Retirement plan sponsors’ fear of audits or enforcement actions can give them a sense that regulators are “big, bad wolves” coming to blow their house down. But, regulators are not bad guys always looking to subject plan sponsors to legal trouble. Issuance of reminders about how to comply with retirement plan rules, invitations to voluntarily correct errors, education events about plan sponsors’ responsibilities and proposals to simplify compliance are just some ways retirement plan regulators offer help to plan sponsors.
The web page provides information for retirement plan sponsors who have individually designed retirement plan documents but want to adopt a pre-approved prototype or volume submitter plan document.Read more >
An update from law firm Masuda, Funai, Eifert & Mitchell, Ltd. says that based on reviews of Form 5500s, the DOL’s Employee Benefit Security Administration (EBSA) is sending “no action” letters to plan sponsors.Read more >
The proposed amendments would affect the determination of a withdrawing employer’s liability under a multiemployer plan and annual withdrawal liability payment amount when the plan has had benefit reductions, benefit suspensions, surcharges or contribution increases that must be disregarded.Read more >