Plan Operations & Admin

Plan Documents… Save or Purge?
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Many ERISA plan sponsors are unclear regarding a primary fiduciary responsibility concerning plan document retention (which and when documents may be purged). Most plan sponsors adopt an assumed “reasonable” amount of time to retain documents prior to purging them. Unfortunately, IRS rules may not always be complicit with what may be assumed to be “reasonable”.  Read More →
New e-Delivery Standards Aim to Reduce Burden and Expense of Notice Distribution
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
The final version of the Department of Labor’s new rules regarding electronic delivery of required notices was published this past May and took effect July 27th. These new rules will greatly reduce the burden and expense of delivering required participant notices. Many notices may now be posted to a website or provided via electronic mail  Read More →
Form 5500: IRS & DOL Red Flags
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
The Form 5500 is an ERISA requirement for retirement plans to report and disclose operating procedures to the Department of Labor. Each plan intending to comply with ERISA must file a Form 5500 annually. Auditors use these filings to confirm that plans are managed according to ERISA standards. The form also allows individuals access to  Read More →

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