The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for employee benefit plans maintained by private-sector employers. ERISA includes requirements for both retirement plans (for example, 401(k) plans) and welfare benefit plans (for example, group health plans)…
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for employee benefit plans maintained by private-sector employers. ERISA includes requirements for both retirement plans (for example, 401(k) plans) and welfare benefit plans (for example, group health plans). ERISA has been amended many times over the years, expanding the protections available to welfare benefit plan participants and beneficiaries.
The Department of Labor (DOL), through its Employee Benefits Security Administration (EBSA), enforces most of ERISA’s provisions. Violating ERISA can have serious and costly consequences for employers that sponsor welfare benefit plans, either through DOL enforcement actions and penalty assessments or through participant lawsuits.
Randall Webb - TJSDD - Common Pitfalls and Deficiencies Found in Plan AuditsDowney Brand LLP
At the 2015 Savannah Fiduciary Seminar, Randall Webb of TJS Deemer Dana presented the most common deficiencies identified during plan audits and how plan sponsors should correct those deficiencies going forward.
HunterMaclean ERISA and employee benefits attorney Rebecca Sczepanski made this presentation at the 2015 Savannah Fiduciary Seminar. Her presentation covered a summary of the legal issues regarding fiduciary status, including how to identify ERISA and state law fiduciaries. She provided tips for avoiding or mitigating risks associated with defined plan fiduciary status as well as an update on major fiduciary litigation.
Rick Pummill - TRPC - Effective Plan Design and AdministrationDowney Brand LLP
In his presentation at the 2015 Savannah Fiduciary Seminar, Rick Pummill of The Retirement Plan Company presented on how to make 401(k) or Defined Contribution Plan operations more effective, from design tips to electronic delivery of disclosures.
With Department of Labor audits on the rise, this presentation reviews all the requirements under ERISA. This includes the requirements for plan documents, disclosures and reporting.
Review the requirements for offering HSAs. This will include what coverages must be offered, documentation to be completed, what rules the employer and employee must follow (including HSA employer contribution rules), and commonly made mistakes.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for employee benefit plans maintained by private-sector employers. ERISA includes requirements for both retirement plans (for example, 401(k) plans) and welfare benefit plans (for example, group health plans). ERISA has been amended many times over the years, expanding the protections available to welfare benefit plan participants and beneficiaries.
The Department of Labor (DOL), through its Employee Benefits Security Administration (EBSA), enforces most of ERISA’s provisions. Violating ERISA can have serious and costly consequences for employers that sponsor welfare benefit plans, either through DOL enforcement actions and penalty assessments or through participant lawsuits.
Randall Webb - TJSDD - Common Pitfalls and Deficiencies Found in Plan AuditsDowney Brand LLP
At the 2015 Savannah Fiduciary Seminar, Randall Webb of TJS Deemer Dana presented the most common deficiencies identified during plan audits and how plan sponsors should correct those deficiencies going forward.
HunterMaclean ERISA and employee benefits attorney Rebecca Sczepanski made this presentation at the 2015 Savannah Fiduciary Seminar. Her presentation covered a summary of the legal issues regarding fiduciary status, including how to identify ERISA and state law fiduciaries. She provided tips for avoiding or mitigating risks associated with defined plan fiduciary status as well as an update on major fiduciary litigation.
Rick Pummill - TRPC - Effective Plan Design and AdministrationDowney Brand LLP
In his presentation at the 2015 Savannah Fiduciary Seminar, Rick Pummill of The Retirement Plan Company presented on how to make 401(k) or Defined Contribution Plan operations more effective, from design tips to electronic delivery of disclosures.
With Department of Labor audits on the rise, this presentation reviews all the requirements under ERISA. This includes the requirements for plan documents, disclosures and reporting.
Review the requirements for offering HSAs. This will include what coverages must be offered, documentation to be completed, what rules the employer and employee must follow (including HSA employer contribution rules), and commonly made mistakes.
Review all of the requirements of the Employee Retirement Income Security Act of 1974. Training will go over which employers have to comply, which benefits are subject to ERISA, what documentation employers must provide, and penalties for noncompliance.
If the employer mandate is repealed, many ALEs will likely want to modify their plan designs to go back to pre-ACA eligibility rules. Employers may also consider increasing the amount that employees are required to contribute for group health plan coverage.
This issue of Retirement Plan News includes articles on the following: Post-severance compensation revisited, The fiduciary role and Tibble v. Edison, Bankruptcy and retirement plans.
Comprehensive Guide to Nonqualified Deferred Compensation NQDCFulcrum Partners LLC
This document summarizes the key aspects of non-qualified deferred compensation (NQDC) plans, which many employers create to provide additional retirement benefits to key executives. There are two main types of NQDC plans: defined contribution plans and defined benefit plans. Defined contribution plans tie an executive's benefit to contributions to an individual account, while defined benefit plans pay a specified retirement benefit. NQDC plans allow deferral of income tax but require compliance with IRS rules to avoid penalties. The document provides details on plan types, contributions, investments, taxation and other considerations for employers in selecting an appropriate NQDC plan.
The latest Retirement Plan News contains articles on the following: 1) Make Benchmarking Your Plan An Annual Exercise 2) Employer Contribution Trends 3) QDIAS Ten years On
The document discusses the advantages of safe harbor 401(k) plans, which eliminate nondiscrimination testing and allow highly compensated employees to defer up to annual limits regardless of lower-paid employee deferral rates. To qualify as a safe harbor plan, the employer must make either a 3% nonelective contribution or a 100% matching on the first 3% deferred plus 50% on the next 2% deferred for all eligible non-highly compensated employees. These plans have notice requirements but relieve top-heavy funding and testing obligations.
This document provides an overview and agenda for a presentation on common 403(b) plan compliance issues and solutions. It begins with introductions of the presenter and his background and experience. It then outlines the IRS and DOL voluntary correction programs that can be used to resolve plan failures. The majority of the document details frequent plan document issues, operational errors, and governance problems that 403(b) plans encounter. It provides examples and recommends best practices for correction.
This presentation reviews: what information must be protected, what policies and procedures need to be in place, what disclosures have to be given to employees, what agreements have to be in place for business associates, and what breach procedures have to be followed.
This document provides a summary of recent regulatory updates affecting retirement plans. Key topics include the Supreme Court ruling on the Defense of Marriage Act and its impact on spousal benefits in retirement plans, guidance on revenue recapture accounts and fee disclosure timing, proposed changes to money market fund regulations, and compliance projects conducted by the IRS on college/university and 457(b) plans. Emerging state initiatives to establish alternative retirement savings programs are also discussed.
Covert Taxes: Spying Issues in Health & Welfare Benefitsbenefitexpress
This document discusses various types of health and welfare benefits provided by employers, including:
- Health benefits such as medical, dental, and vision care
- Disability and life insurance benefits
- Educational reimbursement plans
It provides details on tax treatment of premiums and benefits for employers and employees, and nondiscrimination rules to ensure plans do not unfairly benefit higher-paid employees.
The ACA: Unpaid Leave and its Impact on Workfroce PlanningADP, LLC
The U.S. workplace is changing rapidly, and so are the tools and systems needed to manage it. Beyond the impact of increased diversity, flexible hours, and the ever-present mandate to control labor costs, employers are now confronting complex challenges that will fundamentally change human resource (HR) operations and metrics.
Navigate New Legislation: The Road Into 2017benefitexpress
As new regulations kick in for 2017 and ACA reporting season is coming to a close, review all recent legislative changes. This webinar focuses on what you need to know for your 2017 benefits strategy.
Learn about new legislation from DOL, HHS, IRS, and EEOC. ERISA attorney Larry Grudzien will cover all relevant rulings since his previous webinar and host an interactive Q&A with the audience.
This webinar covers a basic review of the requirements under ERISA, including: what is an ERISA benefit, what documentation requirements have to be met, what disclosure requirements have to be met, what reporting requirements need to be met, what is a fiduciary, and what are other requirements.
This document discusses common errors that can occur in 401(k) plans and the importance of correcting them. It identifies various types of errors including incorrect compensation calculations, late deposit of elective contributions, matching contribution mistakes, eligibility issues, required minimum distribution failures, and not keeping plan documents updated. The document recommends contacting a Baker Donelson attorney to learn more about correcting errors through the IRS or DOL programs in order to minimize penalties.
FSAs can do some heavy lifting for your benefits plan – they allow employees to save pretax dollars for healthcare costs without the price tag of other financial wellness initiatives. However, many HR professionals lack a deep understanding of the compliance requirements to offer and administer a well-rounded program for their employees.
If ACA is repealed, there will be significant implications for FSAs. Devise your strategy to:
- Accurately catch employee election changes
- Manage rollover requirements
- Determine who pays first – HSA vs FSA
- Understand COBRA’s impact on an FSA
Get coaching from benefits attorney Larry Grudzien on how to prep now for the legislative impact on FSA administration.
This document discusses guidance provided in the final 2007 Section 415 regulations regarding the use of post-severance payments for qualified retirement plan purposes. The regulations specify that certain post-employment payments meeting certain criteria must be included in Section 415 compensation, such as regular wages for work performed or commissions/bonuses earned prior to termination but paid within 2.5 months after severance. The regulations also provide that employers may optionally include other post-severance payments as Section 415 compensation, such as payments for unused leave. However, pure severance payments not related to prior services are excluded.
How to Navigate COVID-19 Legal Issues and Small Business Administration's Pay...Parsons Behle & Latimer
This document provides a summary of a webinar about navigating legal issues related to COVID-19 and the Small Business Administration's Paycheck Protection Program. The webinar covered topics like creating a return to work plan, managing leave under the FFCRA, conducting lawful workforce reductions, applying for and qualifying for forgiveness of PPP loans, expanded unemployment benefits, payroll tax credits, and other CARES Act provisions. The presentation emphasized that this information is based on the latest available guidance but is not legal advice, and businesses should consult legal counsel on these complex issues.
Promoting & Evaluating The Success of Your Plan | The Wagner Law GroupThe 401k Study Group ®
Plan sponsors and other responsible fiduciaries should consider establishing voluntary goals to help evaluate and
promote the success of their Plans. Focusing on the right goals can substantially improve a Plan’s performance and help assure a Plan’s success as an employer sponsored
benefit arrangement for employees.
Proving Grounds: Answer the Call with Effective FMLA Administrationbenefitexpress
The DOL released a new employer guide to the Family and Medical Leave Act this year, but many employers have unanswered questions. Administrating FMLA is a tricky topic; learn to navigate the regulations with ease. From major regulatory changes to the day-to-day questions, HR and benefit managers have, ERISA attorney Larry Grudzien covers everything you need to know right now to legally administrate FMLA leave.
This document provides tips for effectively communicating safety messages to upper management. It discusses the importance of the messenger, receiver, and message. For the messenger, it recommends having empathy, perseverance, decisiveness, and other qualities. For the receiver, it suggests understanding their communication style and interests. For the message, a strategic conversation framework is outlined that addresses the issue, impact, and invites dialogue. The overall goal is to build credibility, align the verbal, vocal, and visual aspects of the communication, and use a strategic conversation structure to get buy-in for safety from leadership.
Review all of the requirements of the Employee Retirement Income Security Act of 1974. Training will go over which employers have to comply, which benefits are subject to ERISA, what documentation employers must provide, and penalties for noncompliance.
If the employer mandate is repealed, many ALEs will likely want to modify their plan designs to go back to pre-ACA eligibility rules. Employers may also consider increasing the amount that employees are required to contribute for group health plan coverage.
This issue of Retirement Plan News includes articles on the following: Post-severance compensation revisited, The fiduciary role and Tibble v. Edison, Bankruptcy and retirement plans.
Comprehensive Guide to Nonqualified Deferred Compensation NQDCFulcrum Partners LLC
This document summarizes the key aspects of non-qualified deferred compensation (NQDC) plans, which many employers create to provide additional retirement benefits to key executives. There are two main types of NQDC plans: defined contribution plans and defined benefit plans. Defined contribution plans tie an executive's benefit to contributions to an individual account, while defined benefit plans pay a specified retirement benefit. NQDC plans allow deferral of income tax but require compliance with IRS rules to avoid penalties. The document provides details on plan types, contributions, investments, taxation and other considerations for employers in selecting an appropriate NQDC plan.
The latest Retirement Plan News contains articles on the following: 1) Make Benchmarking Your Plan An Annual Exercise 2) Employer Contribution Trends 3) QDIAS Ten years On
The document discusses the advantages of safe harbor 401(k) plans, which eliminate nondiscrimination testing and allow highly compensated employees to defer up to annual limits regardless of lower-paid employee deferral rates. To qualify as a safe harbor plan, the employer must make either a 3% nonelective contribution or a 100% matching on the first 3% deferred plus 50% on the next 2% deferred for all eligible non-highly compensated employees. These plans have notice requirements but relieve top-heavy funding and testing obligations.
This document provides an overview and agenda for a presentation on common 403(b) plan compliance issues and solutions. It begins with introductions of the presenter and his background and experience. It then outlines the IRS and DOL voluntary correction programs that can be used to resolve plan failures. The majority of the document details frequent plan document issues, operational errors, and governance problems that 403(b) plans encounter. It provides examples and recommends best practices for correction.
This presentation reviews: what information must be protected, what policies and procedures need to be in place, what disclosures have to be given to employees, what agreements have to be in place for business associates, and what breach procedures have to be followed.
This document provides a summary of recent regulatory updates affecting retirement plans. Key topics include the Supreme Court ruling on the Defense of Marriage Act and its impact on spousal benefits in retirement plans, guidance on revenue recapture accounts and fee disclosure timing, proposed changes to money market fund regulations, and compliance projects conducted by the IRS on college/university and 457(b) plans. Emerging state initiatives to establish alternative retirement savings programs are also discussed.
Covert Taxes: Spying Issues in Health & Welfare Benefitsbenefitexpress
This document discusses various types of health and welfare benefits provided by employers, including:
- Health benefits such as medical, dental, and vision care
- Disability and life insurance benefits
- Educational reimbursement plans
It provides details on tax treatment of premiums and benefits for employers and employees, and nondiscrimination rules to ensure plans do not unfairly benefit higher-paid employees.
The ACA: Unpaid Leave and its Impact on Workfroce PlanningADP, LLC
The U.S. workplace is changing rapidly, and so are the tools and systems needed to manage it. Beyond the impact of increased diversity, flexible hours, and the ever-present mandate to control labor costs, employers are now confronting complex challenges that will fundamentally change human resource (HR) operations and metrics.
Navigate New Legislation: The Road Into 2017benefitexpress
As new regulations kick in for 2017 and ACA reporting season is coming to a close, review all recent legislative changes. This webinar focuses on what you need to know for your 2017 benefits strategy.
Learn about new legislation from DOL, HHS, IRS, and EEOC. ERISA attorney Larry Grudzien will cover all relevant rulings since his previous webinar and host an interactive Q&A with the audience.
This webinar covers a basic review of the requirements under ERISA, including: what is an ERISA benefit, what documentation requirements have to be met, what disclosure requirements have to be met, what reporting requirements need to be met, what is a fiduciary, and what are other requirements.
This document discusses common errors that can occur in 401(k) plans and the importance of correcting them. It identifies various types of errors including incorrect compensation calculations, late deposit of elective contributions, matching contribution mistakes, eligibility issues, required minimum distribution failures, and not keeping plan documents updated. The document recommends contacting a Baker Donelson attorney to learn more about correcting errors through the IRS or DOL programs in order to minimize penalties.
FSAs can do some heavy lifting for your benefits plan – they allow employees to save pretax dollars for healthcare costs without the price tag of other financial wellness initiatives. However, many HR professionals lack a deep understanding of the compliance requirements to offer and administer a well-rounded program for their employees.
If ACA is repealed, there will be significant implications for FSAs. Devise your strategy to:
- Accurately catch employee election changes
- Manage rollover requirements
- Determine who pays first – HSA vs FSA
- Understand COBRA’s impact on an FSA
Get coaching from benefits attorney Larry Grudzien on how to prep now for the legislative impact on FSA administration.
This document discusses guidance provided in the final 2007 Section 415 regulations regarding the use of post-severance payments for qualified retirement plan purposes. The regulations specify that certain post-employment payments meeting certain criteria must be included in Section 415 compensation, such as regular wages for work performed or commissions/bonuses earned prior to termination but paid within 2.5 months after severance. The regulations also provide that employers may optionally include other post-severance payments as Section 415 compensation, such as payments for unused leave. However, pure severance payments not related to prior services are excluded.
How to Navigate COVID-19 Legal Issues and Small Business Administration's Pay...Parsons Behle & Latimer
This document provides a summary of a webinar about navigating legal issues related to COVID-19 and the Small Business Administration's Paycheck Protection Program. The webinar covered topics like creating a return to work plan, managing leave under the FFCRA, conducting lawful workforce reductions, applying for and qualifying for forgiveness of PPP loans, expanded unemployment benefits, payroll tax credits, and other CARES Act provisions. The presentation emphasized that this information is based on the latest available guidance but is not legal advice, and businesses should consult legal counsel on these complex issues.
Promoting & Evaluating The Success of Your Plan | The Wagner Law GroupThe 401k Study Group ®
Plan sponsors and other responsible fiduciaries should consider establishing voluntary goals to help evaluate and
promote the success of their Plans. Focusing on the right goals can substantially improve a Plan’s performance and help assure a Plan’s success as an employer sponsored
benefit arrangement for employees.
Proving Grounds: Answer the Call with Effective FMLA Administrationbenefitexpress
The DOL released a new employer guide to the Family and Medical Leave Act this year, but many employers have unanswered questions. Administrating FMLA is a tricky topic; learn to navigate the regulations with ease. From major regulatory changes to the day-to-day questions, HR and benefit managers have, ERISA attorney Larry Grudzien covers everything you need to know right now to legally administrate FMLA leave.
This document provides tips for effectively communicating safety messages to upper management. It discusses the importance of the messenger, receiver, and message. For the messenger, it recommends having empathy, perseverance, decisiveness, and other qualities. For the receiver, it suggests understanding their communication style and interests. For the message, a strategic conversation framework is outlined that addresses the issue, impact, and invites dialogue. The overall goal is to build credibility, align the verbal, vocal, and visual aspects of the communication, and use a strategic conversation structure to get buy-in for safety from leadership.
The document discusses different types of sequences and series that the author has learned, including:
1. Arithmetic sequences, where each term is obtained by adding a constant to the preceding term. The author provides examples of finding the common difference and the nth term.
2. Geometric sequences, where each term is obtained by multiplying the preceding term by a constant ratio. Examples are given for finding the common ratio and the nth term.
3. Harmonic sequences, where the reciprocals of the terms form an arithmetic sequence.
4. Fibonacci sequences, where each term is the sum of the two preceding terms, following the pattern of rabbit populations.
The author reflects on appreciating patterns in nature
European Schoolnet was founded in 1997 and is based in Brussels with about 60 staff members. It is composed of member Ministries of Education and aims to transform education in Europe through various projects and activities. Its strategic areas include providing evidence-based activities to support policy, supporting schools and teachers, and validating innovative teaching approaches. It produces reports, runs online professional development courses, and has programs focused on areas like STEM, eSafety, and school networking. Evaluation of its first online course offerings found high satisfaction rates and impacts on teaching practices. It also identifies advanced schools that demonstrate best practices in whole-school integration of technology and supports collaboration between schools.
The document discusses marketing automation and its relationship to CRM. It defines marketing automation as software that automates marketing tasks and processes like lead scoring, email marketing, social media, etc. The document notes that leading companies are using marketing automation to nurture leads, increase sales readiness, handle abandoned carts, and support customers. It explains that marketing automation can help consolidate marketing efforts that were previously disparate and better connect marketing and sales teams. The document concludes by providing contact information for follow up questions.
This document discusses various topics related to health and well-being. It mentions that work can cure maladies and miseries, and that low social status in animals may lead to poor health. It also notes that imagination is more important than knowledge, and encourages never giving up. Several resources on health, justice, and success are listed.
Pros of key biscayne waterfront condos vs. single family homes (11)Alicia Ale
Waterfront condos in Key Colony Key Biscayne offer several benefits over single-family homes including luxurious amenities, lower maintenance costs, and security features. The condos provide resort-style amenities like pools, tennis courts, and landscaped grounds without the high costs of maintaining a single-family home. Additionally, the condos have 24-hour security and maintenance is covered by monthly dues. For those seeking an affordable beachfront property close to amenities, a Key Colony Key Biscayne waterfront condo may be a good option.
The document lists 47 song titles that appear to be from a hip hop artist. The song titles progress through different themes including references to Islam, green and blue colors, screens, boxes, and words to or from a mother over multiple parts and tracks.
Derivatives and hedging advisory services july 2015Thomas J. McNulty
Thomas McNulty leads Navigant's commodity derivatives and hedging practice. He has over 30 years of experience in banking, corporate finance, and consulting. Navigant provides advisory services related to hedge strategy, model design, valuation, reporting, and more. McNulty has valued over $11 billion in derivative instruments and advises clients on complex issues related to derivatives.
The document calls for individuals to model morality and stand up for moral values, as immorality has been legalized and modeled in society, leading to decay. It encourages the reader to decide now to stand firm for morality by being courageous enough to stand out, and to start sacrificing desires, time, friendships, social networks and sleep, as there is always a price to pay for achieving moral change, which is the prize.
The document describes the development of a performance-based planning framework for the Chattanooga 2040 Regional Transportation Plan. Stakeholders advocated for both local, community investments and larger regional investments. Rather than prioritize one over the other, the framework balanced consideration of both community and regional needs. Goals and objectives were organized by community, community-to-region, and region-to-region scales. Performance measures were weighted differently for each scale. This allowed fairer evaluation and ranking of projects across modes and scales, leading to a balanced investment package addressing multiple priorities.
The document discusses key challenges and opportunities in 60 GHz wireless communication technology. Specifically:
- The 60 GHz band provides massive bandwidth for wireless applications but faces challenges from higher signal attenuation compared to lower microwave bands.
- Emerging 60 GHz standards are targeting high-speed wireless connectivity for applications like video streaming and high-speed data transfers over short ranges.
- Key challenges include developing high-gain antennas for integration on chips and in packages, and designing power-efficient circuits that can operate at 60 GHz frequencies using CMOS technology.
- Opportunities exist in using antenna arrays and beamforming to overcome antenna losses and link budget challenges, and in developing single-chip 60 GHz transceivers to reduce costs
This document contains the lyrics to 7 songs titled "Wes Up! Pt.1", "Sun-Cod-King! Pt.1", "Celieve In Me! Pt.1", "It's A Brand-new Day! Pt.1", "Bang-in3's! Pt.1", "True-ray! Pt.1", and "So Dat's It! Pt.1". Each song contains 2 verses and a chorus section. The lyrics are written in an informal style and include references to things like "niggas", "bitches", and drug/gang related terminology.
Inexpensive ways to boost the value of key biscayne waterfront condos (4)Alicia Ale
This document provides inexpensive home improvement suggestions to boost the value of waterfront condos in Key Biscayne, Florida. It recommends creating more open space, painting walls in neutral colors, updating kitchens and bathrooms simply with new cabinet hardware or fixtures, and adding more lighting. These low-cost projects can increase a home's aesthetic appeal and value for potential buyers. The document also provides contact information for a real estate agent to assist with finding the right Key Biscayne property.
Self Spark Personal Development Session - Well-being ModuleLEAD the difference
The document discusses individual well-being and purpose. It provides research showing that exercising regularly and eating healthy can improve job performance. Additionally, having a sense of meaning and purpose in life is linked to greater happiness and life satisfaction. The document advocates developing a "well-being map" to holistically support internal elements like purpose, emotional health, and strengths as well as external elements like work, family, and community. The goal is to focus on living purposefully rather than solely pursuing happiness.
The Department of Labor has the authority to conduct audits of employee benefit plans governed by ERISA. DOL audits can be triggered by participant complaints, incomplete or inconsistent plan forms/reporting, or because the plan falls under a DOL enforcement priority such as major case enforcement or delinquent employee contributions. Penalties for noncompliance can be steep, so plan administrators should take steps to avoid triggers and prepare for a potential audit.
Everything You Need To Know About DOL Auditsbenefitexpress
The document discusses Department of Labor audits of employer health plans to ensure compliance with the Affordable Care Act. It notes that the DOL has begun requesting audited plans prove compliance with various ACA requirements. It recommends that plan sponsors prepare for audits by documenting compliance efforts, retaining all relevant records, and having agreements with third parties to provide necessary records if audited. Failure to comply with the ACA could result in fines or lawsuits. The document also discusses ongoing DOL audits more generally and provides tips for dealing with an audit, such as educating oneself on requirements and having a plan to efficiently provide requested documents.
How Advisors can Address the Top Employer Retirement Plan HeadachesDawn Fama
For employers, managing a company retirement plan can bring many challenges. From meeting compliance deadlines to tracking investment performance and fee reasonableness, it can feel like your head is spinning out of control. As mentioned in our last blog article, Steps to De-Risk Your Plan Advisory Practice During 2019, lawsuits have steadily increased over the last decade and can cause unwanted stress and chaos for plan sponsors. Advisors should pay close attention to these three plan sponsor stressors.
Common and Costly Employee Benefits and HR MistakesBrian J. King
Mistakes in employee benefits and human resources can be costly for employers through fines, penalties, lawsuits and attorney fees. Common mistakes include not timely depositing employee contributions to retirement plans, not making matching and profit-sharing contributions on time, incorrectly calculating matching contributions, and failing to enroll eligible employees in retirement plans on time. Employers should also have written plan documents and summary plan descriptions, and communicate any changes to employees to avoid legal issues.
Compensation Compliance for Federal Contractors: The Rules Have Changed!williamsjohnseoexperts
The document discusses changes to rules around compensation compliance for federal contractors. It notes that the Office of Federal Contract Compliance Programs (OFCCP) has expanded its audits to include compensation programs, analyzing factors like base salary and bonuses. Contractors must now provide W2 and 1099 compensation data and be prepared to justify any pay disparities over $2,000 between employees. To prepare, the document advises contractors to develop a compliant compensation program using market data to classify roles, rather than relying on government contract job titles.
Federal Benefits Developments - Audits Abound: Are You Ready?CBIZ, Inc.
From Benefits Law Journal, Summer 2014 Issue. This article covers:
- What Triggers a Plan Audit?
- DOL Audits of Health and Pension Plans
- IRS Audits of Pension and Retirement Plans
- HIPAA Privacy and Security Audits
- How Can a Plan Sponsor Best Be Fortified
to Withstand an Audit?
- What Should a Plan Sponsor Do?
This document provides an overview of ERISA compliance requirements for employee benefit plans. It discusses filing Form 5500 annually, having proper plan documents like a summary plan description, and being prepared for potential audits from agencies like the Department of Labor. Filing deadlines and penalties for noncompliance are also reviewed. The presentation aims to help employers understand ERISA obligations and ensure their benefit plans would survive an audit.
The IRS issued a notice confirming its delay of the employer pay-or-play excise tax until 2014 and provided additional clarification. With the delay, employers have time to focus on other Affordable Care Act compliance issues that were previously secondary to pay-or-play, such as updated HIPAA privacy policies and notices of exchange availability. Employers can also expect inquiries from employees and health insurance exchanges regarding their coverage to determine exchange subsidy eligibility. Willis will continue monitoring all provisions affecting employers and provide updates.
A Guide to Combating Wage & Hour LiabilityKendal Peterson
The Department of Labor (DOL) estimates that 80%+ of employers are out of compliance with federal and state wage and hour laws. It’s no surprise that wage and hour class actions now outnumber all other discrimination class actions combined.
2010 has seen no letup in wage and hour lawsuits. Published reports show that wage and hour lawsuits in federal courts are up over 25% from the same time last year. Adding fuel to the fire, the DOL has a bigger budget and hundreds of additional field investigators. With settlements already averaging $23.5M at the federal level and $24.4M at the state level, the potential impact to employers is staggering.
A professional audit of your retirement plan does more than fulfill federal reporting requirements. It can also help protect the plan’s financial integrity, improve plan operations, and avoid costly penalties. And, perhaps of greatest importance, an audit can help ensure the plan will have the funds to pay your employees’ retirement benefits, and assist the plan sponsor in carrying out its legal responsibilities.
USDOL
FDNS
Wage and hour
H-1b public access file
postings of the LCA information
preparing for an Audit or Investigation by a government agency
I-9 form
h-1b visa petition
h-1b work visa in the U.S.
The document provides an overview of the challenges of managing employee absences and disabilities in compliance with the Family Medical Leave Act (FMLA) and Americans with Disabilities Act (ADA). It discusses the rising costs of absences, challenges of complying with FMLA and ADA regulations, and steps employers can take to better manage absences through integrated disability management, wellness programs, and return-to-work programs. The document recommends employers work with brokers to evaluate their absence management programs and ensure compliance with complex leave laws and regulations.
Clark Schaefer Hackett created this buyer’s guide to help you and other plan fiduciaries make an informed decision when hiring a quality auditor for your employee benefit plan audit. This guide covers your fiduciary responsibilities, the timing of a plan audit, audit quality, finding the right auditor and more.
This document provides an overview of 401k retirement plans, including what they are, why they were established, and how they work. It discusses the main types of 401k plans including traditional, Roth, safe harbor, and SIMPLE plans. It also outlines important factors to consider when choosing a 401k plan for a business, such as administrative costs, annual rates of return, available investment options, enrollment procedures, employee training, customer service, and investment advising capabilities.
The document provides guidance for plan sponsors on hiring an auditor for an employee benefit plan audit. It outlines fiduciary responsibilities for plan sponsors, when an audit is required, and the importance of hiring a quality auditor. A quality auditor can help identify errors, ensure compliance, and provide ongoing guidance and solutions to benefit the plan. The document recommends plan sponsors consider an auditor's experience level, team orientation, and ongoing involvement when selecting one.
White Paper: Complying With Regulations Regarding Temporary Workersss
The use of temporary workers is growing in the United States, now representing 22% of the total workforce. Temporary workers are referred to as freelancers, non-employees, indirect workers, agency contractors, consultants, interns, independent contractors, and many other terms.
CBIZ BFS Reprint - 8 Potential Employment Liability Claims from COVID-19CBIZ, Inc.
The uncertainty wrought by COVID-19 has left employers at an increased risk of exposure to employment-related claims, alleging wrongful termination, discrimination and retaliation to name just a few. This article points out the most common potential causes of action related to COVID-19 that may lead to employment-related litigation.
In this issue of Benefit Beat: AGENCIES RELEASE 2013 FORM 5500: FORM M-1 FILERS NOW REQUIRED TO FILE FORM 5500; SAN FRANCISCO’S HCSO: MORE FAQS ON HRAS AND 2014 RESOURCES; MORE LOCAL GOVERNMENTS ENACTING LEAVE LAWS; SOCIAL SECURITY AND MEDICARE TAX REFUNDS FOR SAME-SEX MARRIAGE COUPLES; CONTRIBUTIONS TO SAFE HARBOR 401(K) PLANS
Adara, LLC offers Form 5500 preparation and filing services to minimize clients' regulatory burdens and compliance risks. Their experts will accurately and timely prepare, file, and manage Form 5500s, including prior year returns, amendments, and responses to IRS and DOL inquiries. Through their partnership, clients can focus on their business while Adara handles all ERISA reporting requirements.
What To Do When a Government Inspector Knocks On Your DoorNFIB
1. The document provides guidance on preparing for and responding to inspections from various government agencies such as OSHA, EPA, ICE, and EEOC.
2. It outlines key records and documents to have organized such as training materials, injury logs, employment eligibility verification, and timekeeping records.
3. The document advises being courteous and cooperative during inspections to help prevent citations or enforcement actions.
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ERISA Compliance FAQs: Enforcement
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for
employee benefit plans maintained by private-sector employers. ERISA includes requirements for both retirement
plans (for example, 401(k) plans) and welfare benefit plans (for example, group health plans). ERISA has been
amended many times over the years, expanding the protections available to welfare benefit plan participants and
beneficiaries.
The Department of Labor (DOL), through its Employee Benefits Security Administration (EBSA), enforces most of
ERISA’s provisions. Violating ERISA can have serious and costly consequences for employers that sponsor welfare
benefit plans, either through DOL enforcement actions and penalty assessments or through participant lawsuits.
This Legislative Brief includes a set of frequently asked questions (FAQs) to help employers understand how ERISA’s
requirements for welfare benefit plans are enforced.
HOW DOES THE DOL ENFORCE ERISA?
The DOL has broad authority to investigate or audit an employee benefit plan’s compliance with the ERISA. The
DOL’s EBSA division handles audits of employee benefit plans. To perform these audits, EBSA employs over 400
investigators working out of field offices, many of whom are lawyers or CPAs or have advanced degrees in business or
finance.
DOL audits often focus on violations of ERISA’s fiduciary obligations and reporting and disclosure requirements. The
DOL may also investigate whether an employee benefit plan complies with ERISA’s protections for plan participants.
Recently, the DOL has been using its investigative authority to enforce compliance with the Affordable Care Act (ACA).
Traditionally, DOL audits of employee benefit plans have focused primarily on retirement plans, such as 401(k) plans.
However, now that the DOL has started enforcing compliance with the ACA, health plan audits are on the rise.
WHAT ARE THE POSSIBLE CONSEQUENCES OF A DOL INVESTIGATION?
Being selected for a DOL audit can have serious consequences for an employer. According to a DOL audit report for
the 2014 fiscal year, approximately 5 out of 8 investigations resulted in penalties or required other corrective action,
such as paying amounts to restore losses, disgorging profits and ensuring claims were properly processed and paid. In
addition, a DOL audit may negatively affect an employer’s normal business operations because the audit process can
be both stressful and time-consuming.
Enforcement Statistics: During the 2014 fiscal year, EBSA closed 3,928 civil
investigations. Of these, 64.7 percent resulted in monetary results for employee
benefit plans or other corrective action. In addition, EBSA filed 107 civil lawsuits
and closed 365 criminal investigations. EBSA's criminal investigations led to the
indictment of 106 individuals—including plan officials, corporate officers and
service providers—for offenses related to employee benefit plans.