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
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
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
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
Through the VCP, the IRS offers a way for companies not currently undergoing an IRS audit to remedy errors in their retirement plan documents.
Employers must routinely make adjustments to their defined contribution retirement plans in order to stay in compliance with the IRS.
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.