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L. Stephen Bowers

Member

: Philadelphia
One Liberty Place
1650 Market Street
Suite 2800
Philadelphia, PA 19103
P: (215) 665-7283
TF: (800) 523-2900
F: (215) 665-2013

L. Stephen Bowers

Stephen is a member of the employee benefits practice, concentrating in ERISA, pension, profit-sharing, and welfare benefit plans. Steve has experience handling the unique employee benefit requirements of municipalities, non-profits, and educational institutions. He also assists clients in the areas of health privacy, corporate, and tax law.

Stephen earned his undergraduate degree from the University of Scranton and his law degree, cum laude, from Boston University School of Law.

Experience

Represents municipal pension plans in Southeastern Pennsylvania.

Represented Mid-Atlantic Health Care in Baltimore in a $75 million acquisition of five Philadelphia nursing homes.

Represented Thalheimer Brothers, LLC, a large Philadelphia scrap metal company, in its sale to Audax Management Company, LLC, a private equity firm, which resulted in principals of Thalheimer owning a minority interest in the company.

Represented the seller in the multimillion dollar sale of Orchid Underwriters Agency, LLC to Gryphon Investors.

Represented PrecisionLender in its minority equity stake acquisition of Century Capital Partners. Based in Raleigh, N.C., PrecisionLender provides loan pricing software and solutions to U.S. financial institutions. Boston-based Century Capital Partners is the private equity group of Century Capital Management, LLC.

Represented Modernizing Medicine in its acquisition of Aesyntix Health, Inc., a privately held company based in Roseville, Calif. Aesyntix provides billing, inventory management, and group purchasing services to physicians. Modernizing Medicine offers a cloud-based, specialty-specific electronic medical records (EMR) system.

Represented Wayne, Pennsylvania-based Evolve IP, The Cloud Services Company^TM, in connection with the sale of a majority stake in the company to Boston-based private equity firm, Great Hill Partners.

Represented Sirius Global Solutions Holding Company and Florida Specialty Holdings, Inc. in the purchase, through a joint venture, of Mount Beacon Holdings, LLC and its subsidiaries, including Florida-based Mount Beacon Insurance Company.

Represented Utz Quality Foods, LLC, the largest privately held snack food company in the United States, in connection with its acquisition of Alabama-based public snack food company Golden Enterprises, Inc. for $146 million. The acquisition was financed through an investment in Utz by private equity firm Metropoulos & Co. Cozen O'Connor represented Utz in that investment by Metropoulos, which was the largest initial private equity transaction for a U.S. snack food company since 2013. The complex and multi-faceted transaction drew on the experience of Cozen O'Connor's corporate, tax, intellectual property, employee benefits, labor and employment, antitrust, and securities attorneys.

Represented an influencer marketing company in connection with its acquisition by a leading intelligent commerce intermediary. This multi-faceted transaction drew on the experience of the firm's corporate, tax, antitrust, employment, benefits, and intellectual property attorneys.

Represented Pilot Air Freight Corp., a private air freight logistics, package forwarding, and delivery company, in connection with the sale of a controlling interest in the company to ATL Partners and British Columbia Investment Management Corp. The transaction required a complex reorganization of Pilot and its subsidiaries and drew on the experience of the firm's corporate, employee benefits, real estate, intellectual property, tax, and aviation regulatory attorneys.

Represented WWSC Holdings, LLC, one of the largest structural steel fabrication and erection companies in North America, in connection with the acquisition by Alleghany Capital Corporation of a majority interest in the company.

Represented Harry R. Hirshorn & Co. (d/b/a Hirshorn Boothby), a full-service insurance agency headquartered in Philadelphia, in its sale to Bryn Mawr Trust.

Represented Utz Quality Foods, LLC in its acquisition of Inventure Foods, Inc. in a deal valued at $165 million. The transaction was completed via a cash tender offer for all outstanding shares of Inventure Foods common stock, followed by a merger of a wholly owned subsidiary of Utz into Inventure Foods pursuant to Section 251(h) of the Delaware General Corporation Law. Inventure Foods will operate as a wholly-owned subsidiary of Utz. Inventure Foods manufactures and sells salted snacks under the brands Boulder Canyon®, TGI Fridays™, Nathan’s Famous®, Vidalia Brands®, Poore Brothers®, Tato Skins®, and Bob’s Texas Style® and has manufacturing facilities in Arizona and Indiana. This complex and multi-faceted transaction drew on the experience of Cozen O’Connor’s corporate, tax, labor and employment, benefits, litigation, intellectual property, real estate, and environmental attorneys.

Represented the ownership of a top construction management firm located in the Mid-Atlantic region in connection with the sale of most of the company's equity to senior management, with the buyers delivering promissory notes for payment of the purchase price to be paid through cash flow from company operations. This transaction drew on the experience of the firm's corporate, tax, labor & employment, and employee benefits attorneys.

Represented Spell Capital Partners, LLC in its acquisition of Viking Engineering & Development, Inc., a manufacturer of automated wood pallet and bedding manufacturer equipment. The transaction drew on the experience of the firm's corporate, employee benefits, tax, real estate, intellectual property, and environmental attorneys.

Represented Ezaki Glico Co., Ltd., a publicly traded Japanese food company doing business across 30 countries, in its purchase of TCHO Ventures, Inc., a San Francisco-based fair trade chocolate manufacturer. The acquisition was Ezaki Glico’s first acquisition of a United States company. The transaction drew on the experience of the firm's corporate, tax, intellectual property, labor & employment, and employee benefits & executive compensation attorneys.

Represented Spell Capital Partners, LLC and its portfolio company, Viking Plastics, in connection with the acquisition of Genesis Plastics and Engineering, LLC and Genesis Plastics Solutions, LLC. Viking Plastics is an injection molding and value-added assembly service provider. With facilities in Jeffersonville and Scottsburg, Ind., Genesis manufactures injection molded parts for the automotive industry. This transaction drew on the experience of the firm's corporate, tax, real estate, intellectual property, labor and employment, employee benefits and executive compensation, and utilities, environmental and energy attorneys.

Represented The Institutes, a leading education and research provider for the risk management and insurance industry, in its strategic acquisition of substantially all of the assets of Claims Litigation Management (CLM) and Claims Pages. CLM is the largest member organization of insurance professionals. The seller's businesses include insurance conferences, local chapter events, online resources, and other member benefits. This transaction drew on the experience of the firm's corporate, tax, intellectual property, labor & employment, and employee benefits & executive compensation attorneys.

News

What Andrew McCabe Stands to Lose if He’s Fired From FBI

March 16, 2018

Stephen Bowers, a member of Cozen O'Connor's Labor & Employment department, discussed with Bloomberg Law why former FBI Deputy Director, Andrew McCabe could still receive his retirement plan.

How new bipartisan legislation could affect caregiver benefits

January 23, 2018

Stephen Bowers, a member of Cozen O'Connor's Labor & Employment department, spoke with Employee Benefit News about the Recognize, Assist, Include, Support and Engage Family Caregivers Act.

Cozen O’Connor Advises Wilco Electronic Systems in Sale of Cable Assets to Comcast Corporation

December 18, 2017

The national corporate practice group at Cozen O’Connor represented Wilco Electronic Systems, Inc., a provider of communication services to educational, government, and low-income communities throughout Philadelphia, in the sale of its cable assets to Comcast Corporation, one of the largest internet providers in the United States.

New Bill Aims to Provide Coverage to Gig Workers

May 26, 2017

Stephen Bowers, a member of Cozen O'Connor's Employee Benefits & Executive Compensation practice, discusses gig workers in Employee Benefit News.

Elderly Health Care Costs to Grow by 25.8% in 10 Years

March 20, 2017

Stephen Bowers, a member of Cozen O’Connor’s Employee Benefits Practice Group, discusses the rising cost of health care for the elderly in HR Dive.

Employers Pursue New Eldercare Ideas As Baby Boomers Retire

March 16, 2017

Stephen Bowers, a member of Cozen O’Connor’s Employee Benefits Practice Group, discusses the impact of baby boomer retirement in Employee Benefits News.

IRS Delays ACA Reporting Deadline

November 21, 2016

Stephen Bowers discusses the IRS's unexpected 30-day extension for employers to complete the ACA information-reporting requirements

Stephen Bowers Discusses Changes in Health Benefit Plans

November 05, 2015

Stephen Bowers, a member of Cozen O’Connor’s Employee Benefits & Executive Compensation practice, discusses how benefit plans are changing.

Cozen O'Connor Names 11 Attorneys To Membership in the Firm

May 21, 2009

'We are proud to welcome these highly qualified attorneys into membership in the firm,'' said Thomas A. Decker, president and chief executive officer of Cozen O’Connor. ''Their individual and combined contributions reflect the talent and strength of our firm.''

Cozen O’Connor Attorneys Jay A. Dorsch And L. Stephen Bowers Lecture On Pension Plan Basics

July 19, 2008

Cozen O’Connor attorneys Jay A. Dorsch and L. Stephen Bowers recently lectured on ''Pension Plan Basics and Legislative Updates'' for Kistler-Tiffany Benefits. Some of the topics Dorsch and Bowers covered included pension plan options for small employers and an update on deferred compensation rules.

ACA Relief Brightens 2017 for Small Employers [Labor & Employment Observer]

December 23, 2016

L. Stephen Bowers and Jay A. Dorsch discuss the 21st Century Cures Act, which eases restrictions on health reimbursement arrangements sponsored by certain small employers.

Small Employers Cheer Recently Eased Affordable Care Act Restrictions [Employee Benefits Alert]

December 13, 2016

L. Stephen Bowers and Jay A. Dorsch discuss the 21st Century Cures Act that provides government funding and support for a number of health care initiatives.

Vague COBRA Notices Could Prove Venomous [Employee Benefits & Executive Compensation Alert]

March 09, 2016

L. Stephen Bowers and Jay A. Dorsch discuss a recent class action settlement wherein a large financial services organization agreed to pay nearly $300,000 to settle claims that the notice it provided to health plan participants and beneficiaries of their right to continue their health coverage upon the occurrence of a qualifying event, as is required by COBRA, was deficient.

Limiting Employees’ Hours to Dodge the ACA’s Employer Mandate Could Violate ERISA [Employee Benefits & Executive Compensation Alert]

February 23, 2016

David A. Barron and L. Stephen Bowers discuss Marin v. Dave & Busters, Inc. et al., a federal district court ruling allowing an employee to proceed with a class action lawsuit that alleges her employer violated ERISA when it reduced employees’ hours to avoid incurring increased costs under the ACA.

Will Plan Participants’ Demands for Perfection Retire Large 401(k) Plans? [Employee Benefits Alert]

February 03, 2016

Stephen L. Bowers and Jay Dorsch discuss Bell v. Anthem Inc. et al., and (1) whether it is a breach of fiduciary duty for a large plan to not use its leverage to secure lower administration and investment services fees, and (2) whether the selection of higher-fee mutual funds over similar lower-cost funds constitutes a per se breach of fiduciary duty under ERISA?

Supreme Court Sends ERISA Plans Racing to the Courthouse for Subrogation Recoveries [Employee Benefits & Executive Compensation Alert]

January 29, 2016

Stephen L. Bowers, Jay A. Dorsch and Jeffrey I. Pasek discuss the recent U.S. Supreme Court decision in Montanile v. Board of Trustees of the National Elevator Industry Health Benefit Plan and how it impacts fiduciaries of employee benefit plans governed by ERISA.

Supreme Court Upholds ACA Subsidies: What’s Next? [Health Law Informer Blog]

June 26, 2015

On Thursday, June 25, the Supreme Court of the United States issued its much anticipated ruling in King v. Burwell, the second major Court challenge to a core element of the Affordable Care Act (“ACA”). The Court, by a 6-3 margin, issued a victory for the ACA. King v. Burwell was not a challenge...

DOL Issues Re-proposed Regulations Defining Investment Advice Fiduciary and Proposes New PTEs [Employee Benefits Alert]

May 04, 2015

The DOL issued long awaited re-proposed regulations governing fiduciary status and investment advice for public comment on April 14, 2015. The proposed regulations would amend the definition of fiduciary under ERISA to better protect retirement savers against conflicted investment advice.

Use-It-or-Lose-It Rule Modified for Health Care FSAs [Employee Benefits & Executive Compensation Alert]

November 11, 2013

The IRS has issued IRS Notice 2013-71, allowing limited carry-over of amounts in employees’ flex plan accounts to the following plan year. Under the guidance employers may permit participants to carry over up to $500 of unused amounts in their health care flexible spending account into the next plan year.

June 30, 2011 Deadline for Cafeteria Plan Amendments [Employee Benefits & Executive Compensation Alert!]

June 20, 2011

The Patient Protection and Affordable Care Act, enacted March 23, 2010, revises the definition of medical expenses as it relates to over-the-counter drugs for employer-provided accident and health plans, including health flexible spending arrangements (FSAs) and health reimbursement arrangements (HRAs), as well as the definition of qualified medical expenses for Health Savings Accounts (HSAs) and Archer Medical Savings Accounts (Archer MSAs).

Last Chance to Correct 409A Violations Without Having to Pay a Penalty [Employee Benefit & Executive Compensation Alert!]

November 10, 2010

The IRS issued Notice 2010-6 (Notice) earlier this year, providing taxpayers with a mechanism to correct certain IRC Section 409A document errors. Under the Notice’s transition rules, if certain document compliance errors are corrected by December 31, 2010, the affected employee may avoid incurring any income tax or penalties (other than income tax on amounts actually received).

Health Care Reform Act Provides for Potential Reimbursement of Retiree Health Claims [Employee Benefits & Executive Compensation Alert!]

June 21, 2010

The new health care reform legislation provides an opportunity to employers who offer medical coverage to retirees to obtain government reimbursement of certain claims expenses. Called the ''Early Retiree Reinsurance Program,'' it is designed to assist employers who provide health care coverage for individuals who retire before becoming eligible for Medicare (i.e., ages 55 to 65) to continue to provide such coverage. However, there is a catch: the reimbursement program is temporary and is capped at $5 billion in total reimbursements.

Pennsylvania Enacts Mini-COBRA Law [Labor and Employment Alert!]

August 20, 2009

Pennsylvania joined a growing majority of states by enacting a ''mini COBRA'' law to provide former employees of smaller companies with an alternative to obtain health insurance. Federal COBRA provides that employers who provide their employees with health insurance coverage and have at least 20 employees are required to offer continuing health coverage if an employee would lose their health benefits due to a ''qualifying event'' (such as termination of employment). Employers of fewer than 20 employees are exempt from this requirement.

Cozen O’Connor: On Top Of The Hot Issues In Executive Compensation [The Metropolitan Corporate Counsel]

July 01, 2009

''It’s unclear what impact ‘say on pay’ votes will have. A shareholder vote that ‘yes this is a good program’ or ‘no this is not a good program’ doesn’t provide any guidance on why the shareholders have concluded a program is or is not appropriate.''

COBRA Provisions of the American Recovery and Reinvestment Tax Act of 2009 [Labor and Employment Alert!]

February 24, 2009

On February 17, 2009, President Obama signed the American Recovery and Reinvestment Tax Act of 2009 (the Act). The Act contains provisions which are intended to make health care coverage, particularly COBRA coverage, more affordable. Unfortunately, some of the burden of achieving this goal is placed on employers, including certain actions which must be taken quickly. Following is a brief description of the COBRA provisions of the Act.

Section 409A Deadline Approaching [Employee Benefits Alert!]

November 20, 2008

December 31, 2008 is the deadline for revising nonqualified deferred compensation arrangements to comply with Internal Revenue Code Section 409A. While the rules have been in effect since 2004, the deadline for conforming all documents that are subject to Section 409A was extended from the end of last year and is not expected to be extended further. Although Section 409A addresses only non-qualified deferred compensation arrangements, the final regulation.

Summer 2008 [Labor and Employment Observer]

August 15, 2008

Our Summer 2008 Labor and Employment Law Observer covers a multitude of topics of interest to in-house counsel, human resources professionals and corporate management.

Summer 2008 [Business Law Observer]

July 14, 2008

This Summer issue of the Business Law Observer focuses on important changes contained in cases and regulatory actions affecting both public and private companies.

2007 Deadline for Deferred Compensation Plan Amendments Under Section 409A Final Regulations [Employee Benefits Alert - 06/25/07]

June 25, 2007

On April 10, 2007, the Department of the Treasury and the Internal Revenue Service issued final regulations on nonqualified deferred compensation under Section 409A of the Internal Revenue Code (the ''Final Regulations'').

Final 409A Regulations Released [Employee Benefits Alert - 04/12/07]

April 12, 2007

On April 10, 2007, the Internal Revenue Service (the ''IRS'') and the Treasury Department released the long-awaited final regulations regarding the taxation of non-qualified deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended (the ''Code''). Code Section 409A provides that amounts deferred under non-qualified plans and arrangements may be subject to current taxation and penalties if certain requirements are not satisfied.

Pension Protection Act of 2006 - New Reporting and Disclosure Requirements [Employee Benefits Alert!]

October 09, 2006

The Pension Protection Act of 2006 (PPA) contains several new reporting and disclosure requirements which will be of immediate interest to plan sponsors. Outlined below are the new reporting and disclosure requirements for single employer plans.

Health Law 2019	Philadelphia, PA	12/05/2018
2018 Labor and Employment Law Update	Philadelphia, PA	06/13/2018
2017 Health Law Year In Review	Philadelphia, PA	12/06/2017
Digital Health Legal & Regulatory Bootcamp: What You Don't Know You Don't Know	San Jose, CA	10/04/2017
7th Annual Health Law Year in Review	Philadelphia, PA	12/07/2016
2015 Health Law Year in Review	Philadelphia, PA	12/08/2015
The Legal Intelligencer's In-House Counsel CLE Seminar	Philadelphia, PA	03/24/2015
Health Law Year In Review	Philadelphia, PA	12/03/2014
8th Annual HFMA Fall Institute	Philadelphia, PA	09/18/2014
The Legal Intelligencer's In-House Counsel CLE Seminar: Philadelphia	Philadelphia, PA	03/18/2014
Health Law Year in Review	Philadelphia, PA	02/06/2014
PBI CLE: "Employers' Obligations Under the Affordable Care Act"	Philadelphia, PA	10/18/2013
19th Annual PBI Employment Law Institute	Philadelphia, PA	04/16/2013
Implementing The Affordable Care Act - Countdown to 2014	Philadelphia, PA	02/06/2013
10 Common Employer Mistakes in Administering 403(b) Plans	Philadelphia, PA	04/14/2011
Breakfast Seminar: IRS Compliance	Philadelphia, PA	01/01/1900

Practice Areas

Employee Benefits & Executive Compensation

Corporate

Business/Corporate

Labor & Employment

Education

Boston University School of Law, J.D., cum laude, 1999
University of Scranton, B.A., 1994

Bar Admissions

Massachusetts
Pennsylvania

Affiliations

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