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Prune those former employees

To avoid headaches, I just think it’s important to prune former employees from the list of participants with an active balance. As I always say, a former employee is always going to complain a lot more than a current employee. In addition, you have to ke...

The aggrieved former Participant and the quick score

As a plan fiduciary for hundreds of millions of dollars and with a lot of ERISA knowledge, I can see things a mile away. One of the plan providers that work on one of my plans showed me a litany of complaints by participants accusing multiple plan provider...

Retirement plans need to fit like a glove

Johnnie Cochran could have been an ERISA attorney. The man who claimed: “if it doesn’t fit, you...

Plan sponsors are seeking fiduciary services

When I was in law school at American University and we moved into a new building (25 plus years lat...

Make sure the audit is independent

Retirement plans with more than 100 participants (I won’t mention the 80/120 rule) have a require...

Don’t hire family as a fiduciary

I have some simple rules to live by. I never bet on the Mets, eat Olive Garden or Red Lobster, or d...

It’s one of those Safe Harbor quirks

A safe harbor matching contribution should have the same eligibility as deferrals if you want that ...

Consider a cybersecurity policy and procedure

With the Department of Labor (DOL) focusing on cybersecurity, I think it’s prudent for plan spons...

Check those credentials

Whenever I hear about someone getting caught lying about their resume or credentials, I am always a...

The late 5500 needs that DFVCP application

With the initial 5500 deadline coming and going and October 15th around the corner, it makes sense ...