Top 8 IRS & DOL Compliance Issues

How to avoid penalties and understand your fiduciary responsibility.

As you well know, plan sponsors and other fiduciaries have predominant responsibility to protect the interests of the participants in their benefit plans. Nevertheless, audit data released by the Department of Labor (DOL) indicates that nearly three quarters of all benefit plans are out of compliance. The DOL and Internal Revenue Service (IRS) continue to evidence an intent to audit qualified retirement plans of all sizes. The financial reporting process of an employee benefit plan is a complicated one that involves many parties. The plan sponsor’s financial accounting and human resources departments, third-party administrators, investment trustees and custodians, actuaries and even legal counsel may all have a hand in the process. While management may hire service organizations to perform record keeping and reporting functions, the ultimate responsibility for accurate financial reporting rests with the plan management team. Now more than ever, it is important to have a solid understanding of your benefit plans and the numerous compliance pressures brought on by the DOL and IRS. It is also imperative to realize that often times, fiduciary status is based on the functions performed for the plan, not just your job title.

During this complimentary webinar, we will cover:

  • Top 8 IRS & DOL Compliance Issues, including:
    • Late Payroll Deposits
    • Compensation Definition
    • Plan loans
    • Blackout Notices
    • Vesting
    • Employee Eligibility
  • What is the significance of being a fiduciary?
  • How can you limit your liability?
  • Qualified Default Investment Alternatives
  • Fees and Expenses
  • And more!

So, whether you are considered a plan fiduciary yourself, or are just interested in getting a better idea of what to watch out for, we hope you will join us for this informative webinar on August 25th!

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