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.