Highlights of the CARES Act’s Impacts on Employee Benefit Plans
When you think about the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), you probably associate it with the stimulus checks sent to
Timely Deposits of Participant 401(k) Plan Contributions More Important Than Ever
When employees contribute a percentage of their wages to their employer’s sponsored retirement plan, they often assume the money is transferred into their account on
What Employee Benefit Plan Sponsors Need to Know About Cybersecurity
Most organizations have some sort of formal plan in place to protect their electronic data, but many of those security measures neglect to address these
The Importance of Choosing a Quality Auditor for Employee Benefit Plans
In recent years, employee benefit plans have been under a regulatory microscope. Investigations and audits have been increasingly successful at identifying and penalizing plan administrators
Company Layoffs May Lead to EBP “Partial Plan Terminations”
Business owners need to be aware that significant employee layoffs may lead to unintended partial plan terminations. In our region, oil and gas companies could
Does Your Employee Benefit Plan Need an Audit?
Employee benefit plans must file an annual independent auditor’s report with the U.S. Department of Labor through a Form 5500, as well as any other applicable schedules and financial statements.
How To Avoid Late Remittances
Employers who withhold employee salaries as contributions to benefits plans must act as timely and efficient stewards of these funds or risk fines from the U.S. Department of Labor.
Changes to Voluntary Correction Program Compliance Fees
Through the VCP, the IRS offers a way for companies not currently undergoing an IRS audit to remedy errors in their retirement plan documents.
Complying with Pension Plan Act of 2006 Restatements
Employers must routinely make adjustments to their defined contribution retirement plans in order to stay in compliance with the IRS.
Is your employee benefit plan compliant?
It’s more important than ever for employers to determine that their benefit plans adhere to Department of Labor and Internal Revenue Service regulations as these regulatory bodies have become better at identifying businesses that fail to comply with fiduciary responsibilities. That means more and more benefit plan administrators are being hit with fines that can total up to $1,100 a day.