Most organizations have some sort of formal plan in place to protect their electronic data, but many of those security […]
Most organizations have some sort of formal plan in place to protect their electronic data, but many of those security […]
Our hearts go out to all of you affected by Hurricane Harvey and its aftermath. As a Gulf Coast company […]
In recent years, employee benefit plans have been under a regulatory microscope. Investigations and audits have been increasingly successful at […]
Business owners need to be aware that significant employee layoffs may lead to unintended partial plan terminations. In our region, […]
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.
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.
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.
