Given the complexity of employee benefit plan administration, it comes as no surprise that errors occur. Unfortunately, if left unresolved, these errors can lead to sanctions — and even to a plan losing its tax-favored status. If compliance errors are discovered, consultation with outside professionals will likely be necessary to ensure that appropriate steps are taken to correct the errors Read more»

Employee benefit plan sponsors often outsource some portion of their plan’s processing to outside service providers. These third party administrators (TPAs) include bank trust departments, insurance companies, data processing service bureaus or benefits administrators. Some of the more commonly outsourced activities include payroll and participant activity recordkeeping. Read more»

Recent amendments to Department of Labor (DOL) and IRS regulations have made ERISA-covered 403(b) plans subject to the same reporting and audit requirements as 401(k)s. Read more»

Beginning January 2010, plans that are required to file a Form 5500 must file it using the ERISA Filing Acceptance System, or EFAST. In addition, the IRS has made substantive changes to Schedule C, which may require additional information from plan sponsors. Read more»