EMPLOYEE BENEFIT PLANS

Benefit Plan Fiduciary Responsibilities: Dot Your I’s and Cross Your T’s

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.

2018-11-12T15:48:18+00:00April 19th, 2016|EMPLOYEE BENEFIT PLANS, VIDEO|

Digging Into Retirement Plan Committee Set-ups

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 [...]

2018-11-12T15:49:32+00:00February 2nd, 2016|EMPLOYEE BENEFIT PLANS, FEBRUARY 2016|

Five 401(k) Plan Administration Best Practices

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 [...]

2018-11-12T15:49:43+00:00February 2nd, 2016|EMPLOYEE BENEFIT PLANS, VIDEO|

Most Common Benefit Plan Audit Mistakes

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 [...]

2018-11-12T15:50:17+00:00January 11th, 2016|EMPLOYEE BENEFIT PLANS, VIDEO|

Retirement Plan Loans: To Offer or Not to Offer

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 [...]

2018-11-12T15:51:13+00:00August 1st, 2015|EMPLOYEE BENEFIT PLANS|

Choosing the Best Route for an Employee Benefit Plan Fiduciary: Review Operations

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 [...]

2018-11-12T15:51:31+00:00June 24th, 2015|EMPLOYEE BENEFIT PLANS|

Before the Form 5500 Tax Examination: Score Your Benefit Plan with These 10 Questions

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 [...]

2018-11-12T15:52:07+00:00March 24th, 2015|EMPLOYEE BENEFIT PLANS|

Pass the Benefit Plan Non-Discrimination Test

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 [...]

2018-11-12T15:52:42+00:00November 18th, 2014|EMPLOYEE BENEFIT PLANS, VIDEO|