Is Your Plan at Risk of a Lawsuit?

• Lawsuits against retirement plan sponsors have skyrocketed. Excess fees, high cost options with low returns, and limited investment options are among reasons cited.
• These suits—even settlements and dismissals—occupy resources and distract focus from normal business operations.

A deliberate, thorough approach for retirement plan compliance will decrease the chances this happens to your organization.

Goal: Review the governance structure, policies and practices which oversee the plan, funds, vendors

• Appropriate governing bodies and procedures including rules and best practices for committee members, mission, charters. meeting frequency, documentation, etc.
• Qualified staff filling all necessary positions
• Established vendor evaluation policies and procedures (reporting, benchmarking, RFPs, etc.)

Data Required

• Organizational Charts
• Committee documents, charters, meeting agenda/minutes
• Documentation/evidence of vendor selection/evaluation

Goal: Review and ensure basic compliance:

• Complete and consistent plan documents, amendments and SPDs
• Proactive compliance with current ERISA and SEC regulations
• Valid, complete and timely 5500 Filing
• Complete Non-Discrimination Testing

Data Required

• Applicable plan documents and 5500 filings
• Policy and procedures
• Forms (Enrollment, investment selection)
• Testing Results

Goal: Ensure plan administration aligns with plan documentation

• Accurate member and pay/comp eligibility
• Accurate employee contributions and company match
• Appropriate life event processing
• Timely and accurate vendor file feeds
• Proactive IRS plan limits monitoring
• Complete and timely disclosures
• Consistency between Plan recordkeeping system, HR/Payroll, HRIS

Data Required

• Organization charts
• Plan Administration manuals/documentation
• Vendor contacts
• Plan related calculations and communications