Summary Plan Description Reminder

A summary plan description (SPD) describes the key provisions of an employer’s retirement plan and participant rights. SPDs must be disseminated to newly eligible participants within 120 days after a new plan is established or within 90 days after a participant becomes eligible to participate in an existing plan. In addition, SPDs must be disseminated to all participants once every five years unless there have … Continue reading Summary Plan Description Reminder

Establishing Your Retirement Plan Committee Charter

As retirement plan consultants we strongly encourage our clients to formally establish a retirement plan committee. The establishment of a committee may be formalized by adopting a Committee Charter. This document helps to protect the named fiduciary, typically the Board of Directors, by delegating certain identified fiduciary responsibilities to the committee. It protects committee members by defining the specific duties for which they are responsible. … Continue reading Establishing Your Retirement Plan Committee Charter

ERISA Update

At a recent Western Pension Benefit Council/ASPPA Conference the new Fiduciary Rule was reviewed. The new Fiduciary Rule (definition) has come under significant criticism by many industry groups and Congress, some of whom brought litigation to redefine and suspend the effect of this regulation. To date, the DOL shows no intent to revise their position substantially. They indicate that the new rule is structured solely … Continue reading ERISA Update

“Conflict of Interest” or “Fiduciary” Rule: A Plan Sponsor’s Q&A – Part II

Last month we featured the first part of our Q&A series. Now enjoy the final five questions and wrap-up. After years of proposed regulation issuance, comment periods, drafting and anticipation, the Department of Labor (DOL) finally published final guidance regarding the definition of “fiduciary” on April 8, 2016. It is important for plan sponsors to understand the reasoning behind, and the scope of, the final … Continue reading “Conflict of Interest” or “Fiduciary” Rule: A Plan Sponsor’s Q&A – Part II