Employee Benefit Plans

Strategies to Boost 401(k) Plan Participation

February 17, 2014

According to the Department of Labor (DOL), about one-third of eligible employees do not participate in their employer’s 401(k) plan. But, participation in a 401(k) plan benefits both employees and employers. Fortunately, there are strategies to help increase employee participation. Why Participation Matters For many employees, their 401(k) plan is their only source of income…

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Attorney-Client Privilege and ERISA Fiduciaries

February 17, 2014

The attorney-client privilege allows an attorney and his or her client to communicate, in writing or electronically, knowing that those confidential communications will not be released to opposing parties in the event of litigation. What happens when those communications are between an attorney and a qualified retirement plan fiduciary involving the day to day administration…

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Understanding Auditor Communications

January 31, 2014

The AICPA Employee Benefit Plan Audit Quality Center has prepared this advisory to assist you as a plan sponsor, plan administrator, trustee, audit committee, employee benefit plan committee, administrative committee, or investment committee in better understanding the various communications that may be initiated by your plan auditor. This advisory discusses: An overview of auditor communications Auditor’s communication with those charged with…

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Employee Benefit Plans — Financial Statement Audits

January 31, 2014

An independent audit of the financial statements of an employee benefit plan are often required when your plan meets certain criteria. As a plan sponsor, administrator or trustee, understanding your requirements and the process involved is important to your fiduciary responsibilities. This guide describes the roles and responsibilities of individuals involved in: The plan’s financial…

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Valuing and Reporting Plan Investments

January 31, 2014

As a plan fiduciary, you are subject to certain responsibilities, and with these responsibilities come potential liability. Fiduciaries who do not follow the ERISA standards of conduct may be personally liable to restore any losses to the plan arising from inaccurate estimates of investment values. Investments are the most significant assets in a benefit plan.…

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Effective Monitoring of Outsourced Plan Recordkeeping and Reporting Functions

January 31, 2014

As a plan sponsor, administrator or trustee, it is important to understand the benefits of establishing an effective monitoring program to oversee service organizations that perform recordkeeping and reporting functions for your employee benefit plan. A plan may use several service organizations such as trustees, custodians, investment managers and recordkeepers to perform various functions on…

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