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 ...)
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:
Posted by: 0 in vantageblog, retirement audits, recordkeeper, qualified plan, plan sponsor, Plan Document, plan compliance, named fiduciary, IRS audit, fiduciary responsibility, fiduciary liability, Due Diligence, DOL audit on
Sep 15, 2009
How’s your Due Diligence file look? If the IRS or DOL came in tomorrow, would you have all of the documents related to your plan in one central location, and organized for easy retrieval? No? You need to make a project out of this and get organized!
All Plan Sponsors should maintain a central due diligence file to uphold your fiduciary responsibility. It also comes in handy at audit time – both annual ERISA audits and in the unfortunate event of an IRS or DOL audit.
So what is a Fiduciary Due Diligence File and what’s in it? A Fiduciary Due Diligence File is a central repository for all current documents associated with the Plan. It includes documentation of any actions taken on the Plan, current testing results, sample communications, committee minutes, investment fund prospectuses, and much more. We have a checklist on our site to help you get organized.
