Errors associated with not following your benefit plan’s definition of eligible compensation can lead to a wide range of problems for your organization and your employees. Take steps to try to avoid these errors and make sure your plan remains in compliance.
As a plan sponsor, you are responsible for providing a comprehensive census report to your third-party administrator and other relevant service providers annually. This census report is the starting point for your plan’s audit.
New reporting standards apply to nonprofits that are required by statute to have audited financial statements. Here are the three most significant changes included in the new rules: redefining net assets, clarifying liquidity disclosures, and presentation of expenses.
Cybersecurity issues are different for ERISA employee benefit plans than they are for other areas of your business. Therefore, your cybersecurity risk mitigation plan should be separate and distinct from your enterprise-wide cybersecurity plan, although it may align and integrate with other existing plans.
When was the last time you closely examined your retirement plan’s internal controls? Strong internal controls are essential not only to ensure that your retirement plan remains in compliance with all regulatory requirements and plan provisions, but also to guard against fraud.
Without a succession plan, board transitions can put nonprofits in a vise. They’re pushed to manage each change as it happens, whether by a known retirement date or by a sudden withdrawal.
As an employee benefit plan sponsor, you cannot avoid fiduciary responsibility and potential ERISA liability simply by hiring an independent ERISA 3(16) administrator.
Part of your ERISA fiduciary duty as a retirement plan sponsor is to make sure that the services provided to the plan are necessary and the fees paid for these services are reasonable.