What is the purpose of a 401(k) plan? A 401(k) plan is designed to guard and protect your employees’ retirement benefits. You, as the employer/sponsor must make sure funds are available to pay the retirement and other promised benefit obligations to your employees. Choosing the right CPA to audit and Read more…
Are 401(k) plans sued? What are the most common ERISA lawsuits? According to the Center for Retirement Research at Boston College, there were 107 lawsuits filed in 2017 against 401(k) plans. It is important to understand the causes and potential consequences of these lawsuits, since 73% of workers in 2016 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 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…
The Department of Labor (DOL) requires an ERISA pension audit for all “large” pension plans, those with over 120 participants. Not only should the auditor you hire help you to meet the audit requirement but they should also add value to through financial and operational suggestions. New regulations require pension Read more…