408(b)(2) disclosures for retirement plans have been in effect for a few years. It is important to remember that the final regulations reserved a section for welfare plan disclosure. The preamble to the final regulations noted that commenters to the regulations supported disclosures specifically tailored to welfare plans. Although somewhat dated, the Employee Benefits Security […]
401k, 401k fees, fee disclosure, Form 5500, health & welfareThe DOL has issued FAB 2014-01 replacing previously issued guidance (FAB 2004-02) related to locating missing participants. Both the IRS and Social Security Administration have discontinued their letter forwarding service since the issuance of FAB 2004-02. Internet search technologies have improved greatly over the past few years. While this FAB is specifically for finding participants […]
DOL, ERISA, IRS, lost participants, missing participantsThe DOL issued final 408 regulations (b)(2) on February 3, 2012 (see ErisaALERT 2012-03) which included a sample guide to initial disclosures. While not required, the DOL noted that the sample guide may be a useful tool to assist the responsible plan fiduciary. Interim final regulations which preceded the final regulations (see ErisaALERT 2010-11) requested […]
408 (b) (2), 408 regulations, Disclosure, DOL, Fee Transparency, Plan FeesIn recent court case,Tussey v. ABB, Inc., No. 2:06-CV-04305-NKL (W.D. Mo., Mar. 31, 2012), the judge found that the plan fiduciaries breached their fiduciary duties and were jointly and severally liable for $13.4 million lost by the Plan due to failure to monitor recordkeeping fees and negotiate rebates and $21.8 million lost by Plan due […]
2012 archive, DOL, Fiduciaries, Fiduciary, fiduciary breachIn recent weeks the DOL has issued a number of notices to plan sponsors for both retirement and health & welfare plans. Retirement plans – the notices relate to Form 5500 filings. These notices relate to the information reported on the Schedule H vs the information reported on the Schedule C. Specifically, plans that report […]
2012 archive, DOL, DOL auditsEmployee benefit compliance is often viewed as a necessary evil; it is tedious, boring and complicated but if your plans are selected for audit, the process can be a nightmare if you are not prepared. A recent Towers Watson Retirement Plan Governance Survey revealed that 73% of respondents indicated regulatory complexity will be among the […]
2012 archive, compliance, DOL, ERISA, IRS(c) 2015 Erisa Diagnostics - We focus on benefits, so you can focus on business