Effectively Navigating DOL Investigations of Plans and Service Providers
|
|
- Ashlie Sherman
- 5 years ago
- Views:
Transcription
1 Effectively Navigating DOL Investigations of Plans and Service Providers Jean Ackerman Department of Labor Heather B. Abrigo, Esq. Drinker Biddle & Reath LLP Heather B. Abrigo, Esq. Drinker Biddle & Reath LLP Heather B. Abrigo has extensive experience in all aspects of employee benefits and especially with working alongside plan committees to fulfill their fiduciary duties. Her clients come to her for assistance with qualified retirement plans as well as health and welfare issues. Heather works with public sector employers and navigating their retirement plan issues as well as their retiree health plans. She also assists her clients in connection with Department of Labor investigations and Internal Revenue Service audits. Her services include but are not limited to assisting plan sponsors meet their fiduciary responsibilities, reporting and disclosure matters, and drafting qualified, non-qualified and welfare benefit plan documents. 1
2 Heather B. Abrigo, Esq. Drinker Biddle & Reath LLP Heather has assists various service providers in the financial services sector with their service agreements and complying with disclosure requirements under ERISA and the SEC. Heather coauthored the 14th Edition of "Tools & Techniques of Employee Benefits and Retirement Planning" published by the National Underwriter Company. She is also a regular contributor to the 401(k) Advisor publication. Heather has been a regular contributor to the California HR newsletter and a frequent speaker at California HR audiocasts and webinars. She is also a contributor to the firm's LaborSphere blog, which provides coverage and insights on breaking cases, recently enacted legislation and a broad range of employee benefits and labor issues. Effectively Navigating DOL Investigations of Plans and Service Providers 2017 NIPA Annual Forum & Expo Heather B. Abrigo, Esq. Drinker Biddle & Reath Jean Ackerman, Regional Director DOL Employee Benefits Security Administration 2
3 DOL Disclaimer Ms. Ackerman s views are personal and may not represent Department of Labor policy. Introduction Today s Topics Employee Benefits Security Administration (EBSA): Charged with investigating ERISA violations and it has subpoena power! National Enforcement Projects - Trends Regional Enforcement Projects - Trends The Investigative Process How Best to Prepare For and Participate in a DOL Investigation. 3
4 EBSA National Office Various divisions with varying missions Regional Offices Regional Directors Benefits Advisors handle customer service calls Investigators typically attorneys or accountants Supervisors typically former investigators EBSA Regional Offices Kansas City Chicago Cincinnati Boston New York Philadelphia San Francisco Regional Offices Los Angeles Dallas Atlanta 4
5 EBSA: Civil and Criminal Investigations EBSA has broad investigative authority Most EBSA investigations are civil, but EBSA also has authority to conduct criminal investigations Criminal cases go to the U.S. Attorney s Office instead of DOL Solicitor s Civil cases go to Office of the Solicitor of Labor in-house DOL counsel The Investigative Authority of DOL Statutory grant of power ERISA section 504 Comprehensive Crime Control Act of 1984 Disclosure of information by the DOL Subpoena Authority ERISA Section 504(c) 5
6 EBSA Enforcement Statistics For FY 2016, EBSA reports: Oversight extends to 681,000 retirement plans Over $777 million recovered for direct payment to plans, participants, beneficiaries Over 2,000 civil cases closed 62 federal lawsuits filed 333 criminal investigations closed 96 indictments Why is EBSA Investigating the Plan, the Employer, the Service Provider and/or Other Individual? The investigator won t (isn t supposed to) tell you Investigations occur as a result of: Employee/participant inquiries/complaints Targeted enforcement projects at the National and Regional Office levels Info on Form 5500s e.g., large amount of other assets and numbers that don t make sense Referrals from the IRS and/or other gov. agencies News and social media notice of bankruptcy Are investigations ever random? 6
7 Investigation: Targets, cont d All Types of Employee Benefit Plans: Retirement Health Apprenticeship Legal Plan Sponsors Plan Trustees Investigation: Targets, cont d Named Fiduciaries Functional Fiduciaries Plan Administrators Service Providers Consultants Investment Advisors Custodians Directed Trustees 7
8 Investigations: Focus Potential breaches of ERISA fiduciary duty Violations of: ERISA 404 Fiduciary Duties ERISA 406 Prohibited Transactions ERISA 405 Co-Fiduciary Duties ERISA Part 7 Health Plan Requirements Investigations: What Are They Finding? Common Scenarios: Delinquent Employee Contributions still a BIGGIE! Excessive Service Provider Fees Imprudent Investments for all sorts of reasons Plan Sponsor Bankruptcies Part 7 Violations in Health Plans Abandoned Pension Plans Hard to Value Assets Fiduciaries that didn t know/fulfill their duties and many who didn t know they are fiduciaries! 8
9 National Enforcement Priorities Major Case Enforcement Priority EBSA continues to focus its enforcement resources on areas that have the greatest impact on the protection of plan assets and participants' benefits. In FY 2016, EBSA will remain dedicated to strategically focusing more investigative resources on professional fiduciaries and service providers with responsibility for large amounts of plan assets and the administration of large amounts of plan benefits. This continues to be accomplished by a national enforcement priority that directs investigative resources to the conduct of major cases. National Enforcement Priorities, cont d Employee Contributions Initiative Consistent with its long history of protecting employee contributions to 401(k), health care, and other contributory plans, EBSA designated the investigation of delinquent employee contributions, a previous national project, as a national enforcement priority. For more information, see the Employee Contributions Initiative webpage. 9
10 EBSA Enforcement Projects National Enforcement Projects: Employee Contributions Contributory Plans Criminal Project Plan Investments Conflicts Health Benefits Security (Part 7) ESOPs Bankruptcy (REACT) Abandoned Plans Voluntary Fiduciary Correction Program (VFCP) Contributory Plans Criminal Project Target the most egregious and persistent violators Protect the most vulnerable populations Issues: Employers convert employee payroll contributions for personal or business use Third parties gain access and use funds for their own financial gain Identity theft or tampering with personal data records 10
11 BK & Financially Distressed Plan Sponsors Rapid ERISA Action Team (REACT) Preserve plan assets Determine whether the sponsor has made all required contributions Ensure plan s rights are protected Identify responsible fiduciaries Plan Investment Conflicts Project Focus: Potential civil and criminal violations arising from the receipt of improper or undisclosed compensation by employee benefit plan consultants and investment providers Expanded to include the investigation of conflicts of interest in relation to plan asset vehicles Do plan fiduciaries understand the compensation and fee arrangements they enter into? Plan investment guidelines Proper selection and monitoring of service providers 11
12 Plan Investment Conflicts, cont d Project is intended to ensure that plan fiduciaries and participants receive comprehensive disclosure about service provider compensation and conflicts of interest EBSA will also conduct criminal investigations of potential fraud, kickback, and embezzlement involving advisers to plans and participants Plan Investment Conflicts, cont d The Department of Labor is focusing on service providers because of: the observations of prohibited transactions by service providers; a growing awareness of the significant influence that service providers have over retirement plan operation; and concerns over conflicted advice that adversely impacts participants 12
13 Plan Investment Conflicts, cont d What is the DOL looking for? The DOL says that these investigations: seek to determine whether the receipt of such compensation, even if it is disclosed, violates ERISA because the adviser/consultant used its position with a benefit plan to generate additional fees for itself or its affiliates the project will also seek to identify potential criminal violations, such as kickbacks or fraud [Emphasis added] National Office Enforcement Project Re Form 5500, Schedules H and I In reporting financial information, plan administrators must now indicate whether any participants failed to start benefits on time ( failed to provide any benefits when due ) and if so, the total amount paid late or still outstanding This new requirement is buried in instructions for Schedules H and I (line 4L) Administrators answering Yes should anticipate receiving a compliance check letter from the IRS Employee Plan Compliance Unit (EPCU) 13
14 National Office Enforcement Project Re Form 5500, Schedules H and I, cont d DB plan administrators reporting a large amount paid late may be targeted for investigations by the DOL Proposed posed changes to Form 5500 for 2019 would clarify that the plan administrator should not respond Yes to this question if the only benefits not paid are those owed to missing or lost participants and the plan fiduciaries have acted in compliance with FAB to attempt to locate the participants Query: What are the implications of this new requirement on an administrative errors that result in underpayments? National Office Enforcement Project Re Form 5500, Schedules H and I, cont d The new Form 5500 requirements raise compliance issues regarding: Minimum Required Distributions under Code section 401(a)(9) primarily an IRS concern and EPCU is sending out follow-up letters Underpayments of benefits both an IRS and a DOL target Whether the correct forms of benefit are being provided per the plan s terms (both and IRS and DOL target) FAB compliance DOL target 14
15 Enforcement Project Re Form 5500, Schedules H and I - Action Steps for Plan Sponsors & Plan Administrators: Review plan terms and administrative practices regarding: When the plan requires terminated participants to start taking benefits When the plan requires actively employed participants to start taking benefits, once they ve reached NRA or beyond April 1 of the year following the year they attain 70.5 In what form must terminated DC plan participants take their benefits? (lump sum or RMD only?) What steps are taken to ensure benefits start at RBD? Enforcement Project Re Form 5500, Schedules H and I - Action Steps, cont d How are participant ages being tracked? Is the process sufficient? (Notices being given timely re retirement and RBD?) Do holes in employee data need to be plugged? What are the procedures for addressing missing participants? FAB compliance? 15
16 Enforcement Project Re Form 5500, Schedules H and I - Action Steps, cont d Does the plan provide for deemed forfeitures? If not, should it be amended to do so? Does the plan provide for a default IRA option or escheat? How is the issue of uncashed checks addressed? What s the procedure? Regional Office Enforcement Projects Trends Late deposit of elective deferral contributions & loan repayments noted on Form 5500 Letter invitation to correct under VFCP: there are nice and not-so-nice versions of this letter, depending on the Regional Office involved When this initiative first rolled out (in Philadelphia), it was focused on large plans now plan size doesn t appear to matter Initiative spreading to at least Boston and San Francisco 16
17 Regional Office Enforcement Projects Trends, cont d Large Defined Benefit Plan Project (started in Philadelphia, but it s spreading) Focus is on procedures in three areas: (i) locating missing participants; (ii) informing deferred vested participants that a retirement benefit is payable; and (iii) commencing benefit payments when the participants reach age 70.5 Regional Office Enforcement Projects Trends, cont d Large Defined Benefit Plan Project, cont d How should this initiative be addressed? Review plan procedures for locating plan participants and filling in gaps in plan records Approach the issues more comprehensively as part of a plan compliance review, including fiduciary training 17
18 Regional Office Enforcement Projects Trends, cont d Excessive Fees Initiative Started in Philadelphia, but it has really become a national initiative now Reviewing disclosures and records to determine whether participants are paying higher than average fees Are the fees justified? If not, who is at fault? Service provider? Named fiduciary? Regional Office Enforcement Projects Trends, cont d Benefit Distributions Initiative (primarily Boston, but spreading) Established to determine whether plan administrators are following the terms of the plan document related to form and timing of distributions upon death, disability or termination of employment and whether plan administrators are monitoring to ensure that checks are cashed and not stale Goal of the Initiative: To ensure that plan fiduciaries are acting in accordance with FAB
19 Investigative Process EBSA Investigative Procedure See EBSA Enforcement Manual - on website Complaints Leads, Referrals Investigate? Form 5500 Targeting 19
20 Complaints Leads, Referrals Form 5500 Targeting Investigate? yes Appointment no Documents End Interviews Investigative Process Start of the investigation Typically a phone call from the Investigator, followed by confirmation letter setting forth Date & time of visit Plan(s) to be reviewed Request for records / documents needed Varies depending on issue If don t cooperate, anticipate a subpoena You may even want an accommodation subpoena 20
21 Document & Information Requests, cont d Typical Requests Required Reporting 5500s, Annual Funding Notices, SBCs, Participant Statements, SARs CPA Audits Fidelity Bond/Fiduciary Liability Policy Service Provider Contracts Governing Plan Documents Plan, Trust, Amendments, SPDs and SMMs Document & Information Requests, cont d Plan Contribution Records Meeting Minutes Participant Loan Records Income/Expenses/Journals Appraisals Correspondence/ s 21
22 Document and Information Requests, cont d Bank Accounts/Statements Investment Accounts/Statements Real Property Records Securities/Bonds Claims Adjudication Records Investigation Location and Process Most investigations will include an on-site review of documents Usually at primary place of business Can last days or weeks or many months! May split up retirement plan and H&W plan investigations Investigator may (will likely) conduct interviews 22
23 Investigation Interviews Typically held on-site Voluntary Not recorded Not under oath Can the plan s/the Employer s attorney be present? Investigation Interviews, cont d Typical interview subjects: Plan Administrator May interview several people who perform different functions Trustees If board usually designee or officers; could interview all Fiduciaries Plan Sponsor Human Resources Personnel 23
24 Potential Areas of Investigation Fiduciary Duties roles and fulfillment of various duties Co-fiduciary Liability Plan Expenses and Operations Plan Investments Prohibited Transactions Employer Securities Real Estate Holding Claims Procedures Bonding, Reporting, Disclosure Were required notices provided 510 Violations: Whistleblower Document Requests Plan Document, SPD and Trust Agreement Form 5500 (last 3 years) Payroll/contribution records Accountant s Records Service Provider Agreements and Contracts Benefit Statements and Benefit Payment Records Minutes of Meetings Plan Asset Records, including appraisals Fidelity Bond and Fiduciary Liability Insurance Policy IRS Determination Letter 24
25 Interviews with Plan Fiduciaries Explain fiduciary decisions Describe processes Forwarding employee contributions Benefit payments Expenses Investments Identification of service providers Be sensitive to the issue of making false statements 18 USC Section 1001 Complaints Leads, Referrals Form 5500 Targeting Investigate? yes Appointment Documents Interviews no End no Violation? Closing letter yes Notice letter 25
26 End Violation? yes Closing letter Notice letter Penalty Referrals Proof of correction yes Adequate? Proposed correction End Violation? yes Closing letter Notice letter no Penalty Referrals Proof of correction yes Adequate? Proposed correction 26
27 Resolution of the Investigation In most cases there will be a letter from EBSA reporting the results: No action: no findings and issuance of closing letter No action: findings, but issuance of closing letter Voluntary Compliance Request Correction of Violations The Plan must be made whole Prohibited Transactions corrected Correction of Violations Civil Penalties ERISA Section 502(l) DOL to assess 20% penalty on amounts recovered through settlement agreement or court order EBSA has limited discretion to waive or reduce penalty Penalty offset by PT excise tax paid 27
28 Voluntary Compliance Offered and encouraged in most investigations Work with the investigator to correct identified issues Be receptive to changing fiduciary processes and administrative procedures Be receptive to adopting policies and procedures reasonably geared to facilitate compliance Actually enforce relevant policies and procedures Restore assets as necessary Repay monies as necessary Correct prohibited transactions ASAP Voluntary Compliance, cont d Fully and respectfully respond to any VC letter Address all issues raised by the EBSA Include and relevant and reasonable defenses Describe voluntary compliance actions taken and to be taken Include all relevant exhibits 28
29 Voluntary Compliance, cont d If the issues are addressed to EBSA s satisfaction, it will issue a No Action letter Are voluntary compliance actions taken in response to a VC letter a settlement in nature, such that the 502(1) penalties apply? Voluntary Compliance Guidelines Full correction Paid within one year Any repayment schedule requires use of PTE Use of appropriate interest rate Commitment for future compliance 29
30 Correction of Violations Depending upon the circumstances, EBSA may seek Correction of prohibited transactions Restoration of losses Payment of penalties Removal of fiduciaries Removal of service providers Appointment of independent fiduciary Implementation of new internal controls Supplemental benefit distributions Final accounting End Violation? yes Closing letter Litigation Notice letter no Penalty Referrals Proof of correction yes Adequate? Proposed correction 30
31 Resolution of the Investigation, cont. Referral to Solicitor s Office for civil litigation Referral to U.S. Attorney s Office for potential Criminal prosecution Referrals IRS Coordination Agreement and Statute requires: referral of prohibited transactions to IRS IRC 4975 excise tax referral of potential issues affecting tax qualified status Office of Chief Accountant PBGC SEC Perhaps other agencies 31
32 Complaints Leads, Referrals Form 5500 Targeting Investigate? End no yes Appointment Documents Interviews Closing letter no Violation? yes Litigation Notice letter no Penalty Referrals Proof of correction yes Adequate? Proposed correction Voluntary Fiduciary Correction Program VFCP is not available if the plan is already under review by EBSA Covers specific transactions, such as delinquent employee contributions purchase or sale between the plan and a party in interest loan between the plan and a party in interest excess fees paid Must meet specific correction requirements 32
33 So, How Do You Best Prepare For An Investigation? Conduct a pre-investigation, investigation (sort of a mocked investigation) Note: You should be conducting regular compliance reviews regardless of whether you re facing a DOL investigation or and IRS examination Conduct mocked interviews of those likely to be interviewed If it s been a while since those in charge of the plan have undergone fiduciary training, get them trained! So, How Do You Best Prepare For An Investigation? cont d Carefully review all documents to be presented --- and only provide what has been requested To the extent reasonably possible, fix errors before the active investigation begins --- or ASAP thereafter Note: You should be (as part of your regular compliance reviews) self-correcting problems ASAP in any event. Self-correction is your most powerful compliance tool, regardless of whether the issue arises under Title I or Title II of ERISA. Why? Oh, let me count the reasons! Consider whether and how to voluntarily disclose problems that have been fixed 33
34 So, How Do You Best Prepare For An Investigation? cont d Consider whether and how to voluntarily disclose problems that have not yet been fixed Assess whether the amount/type of information can be negotiated Consider whether an accommodation (administrative) subpoena would be prudent Always be mindful of the potential application of ERISA 501(l) penalties if there is a settlement. Issues to Keep in Mind Internal Revenue Service Has Its Separate Job to do DOL only acts on its own behalf Issues identified in connection with DOL investigation could raise tax qualification and excise tax concerns Excise tax and tax qualification issues are referred to IRS In DOL Inv., always be preparing for an IRS exam! 34
35 Issues to Keep in Mind, cont d Participant Complaints DOL actions do not necessarily resolve Plan participants ERISA rights or prevent them from filing a lawsuit But, participants can t get same recovery twice Contact Points EBSA website: Technical Assistance nationwide: EBSA (3272) Publications:
What to Expect from an Employee Benefits Security Administration (EBSA) Investigation. Voluntary Fiduciary Correction Program.
What to Expect from an Employee Benefits Security Administration (EBSA) Investigation Voluntary Fiduciary Correction Program May 15, 2014 Miguel Paredes, Supervisory Investigator Thuy Pham, Benefits Advisor
More informationWhat to Expect from an Employee Benefits Security Administration (EBSA) Audit
What to Expect from an Employee Benefits Security Administration (EBSA) Audit Sherry Brackney Senior Benefits Advisor Cincinnati Regional Office The views expressed are those of the speaker & do not necessarily
More informationFiduciary 3(16) Services: How to Survive in the New Fiduciary World
Fiduciary 3(16) Services: How to Survive in the New Fiduciary World Jean Ackerman, Department of Labor Heather B. Abrigo, Esq., Drinker Biddle & Reath LLP Russell Hooker, Nova 401(k) Associates Heather
More informationEBSA Organizational Chart
What to Expect from a DOL - Employee Benefits Security Administration (EBSA) Investigation October 17, 2012 EBSA Organizational Chart Assistant Secretary Deputy Assistant Secretary for Program Operations
More informationDisclaimer WHAT TO EXPECT FROM AN EBSA INVESTIGATION OUTLINE OF PRESENTATION
WHAT TO EXPECT FROM AN EBSA INVESTIGATION United States Department of Labor Employee Benefits Security Administration Presented by Andy Cameron Senior Benefits Advisor, Seattle District Office Disclaimer
More informationTPA Audits Section 504 Investigations of TPA Firms. Joshua J. Waldbeser, Attorney, Drinker Biddle & Reath LLP
TPA Audits Section 504 Investigations of TPA Firms Joshua J. Waldbeser, Attorney, Drinker Biddle & Reath LLP Joshua Waldbeser, Attorney, Drinker Biddle & Reath, LLP Joshua has been an attorney in the Employee
More informationThe DOL and ESOPs. Best Practices for a DOL Audit
The DOL and ESOPs Best Practices for a DOL Audit 61152401 1 Patti J. Hedgpeth, Esq. Shareholder Polsinelli 2950 N Harwood Street Suite 2100 Dallas, TX 75201 Phone: (214) 661-5556 Mobile: (214) 923-0251
More informationSurviving DOL Service Provider Investigations
Surviving DOL Service Provider Investigations DOL Investigations of Service Providers: Broker-Dealers, RIAs, and Recordkeepers Fred Reish, ESQ., Bruce Ashton, ESQ. & Bradford Campbell, ESQ. Drinker Biddle
More informationEmployee Benefits Security Administration. Voluntary Fiduciary Correction Program Workshop
Philadelphia Regional Office Employee Benefits Security Administration Voluntary Fiduciary Correction Program Workshop for Late Participant Deferrals and Loan Repayments Welcome Voluntary Fiduciary Correction
More informationWhat To Expect From An Employee Benefits Security Administration (EBSA) Investigation
What To Expect From An Employee Benefits Security Administration (EBSA) Investigation October 23, 2018 Senior Practice Fellow: Lois La Londe, Supervisory Benefits Advisor, US Department of Labor Guest
More informationPLAN SPONSOR BASICS: RETIREMENT PLAN. Presenters: Lisa H. Barton and Mark J. Simons September 22, 2015
PLAN SPONSOR BASICS: RETIREMENT PLAN CORRECTION ISSUES Presenters: Lisa H. Barton and Mark J. Simons September 22, 2015 WHAT WE WILL COVER Available Correction Programs The IRS Employee Plans Compliance
More informationJuly 28, days after plan year-end: Deadline for distributing the Summary of Material Modification (SMM) if the plan was amended in 2015.
Important Approaching Deadlines April 30, 2016 Same date for all plan years: Deadline to execute (i.e., sign and date) all documents that have been restated for the Pension Protection Act. June 30, 2016
More informationMiguel Paredes, MBA, CPFA Independent ESOP Trustee Prudent Fiduciary Services, LLC
Presented by: Miguel Paredes, MBA, CPFA Independent ESOP Trustee Prudent Fiduciary Services, LLC mparedes@fiduciaryservices.com 1 Field Offices 10 Regional Offices with two primary functions: Enforcement
More information2016 PLAN SPONSOR BASICS PLAN AUDIT ISSUES. Presenters: Amy Pocino Kelly and Susan Lastowski November 16, 2016
2016 PLAN SPONSOR BASICS PLAN AUDIT ISSUES Presenters: Amy Pocino Kelly and Susan Lastowski November 16, 2016 2016 Morgan, Lewis & Bockius LLP Overview of Presentation Topics Agency Audits Preparing for
More informationUnderstanding Fiduciary Responsibilities
making it personal Understanding Fiduciary Responsibilities for plan sponsors every step of the way GET TO KNOW OUR FIDUCIARY RESPONSIBILITIES Products and financial services provided by American United
More informationVoluntary Fiduciary Correction Program Application Form U.S. Department of Labor Employee Benefits Security Administration January 2009
Voluntary Fiduciary Correction Program Application Form U.S. Department of Labor Employee Benefits Security Administration January 2009 Philadelphia Region VFCP Seminar Participant This application form
More informationEmployee Benefits and Qualified Plan Update
Employee Benefits and Qualified Plan Update Sonya D. Wright, CFP, CEBS, QKA First, a Quiz... There will be prizes! Getting to Know You! Percentage of your business in qualified retirement plans? Securities
More informationMeeting Your Fiduciary Responsibilities
Meeting Your Fiduciary Responsibilities This publication is available on the Internet at: www.dol.gov/ebsa For a complete list of EBSA publications, call toll-free: 1-866-444-EBSA (3272) This material
More informationTrack One: ESOP Administration/Distribution Basics
Track One: ESOP Administration/Distribution Basics The California/Western States Chapter of The ESOP Association: The 2018 Chapter Conference Thursday, October 4, 2018 3:15 p.m. 4:15 p.m. Presented by:
More informationHelping you fulfill your fiduciary duties
A Fiduciary Planning Guide for Plan Sponsors Helping you fulfill your fiduciary duties MassMutual s Regulatory Advisory Services 2016 Calendar Contents Defined Contribution Plans 2 January March 4 April
More informationERISA Compliance FAQs: Reporting and Disclosure Rules
Provided by Brown & Brown Benefit Advisors ERISA Compliance FAQs: Reporting and Disclosure Rules The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards
More informationERISA Compliance FAQs: Reporting and Disclosure Rules
Brought to you by The Noble Group ERISA Compliance FAQs: Reporting and Disclosure Rules The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for employee
More informationSummary Plan Description
Qualified Retirement Plan Summary Plan Description Simplified Standardized Money Purchase Pension Plan Simplified Standardized Money Purchase Pension Plan Summary Plan Description Plan Name: Your Employer
More informationDIRECTORS & OFFICERS AND FIDUCIARY LIABILITY INSURANCE FOR ESOPS: The Exposure, the Solutions, the Marketplace
DIRECTORS & OFFICERS AND FIDUCIARY LIABILITY INSURANCE FOR ESOPS: The Exposure, the Solutions, the Marketplace ESOP MIDWEST REGIONAL CONFERENCE Bloomington, Minnesota September 11, 2015 TED BECKER Drinker
More informationApril 25, 2013 NAVIGATING THROUGH PARTY-IN-INTEREST TRANSACTIONS
April 25, 2013 NAVIGATING THROUGH PARTY-IN-INTEREST TRANSACTIONS WELCOME TO TODAY S WEBCAST On behalf Morgan Lewis and WithumSmith+Brown, welcome and thanks for spending your lunch time with us. Have a
More informationEMPLOYER. Helping you fulfill your fiduciary duties. MassMutual s Regulatory Advisory Services 2019 Calendar for non-calendar year DC and DB plans
EMPLOYER Helping you fulfill your fiduciary duties MassMutual s Regulatory Advisory Services 2019 Calendar for non-calendar year DC and DB plans TABLE OF CONTENTS Defined Contribution Plans... 2 January
More informationParticipant Loan Failures: Self Correction vs. VCP Correction. Stephen W. Forbes, J.D., LL.M. (taxation) Timothy McCutcheon, Esq.
Participant Loan Failures: Self Correction vs. VCP Correction Stephen W. Forbes, J.D., LL.M. (taxation) Timothy McCutcheon, Esq., CPA, MBA Your Presenters Today Stephen W. Forbes, JD, LLM Tim McCutcheon,
More informationPreparing For and Managing g Plan Audits
Plan Sponsor Basics Webinar 4 of 6 Preparing For and Managing g Plan Audits June 18, 2013 Presenters: Lisa H. Barton Gregory L. Needles www.morganlewis.com Overview of Presentation Topics Common Types
More informationProtecting Yourself from ERISA Fiduciary Liability
Protecting Yourself from ERISA Fiduciary Liability Tax Executives Institute Cincinnati-Columbus Chapter February 9-10, 2015 Jodi H. Epstein (202) 662-3468 JEpstein@ipbtax.com Benjamin L. Grosz (202) 662-3422
More informationAudit survival tips for retirement plans
Institutional Retirement and Trust Audit survival tips for retirement plans By Tom Swain, FSA, EA, FCA, MAAA, Bryan, Pendleton, Swats & McAllister, LLC (BPS&M) Although only a small fraction of retirement
More informationDOL & IRS CORRECTION PROGRAMS
Session 2 DOL & IRS CORRECTION PROGRAMS Eric Ernest, CPA Partner Page 26 Objectives This session will provide an overview of the regulatory environment for employee benefit plans and cover: Plan Regulatory
More informationSurviving an ESOP Audit
Surviving an ESOP Audit John Stone, CPC FD BPS&M Consultant, Defined Contribution 615.665.5342 John.stone@bpsm.com James B. Bristol, Esq. Partner Waller Lansden Dortch & Davis, LLP 615.850.8922 James.Bristol@wallerlaw.com
More informationA Minefield of Acronyms ERISA, COBRA, HIPAA, FMLA, oh my! General Employee Benefit Welfare Plan Compliance
A Minefield of Acronyms ERISA, COBRA, HIPAA, FMLA, oh my! General Employee Benefit Welfare Plan Compliance Road Map - What s new after tax reform? - What else is new/changing? - What hasn t changed? Changes
More informationAttachment to Benefit News Briefs Frequently Asked Questions. Fiduciary Responsibilities under an Apprenticeship and Training Plan
Frequently Asked Questions Fiduciary Responsibilities under an Apprenticeship and Training Plan http://www.dol.gov/ebsa/faqs/faq-atp.html Table of Contents What Are The Essential Elements Of A Plan?...
More informationRetirement Plan Update
Retirement Plan Update What is a Legitimate Expense for a Plan to Pay? The Department of Labor (DOL) has rules as to what types of expenses a plan sponsor can pay from a retirement plan. This Retirement
More informationS. Derrin Watson, JD, APM, SunGard s Relius Education
Prohibited Transactions S. Derrin Watson, JD, APM, SunGard s Relius Education Prohibited transaction rules» Designed to prevent plan fiduciaries from causing plan to engage in transactions which involve
More informationCommon Compliance Issues and Remedies
Common Compliance Issues and Remedies Ilene H. Ferenczy, Esq. Ferenczy + Paul LLP Tricia A. Van Vliet, CPA Elliott Group CPAs, PLLC Today s Lineup Overview of plan compliance errors knowing how to recognize
More informationTest Your Knowledge of Plan Operation Best Practices
Test Your Knowledge of Plan Operation Best Practices 1 Which Is The Primary Fiduciary Duty? A. Duty of Loyalty B. Duty of Self Governance C. Duty to Maintain Plan Documents on file for auditors and plan
More informationEmployee benefit plan large filers: Meeting your compliance and fiduciary requirements. April 20, 2016
Employee benefit plan large filers: Meeting your compliance and fiduciary requirements April 20, 2016 1 Your presenters Rose Ann Abraham, CPA Partner Baker Tilly 312 729 8086 roseann.abraham@bakertilly.com
More informationDefined Contribution and Defined Benefit Plans: Have you considered everything?
Defined Contribution and Defined Benefit Plans: Have you considered everything? Amy Henselin Partner, Audit Appleton Debbie Smith Partner, National Professional Standards Group Chicago Objectives Identify
More informationIRAs in the Crosshairs: Washington s Growing, Multi- Agency Interest in Fees, Conflicts and Disclosure. Bradford Campbell Drinker Biddle & Reath
IRAs in the Crosshairs: Washington s Growing, Multi- Agency Interest in Fees, Conflicts and Disclosure Bradford Campbell Drinker Biddle & Reath Hon. Bradford P. Campbell Counsel (202) 230-5159 Bradford.Campbell@dbr.com
More informationUsing Unitized Managed Accounts in 401(k) Plans
Content provided by Using Unitized Managed Accounts in 401(k) Plans by Fred Reish and Bruce Ashton Compliments of Why is TD Ameritrade Institutional making this information available to you? At TD Ameritrade
More informationBest Practices for Retirement Plan Fiduciaries
Best Practices for Retirement Plan Fiduciaries Presented by: Christina Anstett Director, Advanced Markets, 401(k) AXA Equitable IU-84238 (4/13) AXA Equitable Life Insurance Company (NY, NY) Contact Information
More informationUnderstanding Fiduciary Responsibility
Understanding Fiduciary Responsibility Presented By: Christina L. Anstett, J.D. October 23, 2012 Agenda Compliance Framework for Employee Benefit Plans What/Who is a Fiduciary? Basic Fiduciary Duties Delegation
More informationFIDUCIARY LIABILITY SOLUTIONS Application for Insurance Renewal Business NOTICE. I. General Information
NOTICE THE POLICY YOU ARE APPLYING FOR APPLIES ONLY TO ANY CLAIM FIRST MADE DURING THE POLICY PERIOD AND REPORTED TO THE COMPANY DURING THE POLICY PERIOD OR REPORTED WITHIN ANY APPLICABLE EXTENDED REPORTING
More informationEGTRRA Restatement Questions and Answers
EGTRRA Restatement Questions and Answers Q: Why must qualified retirement plan documents be restated? A: The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) made significant changes
More informationCOMMON AND COSTLY EMPLOYEE BENEFITS & HR MISTAKES
COMMON AND COSTLY EMPLOYEE BENEFITS & HR MISTAKES Mistakes in employee benefits and human resources can be quite costly to employers in the form of extra benefits, complaints, lawsuits, government-assessed
More informationCase 5:12-cv R-DTB Document Filed 06/02/14 Page 1 of 24 Page ID #:3449 EXHIBIT 1
Case 5:12-cv-01648-R-DTB Document 166-1 Filed 06/02/14 Page 1 of 24 Page ID #:3449 EXHIBIT 1 Case 5:12-cv-01648-R-DTB Document 166-1 Filed 06/02/14 Page 2 of 24 Page ID #:3450 1 2 3 4 5 6 7 8 9 10 11 12
More informationEstablishing a Due Diligence File
resource edge TM Establishing a Due Diligence File investment insights practice building solutions retirement resources RESOURCE EDGE TM Table of Contents 3 Introduction 4 401(k) fiduciary documentation
More informationPresenters. James Jaramillo. Rose Ann Abraham, CPA. Todd Solomon, JD. Partner, McDermott Will & Emery LLP. Partner, Baker Tilly Virchow Krause, LLP
Presenters Rose Ann Abraham, CPA Partner, Baker Tilly Virchow Krause, LLP Todd Solomon, JD Partner, McDermott Will & Emery LLP James Jaramillo Vice President, Sheridan Road Financial 4 Trends in Corporate
More informationWhere in the World Are Your Missing Participants? Commonly asked questions about Handling Missing Participants Accounts.
Where in the World Are Your Missing Participants? Commonly asked questions about Handling Missing Participants Accounts A Guide for Employers Table of Contents Introduction... 3 What is a missing participant?...
More information69198P 06/05/2012 SIMPLIFIED STANDARDIZED MONEY PURCHASE PENSION PLAN
69198P 06/05/2012 SIMPLIFIED STANDARDIZED MONEY PURCHASE PENSION PLAN Qualified Retirement Plan Simplified Money Purchase Pension Plan STANDARDIZED ADOPTION AGREEMENT EMPLOYER INFORMATION SECTION 1. Part
More informationA distribution check that was not anticipated (e.g., mandatory cash out of account balances of $1,000 or less); or
INTRODUCTION It is estimated that uncashed checks account for billions of dollars, representing a fortune of uncollected funds belonging to plan participants or beneficiaries that they are not able to
More informationTable II: Other Key Provisions in HR 1776 of Interest to Governmental Plans
Table II: Other Key Provisions in HR 1776 of Interest to Governmental Plans For a copy of HR 1776, visit http://www.nctr.org/content/pdf/portman_full_bill03.pdf See Table I for Principal Provisions in
More informationTHE UPSIDE OF AUDITS: STREAMLINING YOUR RETIREMENT PLAN
THE UPSIDE OF AUDITS: STREAMLINING YOUR RETIREMENT PLAN Solutions that can help reduce costs, improve operations, limit fiduciary exposure, and better prepare your company for the future. It is possible
More informationFiduciary Issues for Retirement
Plan Sponsor Basics Webinar 6 of 6 Fiduciary Issues for Retirement Plan Sponsors October 15, 2013 Presenters: Julie K. Stapel Daniel R. Kleinman www.morganlewis.com Overview of Today s Webinar ERISA Overview
More informationQualified Retirement Plan PENSCO Solo(k) Summary Plan Description. Standardized Individual 401(k) Profit Sharing Plan
Qualified Retirement Plan PENSCO Solo(k) Summary Plan Description Standardized Individual 401(k) Profit Sharing Plan Standardized Individual 401(k) Profit Sharing Plan Summary Plan Description Plan Name:
More informationLOST AND MISSING PARTICIPANT ISSUES Presenters: Amy Pocino Kelly, Mark Simons, Mary Steigerwalt, and Mark Sweatman February 15, 2017
LOST AND MISSING PARTICIPANT ISSUES Presenters: Amy Pocino Kelly, Mark Simons, Mary Steigerwalt, and Mark Sweatman February 15, 2017 2017 Morgan, Lewis & Bockius LLP Circumstances Where Lost and Missing
More informationPlan Correction Programs
Plan Correction Programs Recognizing Client Problems and Finding Solutions Robert Higgins, JD, AIFA, CEBS Scottsdale, AZ April 18-19, 2013 Plan Corrections Programs Internal Revenue Service (IRS) o Tax
More informationSUMMARY PLAN DESCRIPTION THE CAPITAL RETIREMENT SAVINGS PLAN (CRSP) THE CAPITAL GROUP COMPANIES, INC.
SUMMARY PLAN DESCRIPTION OF THE CAPITAL RETIREMENT SAVINGS PLAN (CRSP) OF THE CAPITAL GROUP COMPANIES, INC. NOTE: This is a summary plan description. This document gives you a general explanation in non-technical
More informationDOL Survival Guide and Top Ten 401(k) Pitfalls
DOL Survival Guide and Top Ten 401(k) Pitfalls Presented by CohnReznick s Government Contracting Industry Practice Sandy Wendler, Manager and Travis Dutton, Principal, Lockton Retirement Services PLEASE
More informationPension Protection Act of 2006: What to do in 2007
DECEMBER 1, 2006 VOLUME 2, NUMBER 12 Pension Protection Act of 2006: What to do in 2007 This newsletter looks to 2007 and highlights effective by (913) 685-0749 PPA changes some of which are already effective,
More informationSummary Plan Description
Summary Plan Description Prepared for Elon University Defined Contribution Plan INTRODUCTION Elon University has restated the Elon University Defined Contribution Plan (the Plan ) to help you and other
More informationChecklist for Employee Benefit Plan Sponsors
Checklist for Employee Benefit Plan Sponsors 999 Third Avenue, Suite 2800 Seattle WA, 98104 (206) 302-6800 The material appearing in this presentation is for informational purposes only and should not
More informationQUALIFIED RETIREMENT PLAN SUMMARY PLAN DESCRIPTION
QUALIFIED RETIREMENT PLAN SUMMARY PLAN DESCRIPTION SUPER SIMPLIFIED STANDARD INDIVIDUAL 401(K) PROFIT SHARING PLAN Plan Name: Your Employer has adopted the qualified retirement plan named above ( the Plan
More informationCorrecting Administrative Errors in DC Plans. Jane Armstrong, Esq., Phelps Dunbar LLP
Correcting Administrative Errors in DC Plans Jane Armstrong, Esq., Phelps Dunbar LLP Jane Armstrong, Esq., Partner, Phelps Dunbar, LLP Jane Armstrong is a partner at Phelps Dunbar LLP, a regional law firm
More informationIRS/DOL Audit Focus Points
IRS/DOL Audit Focus Points Erin Turley Partner Employee Benefits McDermott Will & Emery Allison Wilkerson Partner Employee Benefits McDermott Will & Emery 2018 McDermott Will & Emery LLP. McDermott operates
More informationOvercoming Fiduciary Fears:
Overcoming Fiduciary Fears: Understanding the Real Risks of Liability for Small Plan Sponsors Prepared by the Wagner Law Group June 21, 2013 IMPORTANT INFORMATION The Wagner Law Group has prepared this
More informationCommunity Action Program Legal Services (CAPLAW) Navigating Retirement Plan Fiduciary Rules and Correcting Plan Errors
Community Action Program Legal Services (CAPLAW) Navigating Retirement Plan Fiduciary Rules and Correcting Plan Errors March 1, 2017 Michele Berman Golkow golkow@ballardspahr.com 215.864.8403 Retirement
More informationThe DOL Fiduciary Rule. Questions & answers by Fred Reish. Retirement Plan Solutions. Content provided by. Compliments of
Retirement Plan Solutions Content provided by The DOL Fiduciary Rule by Fred Reish Compliments of The law and analysis contained in these questions and answers are current as of June 2016, are general
More informationPrimePay Broker Webinar Series October 22, CE Approved for One (1) Hour Credit in CA #310252
PrimePay Broker Webinar Series October 22, 2014 CE Approved for One (1) Hour Credit in CA #310252 Requirements for Today s CE One (1) hour CE Credit is approved in CA #310252 You must be registered as
More informationQualified Retirement Plan. Summary Plan Description Individual Standardized 401(k) Plan
Qualified Retirement Plan Summary Plan Description Individual Standardized 401(k) Plan Individual Standardized 401(k) Plan Summary Plan Description Plan Name: Your Employer has adopted the qualified retirement
More informationDOL Conflict of Interest Proposal: What to Expect?
DOL Conflict of Interest Proposal: What to Expect? Brought to you by the Advanced Consulting Group of Nationwide Nationwide, the Nationwide N and Eagle and Nationwide is on your side are service marks
More informationThis UBA Employer Webinar Series is brought to you by United Benefit Advisors in conjunction with Jackson Lewis
This UBA Employer Webinar Series is brought to you by United Benefit Advisors in conjunction with Jackson Lewis For a copy of this presentation, please go to www.ubabenefits.com. Go to the Wisdom tab and
More informationUnderstanding your fiduciary responsibilities for retirement plans
Understanding your fiduciary responsibilities for retirement plans An overview of the fiduciary s role and frequently asked questions about it When you are a trustee or serve on an investment committee
More informationPENSION PROTECTION ACT OF 2006
AN OVERVIEW OF THE IMPACT OF THE PENSION PROTECTION ACT OF 2006 ON QUALIFIED RETIREMENT PLANS Indiana Benefits Conference January 16, 2007 Indianapolis, Indiana E. Van Olson Introduction The Pension Protection
More informationWithdrawal Instructions - Eligible for Rollover
Withdrawal Instructions - Eligible for Rollover This form should be completed if: You have been terminated from your Employer for at least sixty (60) days and want to take a distribution of your vested
More informationDefined Contribution Retirement Plan
Fairleigh Dickinson University Defined Contribution Retirement Plan Summary Plan Description Non-Union Employees Provided by: TIAA - CREF PAGE 1 OF 19 Fairleigh Dickinson University Defined Contribution
More informationAN IN-DEPTH LOOK AT EMPLOYEE BENEFIT PLANS AND UNCLAIMED PROPERTY LAWS
AN IN-DEPTH LOOK AT EMPLOYEE BENEFIT PLANS AND UNCLAIMED PROPERTY LAWS Publication AN IN-DEPTH LOOK AT EMPLOYEE BENEFIT PLANS AND UNCLAIMED PROPERTY LAWS Author Paul R. O'Rourke May 26, 2010 Some benefits
More informationBasic ESOP Distribution Rules
Basic ESOP Distribution Rules 22 nd Annual Multi-State ESOP Conference Scranton, PA September 13-15, 2017 Jon A. Williams, QKA Blue Ridge ESOP Associates jwilliams@blueridgeesop.com Jane E. Rogers, QKA
More informationOverview of ERISA s Fiduciary Requirements: Retirement Plan Sponsor Considerations
Overview of ERISA s Fiduciary Requirements: Retirement Plan Sponsor Considerations R. Randall Tracht, Esq. Claudia L. Hinsch, Esq. Morgan, Lewis & Bockius LLP www.morganlewis.com June 2011 Introduction
More informationThe Secure Annuities for Employee (SAFE) Retirement Act of 2013
The Secure Annuities for Employee (SAFE) Retirement Act of 2013 TITLE I - PUBLIC PENSION REFORM A SAFE Retirement Plan for State and Local Governments. State and local governments may adopt a SAFE Retirement
More informationemployee benefits update
employee benefits update february/march 2007 When your plan year isn t the calendar year ESOP basics Set-up, distribution and diversification rules It doesn t have to be confusing Distributions of Roth
More informationERISA FIDUCIARY BASICS AND BEST PRACTICES
Presents ERISA FIDUCIARY BASICS AND BEST PRACTICES November 5, 2015 Misty A. Leon mleon@wifilawgroup.com COMPLIANCE 101 General Roles and Responsibilities Who's Involved? Plan Administrator Responsibilities
More informationRIDER UNIVERSITY TAX DEFERRED ANNUITY PLAN SUMMARY PLAN DESCRIPTION. Date: September 2012
RIDER UNIVERSITY TAX DEFERRED ANNUITY PLAN SUMMARY PLAN DESCRIPTION Date: September 2012 DB1/ 60160082.12 TABLE OF CONTENTS Introduction... 1 General Information... 1 How Does the Plan Work?... 2 What
More informationUnderstanding Your Defined Benefit Plan
Understanding Your Defined Benefit Plan Pension Services, Inc. PensionSite.Org P.O. Box 1869 Winter Park, P.O. Box FL 32790-1869 Phone: 888-412-4120 Winter Fax: Park, 321-397-0409 FL 32790-1869 Email:
More informationFIDUCIARY LIABILITY Risk review performed for: Date:
ForeFront Portfolio SM Risk Analyzer for Privately Held Companies FIDUCIARY LIABILITY Risk review performed for: Date: The Purpose of the Risk Analyzer When it comes to insuring your company, you can
More informationFiduciary Breach: Avoidance and Mitigation. Bruce Ashton, Esq., APM, Partner Drinker Biddle & Reath LLP Los Angeles, CA
Fiduciary Breach: Avoidance and Mitigation Bruce Ashton, Esq., APM, Partner Drinker Biddle & Reath LLP Los Angeles, CA Agenda Setting the stage Who s a fiduciary? What are the duties? What s a fiduciary
More informationAUTOMATIC ENROLLMENT 401(k) PLANS. for Small Businesses
AUTOMATIC ENROLLMENT 401(k) PLANS for Small Businesses Automatic Enrollment 401(k) Plans for Small Businesses is a joint project of the U.S. Department of Labor s Employee Benefits Security Administration
More informationHuman Energy. Yours. TM. Chevron Retirement Plan Supplement VV Chevron Mining Inc. Questa Division Hourly-Paid Employees
Human Energy. Yours. TM Chevron Retirement Plan Supplement VV Chevron Mining Inc. Questa Division Hourly-Paid Employees (SPD) The Unocal Retirement Plan (URP) was merged into the Chevron Retirement Plan
More informationSUMMARY PLAN DESCRIPTION FOR. National Wildlife Federation Action Fund Retirement 401(k) Plan
SUMMARY PLAN DESCRIPTION FOR National Wildlife Federation Action Fund Retirement 401(k) Plan 1-1-2016 Massachusetts Mutual Life Insurance Company Table of Contents Article 1... Introduction Article 2...
More informationAVNET PENSION PLAN SUMMARY PLAN DESCRIPTION
AVNET PENSION PLAN SUMMARY PLAN DESCRIPTION July 1, 2017 4847-4441-7348.4 Introduction to the Avnet Pension Plan The Avnet Pension Plan (the Plan or the Pension Plan ) is the principal employer-provided
More informationOverview of U.S. Pension System
Overview of U.S. Pension System Private pension are key to supplement Social Security benefits during a worker s retirement years. Why is this important? Help workers receive an adequate level of income
More informationThe Intelligent Fiduciary: Common Problems You Can Avoid
The Intelligent Fiduciary: Common Problems You Can Avoid U.S. and Canadian Insights from: Carol Buckmann, Counsel, Osler New York Louise Greig, Partner, Osler Toronto November 5, 2014 www.pensionsbenefitslaw.com
More informationInternal Revenue Service Tax Exempt & Government Entities Division Employee Plans
Internal Revenue Service Tax Exempt & Government Entities Division Employee Plans The IRS system of retirement plan correction programs, the Employee Plans Compliance Resolution System (EPCRS), helps employer
More informationThe Non Profit Wrap New Business Application
The Non Profit Wrap New Business Application Application for All Coverage Parts NOTICE: THE WRAP LIABILITY COVERAGE PARTS FOR WHICH APPLICATION IS MADE APPLY, SUBJECT TO THEIR RESPECTIVE TERMS, ONLY TO
More information(Effective 1/01/2014)
Summary Plan Description Prepared for University of Dayton TDA Plan (Effective 1/01/2014) INTRODUCTION University of Dayton has restated the University of Dayton TDA Plan (the Plan ) to help you and other
More informationSUMMARY PLAN DESCRIPTION FOR. CBIZ, Inc. Retirement Savings Plan
SUMMARY PLAN DESCRIPTION FOR 1-1-2010 Massachusetts Mutual Life Insurance Company Table of Contents Article 1... Introduction Article 2...General Plan Information and Key Definitions Article 3... Description
More informationPresented by Travis P. Jack, CPA Metz & Associates, PLLC
Presented by Travis P. Jack, CPA Metz & Associates, PLLC » Qualified Plan Definition Technical definition: A Plan that satisfies the requirements of Internal Revenue Code Section 401(a) + Must satisfy
More informationIRS Releases 2011 Publication 590
Published Since 1984 ALSO IN THIS ISSUE Rollovers for 2006-2008 Traditional IRAs by Age, Page 2 Basic Beneficiary RMD Rules, Page 4 Michigan IRA Custodians New Withholding Duties as of January 1, 2012,
More information