One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is this duty necessary for proper administration of the plan, it is also part of a plan sponsor’s fiduciary duties under ...
In the laundry list of retirement plan administrative and operational requirements, plan sponsors may sometimes overlook their obligations with respect to terminated vested employees. Even though these individuals have left the company, the plan sponsor still retains fiduciary obligations to them. In order to provide them their benefits ...
A question that almost always arises when we consult on correcting retirement plan errors is, “Can we use the DOL (Department of Labor) calculator to determine earnings?” Compared to the alternatives, the DOL calculator provides a definite, quick solution that is not administratively onerous. I wish my answer to the question could always be ...
The Department of Labor recently announced the 2024 inflation adjustments for ERISA-related penalties applicable to health and welfare and retirement plans. Applicable penalties increased for 2024 as follows:
- Failure to furnish or maintain records - $37 per participant
- Failure to file Form 5500 - $2670
- Failure to notify participants of ...
In 2015, President Obama signed an executive order that, among other things, created an obligation for certain federal contractors to provide paid sick leave to certain employees. In 2016, the DOL published a final rule to implement the paid sick leave requirements on employers that enter into covered contracts with the federal government on ...