As 2018 comes to a close, plan sponsors will want to make sure they understand the current landscape in the retirement plan industry along with potential concerns they may face for the coming year. With more scrutiny over fiduciary roles, it is important to be pro-active and actionable. However, many sponsors don’t realize that there are greater responsibilities beyond setting up and maintaining the retirement plan program. We have outlined the common concerns for 2019 that plan sponsors share regarding their defined contribution plans.
Best Practices for Managing Participant Data
Plan sponsors could save a lot of time, expense and stress by implementing a thorough system for managing participant data. Having the appropriate procedures in place can limit potential liability in an audit. Most companies don’t realize the pertinence of maintaining adequate, compliant records until there is a need.
Practicing good recordkeeping is nothing new, as ERISA has declared it a fiduciary responsibility from the beginning. Now, both the Department of Labor (DOL) and the Internal Revenue Service (IRS) are focusing on the requirement of locating missing participants. That makes it even more critical to not wait until an audit to start properly managing your data. Below are a few practical steps to locate missing participants (and beneficiaries). In addition, automatic rollovers can help plan sponsors ensure accurate participant records.
2018 Year-End Checklist for Plan Sponsors
As the end of the year approaches, plan sponsors must ensure that they are preparing for proper adherence to regulatory and legislative requirements. ERISA compliance can be a tedious, complicated, and time-consuming process. The following plan sponsor checklist will help cover some of the most important aspects that all sponsors should keep in mind to make the year-end process less challenging.
Cybersecurity: Are Your Plan Participants Protected
Advancements in technology have now made it possible to instantly and conveniently access online accounts to retrieve personal information, such as retirement plan savings data. As smartphones and other devices make it easier to obtain electronic documents, plan participants expect to have instant access to their retirement plan records. Yet, security is paramount in this new era, and retirement plan cybersecurity is especially vital. Any electronic recordkeeping today raises cybersecurity concerns and presents new risks for plan sponsors and their participants. It is no longer an issue of if a problem may arise, but likely when it will arise. Learn the risks as well as pertinent precautionary measures on how to protect your plan participants.
Understanding Fiduciary Roles: 3(21) vs 3(38)
Due to ERISA’s increased standard of care, the now defunct DOL rule and other potential regulatory replacements, plan sponsors are faced with the heightened importance to understand the fiduciary roles and responsibilities for their retirement plan. Below, we have outlined the ways of becoming a fiduciary, the differences between ERISA 3(21) and 3(38), and which is best depending on your plan and plan committee(s).
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