Is your company, union or non-profit facing an ERISA Employee Benefit Plan Audit? Contact Maria T. Arriola, our ERISA Employee Benefit Plan expert at 714-569-1000. Maria is in our Santa Ana, California office.
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Generally speaking, 401(k) plans with fewer than 100 participants at the beginning of the plan year are considered small employee plans and eligible for the Small Plan Audit Waiver. However, the Department of Labor (DOL) has identified the range of 80 – 120 participants (at the beginning of the plan Read more…
Is YOUR Auditor Finding Them Before the DOL? The DOL (Department of Labor) works to make sure employees are treated fairly. Our job is to avoid having our clients undergo a DOL audit—especially a “bad” one. Prevention is always an excellent idea in the accounting world. And like the Scouts, Read more…
A few weeks ago the Department of Labor (DOL) sent a letter to Plan Sponsors about the importance of selecting a qualified CPA firm to perform their upcoming ERISA employee benefit plan audits. Rest assured LSL CPAs & Business Advisors is a qualified CPA firm. As a member of the Read more…
As the end of the year is fast approaching it is a good time for retirement plan sponsors to review their retirement plans. Here are some tips retirement plan sponsors should consider: Verify All Qualified Participants This is a common error made by sponsors who forget to add their participants Read more…
The Department of Labor (DOL) has provided more guidance for employer sponsored 401(k) participant fee disclosure reporting. In March 2015, the DOL issued a direct final ruling that changes certain rules regarding participant fee disclosures. The goal is to offer plan sponsors a little more time in providing participant level Read more…
Many companies offer their employees 401(k) Retirement Plans. What these companies do not realize is that they have the fiduciaries duties of administering, and managing the Plan, following the Plan document as well as controlling the Plan assets. Other fiduciary responsibilities employers should be aware of include: Bonding The Plan Read more…
Does your Company sponsor a 401K plan? If the answer is yes, then you may not be aware of all the responsibilities that ERISA requires from plan fiduciaries. ERISA defines a fiduciary as a person who has discretionary authority or responsibility in plan administration. For example, did you know that Read more…
If your company has a pension plan you should be aware of late contribution rules. No matter the size of your plan or the number of plan participants, if you have employees contributing money to a pension plan you must follow have timely contributions of their money. Timely contributions are Read more…
Missing the final deadline for filing your Form 5500 is a common pitfall for plan administrators. The filing due date for a Form 5500 is seven months after the end of the plan year with an optional 2 ½ month extension, allowing 9 ½ months to file the final Form Read more…
The Department of Labor (DOL) has recently released new FINAL rules regarding the ERISA 408(b)(2). These disclosure rules become effective April 1, 2012. Service and fee disclosure regulations – ERISA Section 408(b)(2) applies to retirement plan service providers effective April 1, 2012. New 408(b)(2) Service Provider Disclosures: A description of the Read more…