fiduciary

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 →
Annual Plan Audit: An Auditor’s Perspective
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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 →
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 →

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