ERISA Violations – Litigation Happens

It’s that time of year again when employee benefit plan audits are gearing up so it’s also a good time for a reminder regarding the importance of ERISA compliance. Plan sponsors who have good oversight over their plans and have annual audits may tend to not keep apprised of legal proceedings involving benefit plans. Some …

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Is Your 401(k) Plan Operating According to Your Plan Document?

When was your 401(k) plan last amended or restated? Were there any processes that needed to be implemented or changed as a result? Have these processes been communicated to the employees involved with servicing your plan? Most plans rely heavily on their third-party administrators to ensure their plans are in compliance with ERISA and their …

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Due Diligence Tips for Buying a Business – Part III

LIABILITIES Compliance with bulk sales laws for asset purchases: • Make sure the bulk sale notifications specified by local law are complied with.  The effect of failure to comply with the bulk sales law enables creditors to “follow the assets” and have valid claims against the new owner (the buyer). • Provide in the asset purchase/sale agreement …

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