Posts by rcfs

It’s hard to imagine that a commanding general would try to guide an army without a battle plan. It’s equally unimaginable that a quarterback of a football team would not communicate with teammates on the field.

In similar fashion, any organization that sponsors a regulated retirement plan needs a blueprint for compliance and a system for governing the plan that integrates with its overall business risk strategy.

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401(k) and 403(b)-like retirement plans face the possibility of serious trouble when plan participants rollover their account balances to individual retirement accounts (“IRA”). Your fiduciary management system needs to embrace IRA transactions.

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Recent lawsuits against higher education institutions (“HEI”) raise questions that every organization sponsoring a qualified retirement plan should be ready to answer. A timely opportunity exists for leaders in both the 403(b) plan and 401(k) plan sectors to examine some of these “hidden issues” to consider whether an upgrade of their risk management systems is warranted.

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The Department of Labor (“DOL”) assesses significant penalties for an improperly filed Form 5500. Mistakes on an ERISA plan’s Form 5500 create a nice target for the Internal Revenue Service’s auditors, too.

While the number of filing deficiencies are frequent among smaller plans (i. e., plans with fewer than 100 participants), which aren’t required to have an annual CPA’s independent financial audit, the DOL is concerned about the increasing number of deficiencies it sees for plans that receive a CPA’s annual financial audit.

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Until now, a retirement plan participant’s transfer or rollover of their account balance to an individual retirement account (“IRA”) was, for the most part, off the grid of plan sponsors’ fiduciary management systems because IRAs were not under the jurisdiction of the U.S. Department of Labor.

Due to the new Conflict of Interest rule, however, IRA rollovers will require a great deal more care and oversight by plan sponsors than before.

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