Retirement Plan News
Make sure Participants Receive the Plan Documents They're Entitled to
Getting the word out about your retirement plan is an ongoing activity. In addition to the enrollment materials you provide newly eligible employees, you probably communicate with participants routinely, answering their questions and encouraging them to take full advantage of the plan.
Could Your Plan’s Internal Controls Be Stronger?
When it comes to operating a retirement plan, there are a lot of moving parts. A strong system of internal controls can help keep a plan operating smoothly and in compliance with the law. What are internal controls? The IRS describes internal controls as policies and procedures designed to detect and prevent errors in a retirement plan.
Best Practices in Hardship Distributions
These days, many plans are experiencing an uptick in the number of participant requests for hardship distributions. Much of this increased activity may be attributed to our prolonged and tepid economic recovery. As these requests are considered, you want to be sure not to act to the detriment of your plan.
Record Retention—The “Paper” Trail
As plan sponsors are well aware, the pension law (ERISA) includes specific reporting and disclosure obligations with respect to qualified retirement plans. A lesser known fact is that ERISA also has specific requirements regarding the retention of plan records.