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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Violations of Loan Covenants – What Does this Mean for my Audit?

It these tough economic times, it is much more common for not-for-profit organizations to have loan covenant violations.  When a loan covenant is not met (for example, a requirement to maintain a maximum debt to tangible net worth ratio), the consequences can be very negative to the entity’s financial statements.  Remember that violating a covenant …

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