Partnering with a Third Party Administrator (TPA) can be very beneficial to help manage compliance-oriented and day-to-day tasks related to managing a retirement plan. Many TPA’s refer to themselves as ERISA Consultants. 401(k) plan sponsors know that running a plan requires a lot of work, whether it’s seeking answers to…
Non-compliance with ERISA can be costly for a small business. Case in point is a recent decision against a plan sponsor (Askew v. RL Reppert) who did not fulfill a participant’s request for information in a timely or complete manner. While the plan sponsor did not act in bad faith…
As 2016 draws to a close, there are several key 401(k) dates to keep in mind. Not sure if you have a system in place to meet these deadlines? December 1, 2016: 2017 Notices (if applicable) Safe Harbor 401(k) Plan Qualified Default Investment Alternative (QDIA) Automatic Enrollment December 15, 2016:…
People generally don’t take education for granted, yet education can easily be overlooked when it comes to building investment knowledge among 401(k) plan participants. Many plans don’t do much in the way of participant education beyond statement inserts or one-time seminars during enrollment periods. But plan sponsors can find long-term…