Overview October 15 is a few weeks away and many plan sponsors are working to complete their Form 5500. Large plans subject to Schedule C filing must obtain the fees for the service providers to their plan. Law changes in the past few years require plan sponsors to obtain and review the service provider fees [...]
Overview Qualified retirement plans subject to ERISA must file an annual return, Form 5500, with the Department of Labor’s (DOL) electronic filing website[1]. Depending on the number of participants in the plan, additional schedules are required listing the plan’s financials, expenses and participant counts. What’s the point? Providing investment management and recordkeeping services to the [...]
The most challenging aspect of a performance appraisal is measuring the actual performance of the employee. Since the performance is measured by tasks performed, there is a continuous process that must be administered in order to monitor the performances throughout the appraisal cycle. Thus, it’s very important to choose the correct measuring techniques. It’s also [...]
HR professionals now speak a similar quantitative language to that of management, in effect, giving the HR department a more strategic outlook. As a result, the HR department is constantly looking for ways to improve its strategy and achieve the best results possible. HR departments nationwide realize that an essential tool for success is utilizing [...]
It’s a common occurrence for today’s HR professionals to be on the defense of a legal battle. It’s not necessarily because of an increase in negligence by the HR department, but because employees are now more aware of their legal rights. As a result, there’s been an increase in the number of employment-based complaints, charges [...]
About the only thing tougher than saving and investing for retirement is being a Plan Sponsor. As a Plan Sponsor, responsibility lies with keeping the plan in compliance and acting in the sole interest of the Plan's Participants. Plan Sponsors act in a fiduciary capacity to the plan, so they must also ensure that the [...]
At a recent conference I attended, one of the speakers mentioned that the final ERISA 408(b)(2) regulation used the word “reasonable” or “reasonableness” 49 times (yes, they actually counted). It’s obvious the Department of Labor (DOL) means business. The DOL expects responsible plan fiduciaries to fulfill their obligation to act solely in the best interest [...]
How Funding Relief (MAP-21) Affects Your Plan Financially Date: August 21, 2012 at 11:00 am – 12:00 pm Pacific time The Moving Ahead for Progress in the 21st Century (MAP-21) Act was signed into law on Friday, July 6, 2012. In general, this Act affects the interest rates used to calculate the Funding Target (Liability) [...]
As an HR professional, the list of potential stressors can seems endless. From being available to all company employees, managing crises and staying educated on the latest trends, there comes a point when time to reflect and recharge is vital. Depending on the time of the year, the burdens put upon the HR department can [...]
On or before July 1, 2012, plan sponsors should have received disclosures from all covered service providers to the plan of the costs of services, direct and indirect compensation, and fiduciary status. Responsible plan fiduciaries are obligated to ensure provided disclosures are complete and in compliance with Regulation 2550.408.b-2(c). In making a determination of completeness, [...]
