MillenniuM Investment and Retirement Advisors, LLC (“MIRA”) is an unaffiliated ERISA defined independent fiduciary to 401(k) and other defined contribution plans. In this posting they discuss their role in assisting Advsiors and Plan Sponsors with DOL and ERISA Compliance.

1. ERISA
FIDUCIARY
COMPLIANCE
AUDIT
SERVICES

2. MillenniuM Investment and Retirement Advisors, LLC (“MIRA”) is an unaffiliated ERISA defined independent fiduciary to 401(k) and
other defined contribution plans. ERISA takes state trust law to the highest level--from “prudent man” to “prudent expert” standards.
From the DOL:
“Unless fiduciaries possess the necessary expertise to manage investments,
they would need to obtain advice of qualified, independent experts.”
-U.S. Department of Labor Regulations § 2509.95-1(C)(6)
MillenniuM is larger
in staff size than 85%
of other firms while
being federally
regulated/licensed,
bonded by Great
American and
insured by CNA.
• As Enrolled Agents, CPAs and Responsible Plan Fiduciaries, we talk directly to and represent our clients to the IRS and Labor
Department during investigations and examinations.
• Upon request, we are responsible for reviewing, signing and filing IRS
Forms 5500s.
• Unlike almost all brokers and advisors who are“self-regulated”
under FINRA, we are regulated Federally (by the SEC) and licensed,
bonded and insured
• Our attorneys, IRS Enrolled Agents & CPAs ensure plan compliance by
performing three (3) critical Cost, Conflict or Compliance tasks.

3. ...CONTINUED BACKGROUND ON MIRA
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IN ADDITION, MIRA’S PROFESSIONAL STAFF CURRENTLY HOLDS THE FOLLOWING PROFESSIONAL DESIGNATIONS:

4. From 2002 – 2011,
the DOL assessed and
penalized retirements
over $120m while in
2012 alone, the DOL
collected over $1.2b and
the vast majority of the
issues had very little to
do with the investment
performance of the plan.
While a tremendous amount of time is spent discussing the liability related to the investment performance of a retirement plan, the actual
plan operation and administration is extremely important. The IRS and DOL have authority to impose penalties and fines for plans that
have operational or reporting errors even when the investments are extremely prudent. And for many plans, the liability associated with
operational errors can be much more costly than issues related to investment choices.
Extracted from the DOL’s request for information, question 20 asks for any ERISA compliance review. It is critical for plans sponsors
to understand some basic rules, specifically the Employee Retirement Income Security Act (ERISA). ERISA sets standards of conduct for
those who manage an employee benefit plan and its assets (called fiduciaries).
The duty to act prudently is one of a fiduciary’s central responsibilities
under ERISA. It requires expertise in a variety of areas, such as operations and
compliance. According to the DOL, if a plan sponsor is lacking that
expertise,afiduciarywillwanttohiresomeonewiththatprofessionalknowledgeto
carry out those functions. Prudence focuses on the process for making fiduciary
decisions. Therefore, it is wise to document decisions and the basis for those decisions.

5. DESCRIPTION OF FIDUCIARY COMPLIANCE AUDIT SERVICES
• IRS Form 2848 Designated Representative &
Compliance Attestation
• Ensure "Monitoring Fiduciary" performs adequate
review/monitor of CSPs
• Ensure 404(a)5 notices sent
• Ensure Age 70.5 payments occur timely
• Ensure BrightScope reviewed and updated
• Ensure cash-outs occur to under $5,000 balance
employees
• Ensure deferrals deposited timely
• Ensure plan operates in accordance with document
• Ensure ERISA Budget & forfeiture accounts emptied
• Ensure the cheapest share classes available are being
offered
• Ensure IRS Form 5500 reviewed, signed and filed
• Ensure loan defaults performed annually
• Ensure QDIA notices sent
• Ensure Safe Harbor (if applicable) notices sent
• Ensure Summary of Material Modifications notices
sent
• Ensure Summary Plan Description maintained,
accurate and delivered
• ERISA Sect 411 review of providers for felonies, etc.
• Investment Policy Developed/reviewed
• Issue Certification of Reasonable Fees for all CSPs
• Renew Fiduciary Liability policy
• Review“party-in-interest transactions”for auditors
• Review all Covered Service Provider contracts
• Ensure Errors And Omission declaration for all
venders
• Update and maintain Treasury Cir. 570 fidelity bond