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Your Company and Your Plan Participants – At Risk for Identity Theft?

News of commercial database hackings involving millions of people’s personal information seems commonplace. While many of these stories focus on bank and credit card accounts, many plan sponsors and participants don’t realize that 401(k) plan assets may be at. Read More >>

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Why Conducting an Annual Benefit Plan Review is Critical

The U.S. Department of Labor (DOL) generally requires large employee benefit plans to have a yearly audit conducted. While the main purpose of the audit is to provide reasonable assurance that the plan’s financial statements are presented fairly in. Read More >>

Benefit Plan Insights: Operational Compliance – Who’s in Control of the Controls?

In recent years, regulators have intensified their focus on retirement plan controls. Given this scrutiny, it’s critical that the proper procedures and controls are in place for your qualified plan. Operational compliance controls are an area of focus for. Read More >>

Monitoring Service Provider Performance: The Role of Type II SOC 1 Reports

It’s not uncommon for sponsors of employee benefit plans to outsource key functions like accounting and recordkeeping to third-party service providers. But this doesn’t absolve plan sponsors the responsibility for monitoring these key functions adequately or the overall financial. Read More >>

Payroll Controls: Is Your Data Accurate and Secure?

Data accuracy is crucial when managing employee benefit and retirement plans. Errors and mistakes can lead to inaccurate deferral amounts, delayed enrollment dates and incorrect calculation of eligible compensation, to name just a few problems. Much of the data. Read More >>

Benefit Plan Insights: 5 Common ERISA Red Flags

  Any size retirement plan can run into serious trouble when sponsors aren’t careful. With some reasonable planning, your qualified retirement plan doesn’t have to be the target of the Employee Retirement Income Security Act (ERISA) litigation. Below we. Read More >>

Leveraging Plan Administration while Maintaining Your Fiduciary Responsibility

Under ERISA, employee benefit plan administrators have complete responsibility for all administrative functions of the plan. This includes everything from selecting service providers and investment management to maintaining accurate minutes that document the decision-making processes. Selecting the third-party administrators. Read More >>

To Email or Not to Email: Sending ERISA Disclosures Electronically

The ERISA requirements for delivering retirement plan information to participants are extensive — and potentially expensive. As a plan sponsor, you must deliver multiple disclosures to participants on a regular basis, ranging from plan notices to quarterly benefit statements.. Read More >>

Comment Letter on ASB Proposed Statement of Auditing Standards

Earlier this year, the Auditing Standards Board (ASB) issued an exposure draft of a proposed change to the auditing standard which, if adopted, would make radical changes in audit reports for employee benefit plans.  BMF, as a well-recognized industry. Read More >>

Compliance Matters: Identifying Compensation Errors

A common operational defect occurs when employee benefit plans do not utilize the proper definition of “eligible compensation” when determining salary deferrals, matching contributions and employer discretionary contributions. Wide-Ranging Definitions The definition of “compensation” can be wide-ranging — covering. Read More >>