For many plan sponsors, audit readiness often gets boiled down to having schedules prepared and being able to respond quickly to audit requests. While that is part of the process, it is not what auditors or regulators ultimately focus on. True audit readiness goes...
Retirement plan fiduciaries face a complex framework of legal duties and liabilities. Insurance coverage, often overlooked, is crucial for compliance and risk protection. Under the Employee Retirement Income Security Act (ERISA), certain types of coverage are...
If your organization lacks an employee benefit plan oversight committee, establish one now to comply under the Employee Retirement Income Security Act (ERISA) fiduciary requirements and strengthen governance. The committee should ideally include senior leaders from...
On August 12, 2025, the U.S. Department of Labor (DOL) officially rescinded its December 2021 supplemental statement, which had previously advised fiduciaries of smaller 401(k) plans against including alternative assets—such as private equity—as part of their...
Following the recent article titled “The Importance of Cybersecurity Measures in Benefit Plan Operations,” this statement highlights the increasing significance of cybersecurity in benefit plan operations. As cyber threats increase in complexity and focus,...
Timely distribution of required plan notices is a critical component of fiduciary responsibility under the Employee Retirement Income Security Act of 1974 (ERISA). Notices such as Summary Plan Descriptions (SPDs), Summary Annual Reports (SARs), and fee disclosures...
In an era where digital threats are escalating, benefit plans—including 401(k)s, pensions, and health savings accounts—have become prime targets for cybercriminals. These plans contain immense amounts of sensitive personal and financial data, thereby making...
Are You Reviewing Your Retirement Plan Fees Regularly? Here’s Why You Can’t Afford to Skip This Step What if you discovered that high fees were impacting on your retirement plan participants’ savings and potentially placing fiduciaries to liability for failing to act...
Monitoring the investment options in your plan is a fiduciary responsibility under ERISA (the Employee Retirement Income Security Act of 1974). For those managing 401(k) or similar plans, conducting regular reviews of the investment lineup helps ensure that it meets...
Changes are everywhere due to COVID-19 including regularly scheduled filing deadlines which are now being adjusted by the government. One of the most significant for nonprofits with federal funding is a six-month submission extension on any OMB compliance audits that...