ERISA

What Does It Mean To Be a Fiduciary? [Video]
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
As a plan fiduciary, you are tasked with the critical duty of operating your organization’s retirement plan in the highest standard of care. Fiduciaries must act in good faith and with the best interest of plan participants in mind. But, who exactly classifies as a fiduciary, and for what functions are fiduciaries responsible? Tune into  Read More →
Former Employees with Plan Assets are Still Plan Participants
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
Plan Sponsors should understand that terminated employees who have left their account balance in your plan, are still considered participants under ERISA. As such, they have the same rights as current employees. They cannot contribute to their account under the plan, but otherwise, they have the same ERISA protected rights as plan participants. One protected  Read More →
Annual Plan Audit: An Auditor’s Perspective
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Your organization’s retirement plan will generally require a benefit plan audit if the eligible participant count (including terminated employees who maintain an account balance) exceeds 100 at the beginning of the plan year. But what exactly will be audited and what are the auditors looking for? This audit includes financial statements attached to the Form  Read More →

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