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DOL Update: A New Definition of Fiduciary
Team SummitOur NewsComments are off for this post
In 2016, the Department of Labor (DOL) finalized regulations updating, and expanding, the definition of “fiduciary” in regards to the provision of investment advice. Originally these regulations were set to become applicable in April of this year. However, the current administration wanted to delay the applicable date to allow the DOL to fully examine the  Read More →
Layoffs? Your Plan May Experience a Partial Plan Termination
Team SummitEmployer Resource Center, Plan Operations & AdminComments are off for this post
A partial plan termination occurs when 20 percent or more of a company’s employees are laid off in one year. Routine turnover during the year is generally not considered a partial plan termination. To determine whether your turnover rate is routine, consider the following factors: • What was your turnover rate during other periods and  Read More →
Record Retention: What Should I Keep, For How Long, and How Should I Organize It?
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
We hear time and time again, “what records should I keep, how long should I keep them, and how should I organize my files?” Remember several rules of thumb when it comes to record retention. Plan Documents should never be discarded. This includes Basic Plan Documents, Adoption Agreements, Amendments, and Summary Plan Descriptions. Annual Filing  Read More →

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