Vantage Retirement Blog

ERISA audit

5500 Filed, Yes, But Did You Read It?

Posted by: 0 in vantageblog, retirement plan, retirement audits, qualified plan, Prudent expert, plan sponsor, plan compliance, partial plan termination, named fiduciary, IRS audit, Form 5500, fiduciary responsibility, fiduciary liability, ERISA audit, eligible participants, DOL audit, audited financial statements, 401(k) plan on Nov 3, 2009

We’ve passed the extended filing deadline for 2008 Form 5500’s by a couple of weeks now. So you can check that task off of your list until next year. But I want to ask you a serious question …

Did you read it?!?

I mean did you really read it before filed it? Or were you cutting the filing deadline so close that when you got the final package in your hand you just put it in the mail to get it out the door? (Been there, done that ...)

Managing Fiduciary Responsibility

Posted by: 0 in retirement plan, retirement audits, qualified plan, Prudent expert, Plan Document, named fiduciary, fiduciary responsibility, fiduciary liability, ERISA audit, Due Diligence, 401(k) plan on Oct 7, 2009

Under ERISA, a plan fiduciary is anyone who:

 Exercises discretionary authority in the management of the plan
 Gets paid for regularly providing investment advice
 Exercises any discretionary authority in the administration of the plan

Fiduciaries in an organization typically include:

VRS News & Events

Twitter

View Our Account (total 20)