risk management
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Ensuring Compliance with the U.S. Sanctions Bill
- October 4, 2018
- Posted by: Jeff Atwell
- Category: Resources
No CommentsRetirement 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.
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TRG has supported the Hanes Supply Inc. 401K plan for the last seven years. The service provided by TRG is world class. When it comes to the administration, recordkeeping for the plan and their year-end compliance, TRG’s annual plan audit always run smoothly. They are always there to answer any question that an associate may have and their web site is very informative and easy to use. Hanes Supply looks forward to working with TRG in the future.