Posts Tagged ‘employee benefit plan’

How Can I Make My Benefit Plan Audit A Smoother Process?

Thursday, November 28th, 2013

Your time is precious and you want to use it effectively. The last thing you want to face is multiple requests from auditors that make you feel like you’re running around without purpose. It doesn’t have to be this way. A little preparation on your end will help the process run smoother and give you fewer headaches.  (more…)

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Can Benchmarking Uncover Money Hiding in Your Retirement Plan?

Tuesday, June 5th, 2012

Benchmarking may result in potential savings

Could you use an extra $26,000 a year? A plumbing company realized that savings after discovering it was overpaying recordkeeping and investment fees in its retirement plan.

By benchmarking the plan, this company saw how the fees compared to plans of a similar size across the country. This provided the plan sponsor with solid data to discuss fees with current providers.

While there are plans out there where reasonable fees are being paid, that’s not the case in every situation. From a law firm that saved $46,000 in investment fees to an administrative services firm that reduced its annual recordkeeping fees by $50,000, some plan sponsors have found that their plan fees are not in-line with similar plans. (more…)

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Want to Lessen Chances of a DOL Inquiry? Ten Tips

Wednesday, September 21st, 2011

The Department of Labor (DOL) enforces fiduciary, reporting and disclosure requirements for employee benefit plans. The agency is recruiting more investigators, so DOL investigations will be on the rise. (more…)

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Should I respond to that DOL Employee Benefit Notice?

Thursday, December 9th, 2010

If your company is required to file the employee benefit plan form 5500 or 5500-EZ, and receives a notice of a proposed penalty, be sure to respond to the notice within 30 days. (more…)

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