compliance
-
Is Your Plan Ready to Respond to an IRS Inquiry?
- October 5, 2022
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
No Comments
As 2022 comes to a close, plan sponsors and advisors should take the opportunity to review qualified plans to ensure compliance. The IRS has implemented the Employee Plans Compliance Resolution System, or EPCRS, which offers a 90-day notice for IRS audits, allowing plan sponsors to address any issues with their plan. The attached checklist will give plan sponsors a starting point for evaluating whether their plan is in compliance and ready to respond to an IRS inquiry.
-
Your 2020 Compliance Calendar
- January 21, 2020
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
Regulations and Plan documents require a good understanding of the Plan features and the appropriate notices and disclosures. A simple compliance calendar will help ensure that these notices and disclosures are provided to participants this year.
-
Plan Sponsors and the New SEC Rule on Best Interest
- August 14, 2019
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
The new Regulation Best Interest (BI) from the Securities and Exchange Commission requires that advisors and Plan Sponsors be aware of the circumstances when the interactions with the Plan fall within the scope of Regulation BI and require both compliance with Regulation BI and, in connection with the formation of the retail investor relationship, delivery of Form CRS.
-
Best Practices for Your Plan Fiduciary
- April 23, 2019
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
Governing a qualified retirement plan requires the plan fiduciaries to be able to understand and apply complex regulations found in the Internal Revenue Code and ERISA. We’re looking at a guide that you can use to be sure your plan fiduciary is following best practices while governing your plan.
-
Consequences of Careless 401(k) Compliance
- October 5, 2018
- Posted by: Jeff Atwell
- Category: Resources
Watch out for these ten common compliance defects which can occur because the plan sponsor does not know the responsibilities associated with sponsoring a qualified retirement plan.
-
Ensuring Compliance with the U.S. Sanctions Bill
- October 4, 2018
- Posted by: Jeff Atwell
- Category: Resources
Retirement plan regulations are always changing, and not all of the changes are well known to plan sponsors. On August 2, 2017, President Trump signed the Countering America’s Adversaries Through Sanctions Act (the “Sanctions Bill”, H.R. 3364), overseen by the U.S. Treasury Office of Foreign Assets Control (OFAC).
Retirement plan sponsors, both governmental and private sector, should know that trade sanctions may apply to them, and the consequences for non-compliance can be severe.
-
Common Operational Mistakes With 401(k) Plans
- June 5, 2018
- Posted by: Jeff Atwell
- Category: Resources
Operational defects in retirement plans will not only cost the plan sponsor time and money to fix, but also could take away from the success of the plan in providing adequate retirement benefits for the participants. This creates an opportunity for an advisor to help the plan sponsor avoid mistakes. We share a report on 10 common 401(k) mistakes and their consequences.