Hardship Distribution Documentation

IRS requirements are surprisingly vague regarding hardship distributions. In the absence of clear-cut rules, we sometimes see hardship distributions with very little or no supporting documentation. As a plan administrator you should not only comply with the IRS requirements, but also document your compliance with these requirements. Let’s look at a few of the requirements …

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ERISA Accounts – Plan Assets?

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 (https://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 record-keepers are expanding their offering of expense accounts, typically known as an ERISA Account, to …

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Implementing an Investment Policy

Making sound investment-related decisions for an employee benefit plan is an essential part of fiduciary duty.  A good investment policy provides a roadmap for a fiduciary agent of where the plan is expected to go.  By providing clear procedural guidelines, plan sponsors can make better decisions related to the selection and ongoing monitoring of investment …

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