Information Request Letters

The employee benefit plan audit season is in full gear now and, if not already started, your employee benefit plan audit is most likely around the corner.

Well, What Do We Do Now?

Posted by Saaib Uppal In my blog post titled Mind Watching My Stuff for a Minute? I went over how to go about finding a participant who is unresponsive to communications from the plan fiduciary. As I mentioned, to terminate a plan, a sponsor must distribute all account balances. But, what if the plan sponsor seems to be searching for a ghost and the … Continued

Be Wary of Hard-To-Value Investments in Self-Directed Brokerage Accounts

Posted by Michelle J. Cross, CPA A court recently fined a plan sponsor over $35 million for breach of fiduciary trust by causing employees to pay excessive fees in their 401(k) accounts. You may be thinking to yourself, “Wow, they must have been stealing from the plan!” They weren’t. But they did do something wrong…they selected a more expensive mutual … Continued

“Can You Hear Me Now?” – Part II: Summary Plan Description and Summary of Material Modifications – Electronic Delivery

Posted by Christopher Ciminera In last week’s blog I drew a parallel between Verizon’s network coverage and communications of the retirement plan provisions through a Summary Plan Description (SPD) and Summary of Material Modifications (SMM). This week I will go into further detail on how to provide these communications electronically. The analogy to Verizon’s network coverage is still applicable since plan sponsors need to put … Continued