Non-Exempt (Prohibited) Transactions & Financial Statement Disclosure

Has your 401(k) Plan recently been audited by the “Employee Benefits Security Administration” of the U.S. Department of Labor?  If yes, have they identified any Non-Exempt (prohibited) transactions? For detail on what constitutes a Non-Exempt (prohibited) transaction, please review “Instructions for Schedule G” Form 5500, Financial Transaction Schedules” of the Instructions for Form 5500 – …

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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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