2019 ERISA Plan Compliance Calendar
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Compliance and Regulatory 2019 ERISA Plan Compliance Calendar Abstract: This calendar highlights some of the significant regulatory dates for 2019, but it does not identify all compliance obligations or due dates. The calendar assumes that a plan is being administered on a calendar year basis by an employer using a calendar fiscal year. For the most part, the information for pension plans applies to single employer plans. Source: Plansponsor.com Five Tips for 401k Administration in 2019 Abstract: I think you'll agree that 401k administration can be tedious and complex. And it's easy to mess up. And every time you make a mistake, even if it's just a tiny one, it can add a lot of frustration and hassle during your year-end compliance work. This article walks you through five 401k administration tips used by top companies to save time and keep their 401ks compliant, without wanting to pull their hair out. Source: Forusall.com New Year's Resolution: Prepare Yourself for an IRS or DOL Plan Audit Abstract: This article addresses what questions you should be asking when attempting to potentially minimize monetary sanctions, serious consequences to your employees, and personal liability for company officials who are ERISA-plan fiduciaries responsible for the investment of plan assets and plan administration that can stem from an IRS or DOL Plan audit. Source: Gtlaw.com Agreement on ERISA Auditing Standard Reached, but Delayed Abstract: AICPA's Auditing Standards Board has agreed on changes to auditing standards to respond to DOL's 2015 review of plan audits, but will likely delay the implementation of the changes until periods ending on or after December 15, 2020. The proposal was aimed at improving audit quality in response to DOL's 2015 review of audits in which deficiencies were found in a significant number of cases. Source: Buck.com »» Click here for more Compliance and Regulatory Material Fiduciary and Plan Governance When a 401k Plan Sponsor May Have to Fire Their Advisor Abstract: One big part of when things aren't going so well is when the financial advisor isn't doing their job competently and doing a disservice to the plan sponsor. This article is about situations where the plan sponsor may have to fire their financial advisor. Source: Jdsupra.com Will 401k Plan Sponsors Fall for These Over-Hyped Topics? Abstract: You've probably read dozens of stories on these topics. Or maybe just the headlines. Either way, you've seen these words and phrases ad nauseum over the past year or so. In fact, they've been repeated so often, it's easy to understand how they may now be treated as solid axioms rather than merely loose conjecture. Yet, it's well within the purview of one's fiduciary duty to ask if there's steak beneath that sizzle. Here are five over-hyped topics that represent prime candidates to deliver less than expected. Source: Fiduciarynews.com The Do's and Don'ts of Your 401k Fund Lineup Abstract: This short article shares a number of do's and don'ts when it comes to your 401k plan fund menu. Source: Conradsiegel.com »» Click here for more Fiduciary and Plan Governance Material Items of Special Interest to Service Providers Hub-Sheridan Road Latest Deal to Heat up M&A Among 401k Advice Firms Abstract: Acquisitions of financial advisory firms focused on the retirement-plan market appear to be gaining momentum. A handful of recent deals involving large 401k-focused firms and a more varied group of buyers have led some experts to believe that the previously subdued acquisition market is turning a corner. The latest development is Hub International's acquisition of Sheridan Road Financial, a $14 billion firm headquartered in Chicago. Source: Investmentnews.com (registration may be required) 403b Plans 403b Plan Sponsors Continue to Improve Investment Oversight Abstract: Even among 403b plans not governed by ERISA, PLANSPONSOR DC Survey results show that in 2016, 54.3% of plan sponsors reported they have an investment committee for their plans; this jumped to 67.3% in 2017 and 67% in 2018. Source: Planadviser.com »» Click here for More 403b Material Participant Communications and Education Boosting the Effectiveness of Retirement Plan Communications Abstract: Words have the potential to inform, encourage and empower. But the wrong words can be powerful in negative ways, leaving people uncomfortable, overwhelmed or confused. Using the right words is especially critical in financial matters. Cutting back on jargon and delivering communications where participants want them can help put employees on the right track. Source: Empower-retirement.com Driving Plan Participation Through Education Efforts Abstract: Sponsors know too well that a lot of planning and consideration goes into the design and maintenance of a retirement plan. But much of that hard work is futile without employee participation. Employees need to understand the benefits of the plan and how to use it in order to recognize its value. A robust employee education program can play a significant role in improving plan participation rates and will reinforce the value of the plan to employees. Source: Planpilot.com »» Click here for more on Employee Communications and Education Target-Date Funds Selecting and Monitoring Target-Date Funds Abstract: Besides the differences in glide path determination, TDFs will vary in their investment strategies and fees. There are no guidelines or requirements as to how TDFs must structure their investments or glide paths. Plan fiduciaries need to establish a prudent process for selecting and monitoring a TDF. This article reviews a few things to consider. Source: Consultrms.com »» Click here for more on Target-Date Funds Court and Legal ERISA Litigation Defendants Take Note: Burden of Proof Is Becoming More Weighty Abstract: Many parties to ERISA litigation and arbitration pay lip service to the burden of proof, put on their respective cases and leave it to the trier of fact to decide which side deserves the victory. Burdens of proof have become increasingly important, however, as procedural and substantive issues become more complex, and judges often have less time to deal with the subtleties in ERISA litigation. Burdens of proof thus demand more attention. Source: Erisa-employeebenefitslitigationblog.com Have 403b Lawsuits Hit a Wall? Fifth University Wins Dismissal Abstract: Losses continue to mount for university employees suing their schools over allegedly excessive retirement-plan fees. Georgetown University became the fifth defendant to successfully beat back such claims in court. Roughly two dozen lawsuits against universities for imprudent management of their 403b plans, which are defined-contribution plans for nonprofits, have been filed since August 2016. Source: Investmentnews.com (registration may be required) »» Click here for more Court and Other Legal Issues Cybersecurity Are Cybercriminals Targeting Your 401k? Abstract: To a cybercriminal, the 401k industry looks like a big candy store with over $5 trillion in liquid assets and largely automated systems. Armed with your name, social security number, date of birth, address and any personal information available on social media, your 401k account is vulnerable. Not surprisingly, since these large-scale data breaches have occurred, industry insiders report a sharp increase in the number of attempts to steal 401k assets. Here are some steps you should take now to protect your 401k assets. Source: Francisinvco.com »» Click here for more on Cybersecurity Issues Marketplace News PSCA Seeks Nominations for Annual Signature and Lifetime Achievement Awards ERISApedia Adds Q&A on ERISA Compliance Topics Ascensus TPA Solutions Expands Sales Organization »» Click here for More Marketplace News
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