Overview October 15 is a few weeks away and many plan sponsors are working to complete their Form 5500. Large plans subject to Schedule C filing must obtain the fees for the service providers to their plan. Law changes in the past few years require plan sponsors to obtain and review the service provider fees [...]
Overview Qualified retirement plans subject to ERISA must file an annual return, Form 5500, with the Department of Labor’s (DOL) electronic filing website[1]. Depending on the number of participants in the plan, additional schedules are required listing the plan’s financials, expenses and participant counts. What’s the point? Providing investment management and recordkeeping services to the [...]
About the only thing tougher than saving and investing for retirement is being a Plan Sponsor. As a Plan Sponsor, responsibility lies with keeping the plan in compliance and acting in the sole interest of the Plan's Participants. Plan Sponsors act in a fiduciary capacity to the plan, so they must also ensure that the [...]
At a recent conference I attended, one of the speakers mentioned that the final ERISA 408(b)(2) regulation used the word “reasonable” or “reasonableness” 49 times (yes, they actually counted). It’s obvious the Department of Labor (DOL) means business. The DOL expects responsible plan fiduciaries to fulfill their obligation to act solely in the best interest [...]
On or before July 1, 2012, plan sponsors should have received disclosures from all covered service providers to the plan of the costs of services, direct and indirect compensation, and fiduciary status. Responsible plan fiduciaries are obligated to ensure provided disclosures are complete and in compliance with Regulation 2550.408.b-2(c). In making a determination of completeness, [...]