Periodically, the IRS will audit qualified retirement plans to ensure compliance with ERISA and federal regulations. Having taken the time to be proactive and conducting an internal legal compliance review before the IRS comes calling means you not only have confidence in your plan’s ability to pass an audit, but you’ll be prepared to hand the IRS agents the documentation they need. Preparation makes the process less Read More

In addition to federal laws and regulations, businesses must also pay attention to state-level laws that might affect their benefits and programs. Here are a few recent changes at the state level that specifically apply to benefit fiduciaries and best interests. Connecticut: As of the first of this year, a company responsible for administrating a retirement plan offered by a political subdivision of the state, Read More

If your business is considering implementing a 401(k) plan for your employees, or changing the plan provided, the alternatives are to either offer a traditional 401(k) or look at alternative options using the safe harbor provision. This can be a complicated decision as it combines both laws and regulations surrounding plan offerings as well as your businesses priorities. You should also consider employee preferences Read More

How we communicate is changing every day, and this includes how patients are communicating with their doctors and insurance providers and even how doctors are communicating with each other. All this ease of communication can have huge benefits, but when it concerns protected health information (PHI), such information also needs to be carefully protected. Forgetting to implement proper protocols and processes to Read More

One safe harbor that many employers take advantage of is voluntary benefits programs that are exempt from ERISA. These voluntary plans can offer a variety of benefits to employees, but in order to be exempt, businesses must be careful to follow all requirements to meet the safe harbor provision. A recent case, McCann v. Unum Provident, argued last October before the U.S. Court of Appeals for the Third Circuit Read More

The Department of Labor (DOL) is busy this year focusing on both regulating and identifying missing participants in multiple employer plans (MEPs). This past October, DOL published a proposed rule that attempts to make it easier to offer an association retirement plan as well as clearly delineate required disclosures for participants. While the rule may still face changes, it gives us a good idea of what to expect Read More