Employee benefit plan sponsors have fiduciary responsibilities to protect both plan participants and investments. Additionally, sponsors are personally liable for any fines issued due to noncompliance. In this video, CRI’s Lorri Kidder discusses fiduciary responsibilities related to employee deferrals, fees, investments, and service providers.
While having a retirement plan committee is not legally required for plan sponsors, it is considered a best practice. First, in the absence of a committee, the corporate sponsor itself becomes a fiduciary by default – which is clearly not a desirable result. Secondly, there are several benefits related to forming a committee. Read on [...]
Because 401(k) plans are regulated by both the IRS and the DOL, the possibility of deficiencies is high - and they can be costly to correct. So why not go ahead and implement these five 401(k) plan administration best practices? CRI is one of the top CPA firms performing benefit plan audits as defined [...]
Does your employee benefit plan need to be audited? The number of benefit plan participants determines if an audit is needed. That sounds simple enough, but determining the number of plan participants is one of the most common employee benefit plan audit mistakes. The number of plan participants is derived from the number [...]
According to the Employee Benefit Research Institute, more than 20% of all 401(k) plan participants eligible for loans have outstanding retirement plan loans at any given time. But, plan sponsors, this statistic doesn’t have to spell out a tragic story for your plan. Instead, consider a couple of options for limiting loans from your retirement [...]
With the numerous DOL standards that plan fiduciaries must meet, the job of an employee benefit plan fiduciary seemingly never ends. But fulfilling fiduciary obligations in administering a retirement plan can be less time-consuming if tackled methodically. Plus, this method typically creates more evidence to support that you’ve met your duties in the event of [...]
The IRS recently updated the guidance that it offers to benefit plan sponsors regarding the Form 5500 tax examination process. So plan sponsors should take this warm-up opportunity and answer this “perfect 10” (well, maybe 9.6) list of common questions regarding benefit plan IRS audits. How Does the IRS Select a Benefit Plan for a Form 5500 Tax [...]
Most people get a little nervous when they hear the word “test.” Since administrators risk steep IRS and DOL penalties for non-compliance, it is critical for them to conduct annual benefit plan non-discrimination testing. Unlike a standardized test, benefit plan tests help to ensure that highly-compensated employees aren’t receiving a benefit that is discriminatory [...]