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week ending December 4th, 2020
The editors of PLANSPONSOR strive to create exclusive content to help plan sponsors do their jobs, and do them better. You’ll find some of that in this edition of PLANSPONSOR Weekend. Have a great weekend!
Editor's Choice
Compliance
Auditors’ View of Plan Management
Auditors share common errors they find when doing retirement plan financial audits and what they recommend for plan sponsor processes.
Administration
Consider Who Is Paying When Benchmarking Retirement Plan Fees
There is less risk when a plan sponsor pays retirement plan fees, but that doesn’t necessarily mean the benchmarking should be different than if participants pay.
Administration
Repositioning Financial Wellness and Retirement Benefits for 2021
Plan sponsors can take steps now to make sure their plans are ready to meet fiduciary obligations and participants’ needs in the new year.
Compliance
Cybersecurity Risks Still Lurking for Retirement Plan Sponsors
A recent federal court decision does not let plan sponsors off the hook, and various state laws may be applied to cases against them.
Administration
Increasing Participant Trust in Retirement Plans and Sponsors
Plan sponsors should tout the ways they are helping participants with their plan designs and good governance processes.
Administration
Rules for Retaining Benefit Plan Records
Electronic filing is popular, but benefit plan sponsors need to know the rules about what documents can be stored digitally and how.
Popular Reads
Compliance
New Financial Audit Rule Increases Requirements for Plan Sponsors
Plan sponsors will be required to provide much more data, as well as certifications about plan administration and governance, and limited-scope audits will no longer be so limited.
Research
2021 Recordkeeping Survey
Data and Research
Participants Missing the Full Match Remains a Big Problem
A new survey shows there are several reasons employees decide not to contribute to their retirement plans.
Compliance
Aon Wins Lawsuit Over Investments in Lowe’s Cos. 401(k)
A judge found Aon didn’t violate ERISA when encouraging Lowe’s to change the plan’s investment menu or by selecting and maintaining a proprietary fund for the plan that underperformed.
Compliance
2021 HSA Review: Plan Sponsor Duties With Regard to HSAs
Experts shared what responsibilities employers have for their HSA benefit and what actions can trigger ERISA governance of it.
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