Plan Corrections Necessary? DOL Corrections Program

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 any plan transactions comply with the fiduciary standards ERISA has created. Even though a Plan …

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

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Open Enrollment

Open Enrollment Time Again – As a Plan Administrator what questions should you be asking yourself? • First and foremost you should ensure that the Plan Document and your Summary Plan Description (SPD) is up-to-date and supports the plan administrative practices that the Plan Administration has put into place.  For example, if your Plan Document states …

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All About Blackout Periods

We recently had some questions about how blackout periods work, and I learned a lot by consulting some of our TPA (third party administrator) colleagues and the DOL website. A blackout period is basically a time that participants temporarily lose control of their retirement accounts.  During this period, no changes can be made to investment …

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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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401(k) Abuses

As a fiduciary to a 401(k) plan or even as a participant in your company’s 401(k) plan, there are some warning signs you can watch for when it comes to how the Company is handling their 401(k) fiduciary responsibilities including contributions.  The Department of Labor has seen many instances of fraud within 401(k) plans including …

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Footnote Disclosures

Another year end has passed and now you are probably compiling and sending the 401(k) files to your third party administrator for them to complete their compliance testing, and other plan financial reports.  Many of these documents will then be requested by your 401(k) plan auditor.  Additionally your auditor will be requesting other Plan documents …

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