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Selecting a Retirement Plan Auditor

January 10, 2017 | Category: Governance | Posted by Doug Prince

Is Selecting an Auditor a Fiduciary Decision?   The Department of Labor has weighed in on this topic quite a bit as of late and is “encouraging” plan sponsors to put more thought behind who you select and why.  So in other words, the Department of Labor believes this to be a fiduciary decision.   […]

How to Keep Your Committee Engaged

November 10, 2016 | Category: Governance | Posted by Brea Dantin

Do you look forward to your retirement plan committee meetings or do you feel a sense of dread? If dread is what you are feeling I would suggest tossing the old format out the window and start with something new. Last year I was meeting with a client and wanted to make some large plan […]

Watch Out – States Could Run Your Retirement Plan

July 28, 2016 | Category: Governance, Participant Outcomes | Posted by Doug Prince

State Run Retirement Plans The Department of Labor (DOL) has attempted to project and enforce the highest levels of protection for American’s retirement plans. Since the passage of the Employee Retirement Income Security Act (ERISA) in 1974, the Department of Labor has enforced this act by assessing fines, issuing regulations, barring people from managing retirement […]

DOL Audits Restore Millions

June 9, 2016 | Category: Fees & Expenses, Governance | Posted by Ashley Naab

Millions Restored Towards Plan Participant Balances The Department of Labor released how much money they were able to restore for ERISA plan participants. The DOL Employee Benefits Security Administration (EBSA) collected $696 million in the 2015 fiscal year to restore participant balances. With $8.7 trillion in plan assets (including retirement health and other welfare benefit […]

Income for Life from Target Date Funds

March 29, 2016 | Category: Governance, Plan Design | Posted by Doug Prince

It seems like everyone in the legislative and regulatory environment in Washington wants to see lifetime income solutions offered by retirement plan sponsors. Lifetime income solutions are currently available for plan participants but are not widely used due to fear of liability surrounding the lack of instruction and regulation.  Recently the IRS and the DOL […]

Gifts from Service Providers

February 17, 2016 | Category: Documentation, Governance | Posted by Deana Harmon

It May be Easier to “Just Say No”   Whether to accept certain gifts from service providers and what to track for reporting on the IRS Form 5500 can be complicated. With all of the other complexity you have as a retirement plan sponsor or fiduciary, it may be easier to “just say no”.  “Just […]

What Employers can learn from the Anthem 401(k) Lawsuit

January 8, 2016 | Category: Documentation, Fees & Expenses, Governance, Plan Design | Posted by Doug Prince

The 401(k) lawsuits against large companies comes to Indiana. According to Groom Law Group, since 2007, there have been nearly 40 lawsuits about fees and expenses paid by employees in 401(k) plans.  Law firm Schlichter, Bogard & Denton, LLP has been the lead plaintiffs’ counsel for many of these suits.  On December 29, 2015, Anthem […]

The Advantages of Adopting a Fee Policy Statement

November 11, 2015 | Category: Documentation, Fees & Expenses, Governance | Posted by Chase Sanders

Like an investment policy statement (IPS), a fee policy statement is designed to lay out guidelines for the plan sponsor to manage and document plan expenses. Also like an investment policy statements, fee policy statements are not required, however we believe it is a best practice and strongly encourage all of our clients to have […]

Future Planned Regulatory Priorities

February 16, 2015 | Category: Governance | Posted by Doug Prince

Just like the rest of us, the Federal Government creates a business plan each year. Each agency is tasked with putting together a list of their priorities for their fiscal year. The Department of Labor (DOL) has put together their list, Fall 2014 Statement of Regulatory Priorities Below we have highlighted some of the Employee Benefit Security […]