DOL Plan Audits Explained
Plan audits are an important way the Department of Labor ensures compliance with ERISA standards. Sometimes DOL plan audits are random, but errors, including mistakes with the submission of Form 5500, can trigger audits…
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Common Fiduciary Errors
It’s a very, very rare business owner who sets out to screw up the company retirement plan. Most plan sponsors take fiduciary obligations and secure retirements seriously. Nonetheless, ERISA is a complex law with…
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Compliance and Connection
Employers sponsoring retirement plans must comply with Department of Labor requirements for sharing clear, comprehensible information with participants and beneficiaries. Going above and beyond compliance inspires more engagement in the plan, and more trust in…
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ERISA Bonds Explained: Five Facts
The Employee Retirement and Security Act (ERISA) specifically requires those responsible for company sponsored retirement plans to obtain a fidelity bond, known as an ERISA bond, to protect the plan against losses due to…
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July Bring Fireworks & Forms: It’s Time
Most retirement plans operate on a calendar year, which makes July a big deal: Form 5500 must be carefully completed, reviewed and submitted by month-end. Changes effective this year are significant. Though preparation of…
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Cybersecurity: HR Responsibilities
Everyone at work is at least vaguely aware that cybersecurity is a duty shared by all. That doesn’t however make regularly and consistently practicing cyber hygiene a given during busy days. Increasingly, human resource…
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Compliance and Form 5500?
Most retirement plans are required to submit Form 5500 at the end of July. Changes effective this year are significant. Though preparation of Form 5500 is generally done through service providers, plan sponsor sign…
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AI: Spurring More ERISA Lawsuits?
Could be. Even as the ERISA Industry Committee (ERIC) urges curtailment of the frivolous litigation disrupting plan sponsors across the country, hungry AI enthusiasts are offering to provide plaintiff attorneys with potential new cases,…
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Prudent Process?
Plan sponsors, in accordance with The Employee Retirement Income Security Act (ERISA), must manage retirement plans prudently, following what is known as “the prudent man standard of care.” Though this sounds straightforward enough, what…
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