ERISA

Fiduciary Liabilities: What Are They? How Can They Be Mitigated?
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
“Risk comes from not knowing what you are doing.”-Warren Buffett Being an ERISA fiduciary may entail personal liability. In addition to making the plan whole for any losses resulting from a breach of fiduciary duty, a fiduciary may be required to disgorge any profits obtained in committing the breach, and be subject to “such other  Read More →
Fee Payment Methods in 401(k) Plans: Know Your Options
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
A plan sponsor (i.e. employer) can elect to pay or allocate plan fees in a number of different ways, and it is important to understand all available options, as this is a fiduciary decision. In fact, the DOL observed in Field Assistance Bulletin (FAB) 2003-03 that plan sponsors and fiduciaries have considerable discretion in determining,  Read More →
Beware of the IRS and DOL: Red Flags They Seek on the Form 5500
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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