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The Value Of A Good Retirement Plan Auditing Firm
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They serve an important function.
 As a child and later as an adult, I always remembered the commercial regarding Hebrew National hot dogs. Hebrew National hotdogs explained that they exceeded the Federal Government's guidelines regarding hotdog production and that they couldn't use non-meat fillers because they were Kosher and had to answer to a higher authority. In the world of retirement plans, larger retirement plans have to answer a higher authority through the. independent audit requirement. The purpose of this article is to let you know about the plan audit requirement and what to look for in hiring an independent auditor for your retirement plan.
To read the article, click here.
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They should.
 You're a 401(k) plan sponsor and we understand that you're busy running a business and talking about retirement plan issues is as exciting as watching paint dry. The problem is that paint drying won't expose you to liability, but sponsoring a retirement plan can. So someone thought this was a good idea for you to read this article about how neglecting your 401(k) plan isn't a good idea. We'll try to make this article as painless as possible.
To read this article, please click here.
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The Attitudes That Get 401(k) Plan Sponsors In Trouble
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Bad attitudes are bad.
 I've been an ERISA attorney for 22 years, so I've dealt with 401(k) plan sponsors in different industries and different sizes. While there are many types of sponsors, there are underlying human nature characteristics such as attitudes that really can dictate whether a plan sponsor will land in trouble or not. When it comes to 401(k) plan sponsors, there are certain attitudes that I've seen that will land a plan sponsor in trouble, so this article is all about the attitudes you should avoid.
To read the article, please click here.
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E-disclosures should lower fees too.
Great for plan sponsors all around.
 It's great that the Department of Labor (DOL) has finally embraced the electronic disclosure of important ERISA notices. It took them a long time, but when your business is trying to protect participant rights, this is what you have to do, wait.
I'm a big fan of e-disclosure because it eliminates the bulk of the headaches associated with participant notices, mailing them, Also, it will save the lives of countless trees and it should save money for plan providers by eliminating mailing costs (much of which is directly passed on to the participants). With so much competition in the retirement plan marketplace, I can't see third party administrators simply putting any savings in mailings in their pocket.
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When you need a VCP application, make sure you cover all the errors.
Don't pay for more applications if you don't need to.
 The Internal Revenue Service (IRS) Voluntary Compliance Program (VCP) is one of the best methods for retirement plan sponsors to come clean and cost-effectively fix their plan errors, rather than getting hammered with substantial fines and penalties on an IRS audit. Like a good checkup, a VCP audit is a great way to find all the errors and correct them. Recently, a client retained me to work on a VCP issue. We needed the IRS approval on a retroactive amendment. A week later, they also realized that there was a loan mistake. They asked whether a new VCP application was necessary and I advised them that it wasn't. Legal and program fees for the VCP program can be costly, so plan sponsors must discover all the plan errors that can be taken care of under one VCP program submission.
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Check out That 401(k) Podcast and my YouTube Channel.
The podcast you should listen to if you have the time, as well as YouTube videos.
 Please check out That 401(k) Podcast. We tackle important 401(k) subjects for both plan sponsors and plan providers. In addition, we talk about all the events I'm hosting. as well as important cultural allusions.
Find it
here and on Apple Podcasts
here.
To catch the podcast and our virtual events, find my YouTube channel
here.
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The Rosenbaum Law Firm Review, August 2020
734 Franklin Avenue, Suite 302
Garden City, New York 11530 Phone 516-594-1557 Fax 516-368-3780
Attorney Advertising. Prior results do not guarantee similar results.
Copyright 2020, The Rosenbaum Law Firm P.C. All rights reserved.
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