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…
People often put off making decisions for a variety of reasons. For decisions about saving for retirement, the main reason often comes down to complexity. Many people don’t know where to start in saving or have other influences competing for their time and money. So, the easiest solution is often…
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…
The potential for an audit is a fact of life for retirement plan sponsors. Audits can be conducted by either the Internal Revenue Service (IRS) or the Department of Labor (DOL). They can’t really be avoided—but you can prepare in advance for an audit. Incorporating a process of prudence…
Best Practices for a Successful Investment Committee Many small- and mid-size employers don’t have investment committees for their defined contribution plans. This is a problem, of course. Even small businesses need to name investment committees and conduct regular reviews of their retirement plans. But having a committee with no process…