"Your Plan Document” – Plan Document Series Video 1

 Are you aware that one of the most common compliance issues employers face when dealing with the IRS is out of date retirement plan documents? 

The importance of maintaining your plan documents when offering retirement benefits to your employees cannot be over emphasized. Much like a car, proper and consistent maintenance helps to ensure that there are no major expenses or problems down the road. 

Stay knowledgeable of your role and the legal requirements governing your plan documents. 

View “Your Plan Documents” to better understand:

●  What information is required to be included

●  Why the laws affecting retirement plans change so frequently

● The differences between “good faith” amendments and restatement 

Did you know? The greatest number of errors commonly discovered during a retirement plan audit relate to the use of an improper definition of plan compensation.

Although “compensation” seems easy enough to define, when dealing with a retirement plan there can be many different types of compensation that need to be addressed. Gain an in-depth understanding of the numerous definitions of compensation and how the definition you use can affect the on-going operation of your retirement plan. 

View “How You Define Compensation Matters” to uncover:

● Multiple definitions of compensation

● Consequences of using the wrong definition

● How to avoid problems

It is more important now than ever that all fiduciaries have a clear understanding of the new Department of Labor rules promoting fee transparency and minimum disclosure requirements. 

Protect your role as a fiduciary and learn more about plan fee and expense arrangements associated with the services provided to a company retirement plan. 

View “Plan Fees and Expenses” to explore the:

● Numerous arrangements for how plan fees are paid

● Disclosure requirements

Many plan sponsors struggle with how to encourage their employees to participate in a retirement plan. One way to help increase employee plan participation - with evidence of success - is by including an auto contribution arrangement, or more commonly known as an auto enrollment feature, to your company plan. 

View “Auto Enrollment” to explore:

● What is Auto Enrollment and how does it work

Is it right for your plan and employees