Celebrating ERISA At 50?
When the Employee Retirement Income Security Act makes headlines, it’s usually something for plan sponsors to worry about, such as lawsuits, increased regulatory measures or cybersecurity concerns. But here’s celebratory ERISA news: the 50th…
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Beneficiary Designations: Essential Practices
The fiduciary duties of retirement plan sponsors apply to both the interests of participants and beneficiaries. Accordingly, it is essential for plan sponsors to make sure the processes for designating, reviewing and updating beneficiaries…
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Assessing New Products?
As plan sponsors across the country wander into the swirl of lifetime income options becoming available, ERISA experts remind them to stay focused on the essence of their fiduciary duties–prudence and loyalty–whenever assessing plan…
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Plan Sponsor: What Not To Do
Examples of “don’ts” offer a crystal clear picture of the diligence expected of retirement plan sponsors. At the Department of Labor (DOL), the Employee Benefits Security Administration (EBSA), provides a snapshot of civil violations,…
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Clean Data?
Although retirement plan sponsors typically outsource plan administration, they remain ultimately responsible for the plan’s success, and that means plan data must be accurate and up-to-date. Of course, plan data must also be protected…
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Back To School: Fiduciary Reading List
For retirement plan sponsors, a great way to head into the fall is with a brush up on fulfilling fiduciary obligations. Fortunately, it’s easy and free to pull a reading list together: the Employee Benefits…
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Best Practice: Fiduciary Audit File
Sponsoring a 401(k) plan is a terrific way to put employees on the path to secure retirement. However, given the inherent fiduciary responsibilities and the high standards of ERISA, diligence is essential. One helpful…
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DOL Plan Audits Explained
Plan audits are an important way the Department of Labor ensures compliance with ERISA standards. Sometimes DOL plan audits are random, but errors, including mistakes with the submission of Form 5500, can trigger audits…
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Common Fiduciary Errors
It’s a very, very rare business owner who sets out to screw up the company retirement plan. Most plan sponsors take fiduciary obligations and secure retirements seriously. Nonetheless, ERISA is a complex law with…
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