As plan auditors we are frequently asked how long documents relating to a plan should be retained by the plan sponsor. Like anything related to the Internal Revenue Service (IRS), there is no one simple answer. Before discussing some general … read more
Plan sponsors have an option to incorporate a true-up provision into their employee benefit plan(s). True-up adjustments are done at the end of the plan year in order to ensure that the amount of employer matching contributions is grossed up … read more
As a sponsor of an employee benefit plan, along with annual reporting requirements, you may be required to undergo an audit of your plan’s financial statements. What are the reporting requirements and what triggers an audit? This varies depending on … read more
On May 18, 2015, the U.S. Supreme Court issued its opinion in the Tibble v. Edison Int’l case. In 1999 and 2002, Edison International added 6 retail mutual fund options to the available investment options for the company’s 401(k) plan. … read more
Brief History The Economic Growth and Tax Relief Reconciliation Act of 2001 authorized the establishment of Roth 401(k) accounts beginning January 1, 2006, which are post-tax retirement account. The next big thing to happen to Roth accounts was the American … read more
If your company offers an employee benefit plan that is subject to the Employee Retirement Income Security Act (“ERISA”), for example a 401(k) plan, it is important to remember that your Company is responsible for ensuring that the Plan and … read more
Employee benefit plans are seeing increased regulation and disclosure of plan fees including new disclosures of compensation paid to covered service providers in July 2012 (http://www.hhcpa.com/blogs/employee-benefits-audit-services/fee-disclosure-regulations-for-covered-service-providers/). The result of the new fee disclosures and oversight by plan fiduciaries is that … read more
Prior to 2010, there wasn’t a lot of regulation in 403(b) plans. In many instances, Plans didn’t even have a written plan document. It was also common practice for plans to have as many vendors as participants – which made … read more
Considering the current state of the economy and the new and complex regulations, I was pleasantly surprised to read some interesting survey results that indicate the 403(b) retirement plan system appears to be healthier than ever. The 2010 403(b) Plan … read more
Finding information on employee benefit plans can be difficult and time consuming. As a service to our clients, and other interested parties who are involved in or in need of employee benefit services, we'll gather all of the information for you. We'll keep you up-to-date on the latest laws and regulations and we will even add our own personal insight into what else is occurring in the employee benefits world. We will provide these posts weekly and hope to get your input and feedback on the various topics. We will also share that feedback with others, as we find appropriate.
Before posting a comment on a blog post please be aware that we do not give free advice to non-clients by email, comment response, or phone. Thank you!
- Forming a 401(k) Plan Committee
- Plan Sponsor Record Retention Guidelines
- Required Minimum Distributions
- Does Your EBP Have a True-Up Provision?
- The Importance of Knowing Your Plan’s Definition of Compensation
- Dear Plan Sponsors: Reviewing a SSAE 16 Report
- How to Handle a Blackout Period
- The Importance of Obtaining a Quality Audit
- Participant Loans – IRS Requirements
- Investment Policy – Why and What to Include?