockton, LLP, has provided representation to many public and private entities, including some of the largest employers in North Carolina, the Southeast and the United States.  He also regularly represents bank trust departments, insurers, financial advisors accounting and law firms, and other service providers in the benefits industry.

Craig has assisted many entities in resolving employee benefits compliance matters and controversies. He has provided representation to national financial institutions in disputes involving tens of millions of dollars in retirement plan assets. He regularly represents employers and benefit plan service providers involved in investigations or audits by governmental agencies, including the Internal Revenue Service, the Department of Labor, the Pension Benefit Guaranty Corporation and state insurance departments. He also provides representation and expert testimony in ERISA litigation.

Craig is a Fellow of the American College of Employee Benefits Counsel. Fellows have at least twenty years of employee benefit experience and are selected on the basis of having made significant contributions to the field of employee benefits. He is one of four Fellows in North Carolina and the only one in the Triangle. He has also been recognized in The Best Lawyers in America® in the area of Employee Benefits Law for the last ten years.

  • Fellow of the American College of Employee Benefits Counsel
  • The ESOP Association
  • North Carolina Bar Association
    • Member of the Tax Council , Section on Taxation, 1994-1998 and 2003-2004
    • Chair of the Tax Council, Employee Benefits Section, 1995-1998
  • Former President, Triangle Benefits Forum
  • The Best Lawyers in America©, Employee Benefits (ERISA) Law (1995-2017)
  • Martindale-Hubbell AV Preeminent Rating
  • North Carolina Super Lawyers, Employee Benefits/ERISA (2006, 2009, 2011-2013)

Experience

Experience

  • Provided fiduciary representation for several large plans sponsored by publicly traded entities with respect to fiduciary breach claims related to plan investments; after assisting in successfully defending claims, he also negotiated resolutions with the Department of Labor and the North Carolina Department of Insurance
  • Obtained a retroactive prohibited for large corporate fiduciary involving transaction related to hundreds of millions of dollars of financial products in retirement plans
  • Assisted in obtaining relief from IRS and DOL for large corporate fiduciary facing significant penalties for hundreds of transactions involving both retirement plans and IRA's
  • Assisted a large collectively bargained plan for police officers with transition from balance forward administration to daily platform and participant direction
  • Assisted in consolidating retirement and welfare plans for an auto manufacturer with separate entities located in virtually all states
  • Assisted a large integrated health system consisting of governmental, tax-exempt and for profit entities in restructuring plans to achieve business goals
  • Represented a large medical practice in restructuring employment and compensation arrangements related to acquisition by public entity
  • Assisted in design and operation of nonqualified and equity plan for multi-national entities
  • Assisted a large insurer in restructuring the contracts for its self-insured plans and provided sales force training
  • Assisted a retirement plan advisory firm in restructuring contracts
  • Assisted in addressing compliance matters for retirement plans sponsored by tax-exempt companies
  • Assisted a client in establishing group trust and merging defined benefit plans
  • Assisted a large publicly-traded entity in consolidating welfare plans and establishing a fiduciary structure
  • Advised a multinational Fortune 500 provider of product development and integrated healthcare services on benefits-related matters in its merger with a NYSE-listed global information and technology services company, creating a leading information and tech-enabled healthcare service provider. The equity market capitalization of the joined companies was more than $17.6 billion at closing

News & Publications

News

Events & Webinars

Events

  • Co-Presenter, Benefits Implications of Contingent Workforces, Smith Anderson's 23rd Annual Employment Law Update, October 2015
  • Presenter, Benefits Implications of Contingent Workforces, Carolinas Chapter of the ESOP Association 8th Annual Conference, Charlotte, North Carolina, August 13-14, 2015
  • Presenter, Correcting Problems with Your Retirement Plan, Smith Anderson’s 22nd Annual Employment Law Update, October and November 2014

Bar & Court Admissions

  • Supreme Court of the United States
  • North Carolina

Education

Wake Forest University School of Law, J.D., 1981

University of Virginia, B.A., with honors, 1978

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