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Compliance & ERISA Support

Compliance Support for your protection

Accepting no pay-to-play money allows us to sit on your side of the table, establishing and managing a strategic partnership between you, your employees, and the retirement plan service providers, with full transparency and mitigated risk. 

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Training Program

To protect employees’ savings, the Employee Retirement Income Security Act (ERISA) mandates that any person responsible for managing or administering a retirement plan act prudently. Through our G-MAP (Plan Governance Modules & Administrative Procedures) program, we help you develop a prudent step-by-step process for all your fiduciary responsibilities. Our modules include:

Administration & Reporting
Selecting & Monitoring Service Providers
Selecting & Monitoring Investments
Reporting & Documentation
Employees ensuring ERISA Compliance

ERISA §404(c) Analysis and Recommendations

Under §404(C), the plan sponsor and other fiduciaries will not be held liable for losses resulting from plan participants' investment decisions - as long as specific criteria are met.

We help review plan document provisions to check that your plan is designed to meet the needs identified by your plan fiduciaries and that each plan is taking advantage of current and upcoming legislative activity, all while ensuring ERISA compliance.

Employer Document Vault & Documented Meeting Minutes

Documentation is a key element of retirement plan compliance. You can save plan-related items all in one secured cloud-based system. We provide a space for all the information you need, from meeting minutes to investment reports, to be stored in one ERISA-compliant place.

DOL & IRS Audit Support

Through proper training, a prudent process, and a well-documented framework, you can take comfort in the fact that if you face an audit, you should be prepared. With our in-house ERISA counsel and relationship with other industry-leading ERISA firms, we can help our clients through complex issues.

ERISA Compliance FAQs

ERISA is a federal law that regulates employee benefit plans. It affects the way your organization should administer and communicate your retirement, health, and other employee benefit plans – such as 401ks.

Determining whether a particular employee benefit plan is subject to ERISA can be complex and depends on various factors, including the plan's structure and purpose. However, ERISA typically applies to the following types of employee benefit plans: 401k, health insurance, disability plans, and more.

Consult legal counsel or ERISA experts to ensure you correctly identify which plans fall under ERISA's regulatory framework.

HR should provide education and resources to employees, conduct enrollment meetings, and ensure that employees are aware of their rights to information about their benefits.

Of course, ensuring ERISA compliance is an important first step. HR should exercise due diligence when selecting and monitoring plan service providers and always act in the best interests of participants.

While 401k plans fall under the umbrella of ERISA compliance, ERISA compliance encompasses a broader range of employee benefit plans and regulations. It's important for employers offering 401k plans to ensure both ERISA and IRS compliance for their specific retirement plan.

Conducting compliance testing for 401k ensures your plans meet ERISA compliance standards and specific IRS rules, such as contribution limits, nondiscrimination testing, and distribution rules.

HR should have procedures in place for handling claims and appeals, including providing employees with information on how to seek resolution for denied benefits.

Let us help you uncover risks you may not be aware of