Planned Changes to the Regulatory Definition of Fiduciary

The Employee Benefits Security Administration (EBSA) plans to amend the regulatory definition of “fiduciary.” A large number of plan sponsors rely on the services of pension consultants and financial asset appraisers. As such, in June 2010, EBSA will propose to amend the current definition to include these service providers, essentially making them subject to the …

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Importance of Plan Amendments

With the ever changing regulatory landscape surrounding employee benefit plans, it’s important that the plan sponsor consider the impact of regulatory changes.  As discussed in previous blogs, there are a significant number of fiduciary responsibilities bestowed upon a plan sponsor.  One of these responsibilities is to keep the plan in compliance with all current laws …

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Choosing A Forensic CPA

The American Institute of Certified Public Accountants defines forensic accounting as “(T)he ability to identify, collect, analyze, and interpret financial and accounting data and information; apply the relevant data and information to a legal dispute or issue; and render an opinion.” (1) CPAs are often hired by clients and attorneys to conduct forensic accounting procedures …

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Establishing an Investment Committee for 401(k) Plans

Plan sponsors have a fiduciary responsibility to manage the investment options offered to participants. ERISA requires that these investments be monitored on an ongoing basis for appropriate use and continued prudence. In order to ensure this happens, plan sponsors should establish an investment committee to oversee and manage all investment processes for the plan. The …

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