Hey Joel! – Answers from a recovering former practicing ERISA attorney

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, Is it okay to use the same company for my plan’s recordkeeping, 3(38) advisory services, and administration? ~ Consolidating in California Dear Consolidating, It may seem logical to bundle all of your retirement plan’s services with one provider – recordkeeping, 3(38) … Continue reading Hey Joel! – Answers from a recovering former practicing ERISA attorney

Hey Joel! One of my current employees recently received a notice from Social Security saying they might be entitled to a retirement benefit. Is it my responsibility to track this money down?

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, One of my current employees recently received a notice from Social Security saying that they might be entitled to a retirement benefit. Is it my responsibility to track this money down? ~ Investigating in Illinois Dear Investigating, Employers are required to … Continue reading Hey Joel! One of my current employees recently received a notice from Social Security saying they might be entitled to a retirement benefit. Is it my responsibility to track this money down?

Hey Joel! Should Stable Value Information Be Included In Our Investment Policy Statement?

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, Should stable value information be included in our investment policy statement? ~ Paranoid in Portland Dear Paranoid, The cash or principal preservation alternatives can be quite varied in scope. As a result it is extremely difficult to create language that would … Continue reading Hey Joel! Should Stable Value Information Be Included In Our Investment Policy Statement?

Hey Joel! What’s the Appropriate Number of Members and Positions for a Retirement Plan Committee?

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, What’s the appropriate number of members and positions for a retirement plan committee?  ~ Plannin’ in Pennsylvania   Dear Plannin’, There is no specific guidance on the appropriate number of committee members. It’s important to have committee members who can contribute to … Continue reading Hey Joel! What’s the Appropriate Number of Members and Positions for a Retirement Plan Committee?

Hey Joel! – Should we consider life insurance in our retirement plan?

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, Should we consider life insurance in our retirement plan? ~ Beefin’ up my plan in Buffalo Dear Beefin’, I’m not a fan of having this type of “investment” within a retirement plan.  I often explain my position by asking a client … Continue reading Hey Joel! – Should we consider life insurance in our retirement plan?

Hey Joel! – My client wants to conduct an RFP for an ERISA attorney, what are important questions they should include?

Dear Questioning, While it is a somewhat unusual step to formally RFP for an ERISA counsel search, it can be a good exercise to ensure your client finds the best fit for their organization. Note, ERISA counsel typically does act in a fiduciary capacity in providing legal advice, so selection of ERISA counsel would likely not engender the same fiduciary scope as selection of an advisor, … Continue reading Hey Joel! – My client wants to conduct an RFP for an ERISA attorney, what are important questions they should include?

Hey Joel! – What are the risks for late 5500 filings?

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, What are the risks for late 5500 filings? ~ Tardy in Tallahassee Dear Tardy, The main risk is the daily penalties that accrue from the IRS and DOL for each day the filing is not submitted past the deadline. There is … Continue reading Hey Joel! – What are the risks for late 5500 filings?

Hey Joel – Will Hardship Suspensions Go Away in January 2019?

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, Will hardship suspensions go away in January 2019? If someone takes a hardship today, do we stop the suspension on Jan. 1, 2019? ~ Anxious in Alabama Dear Anxious, First, understand that we are all still awaiting further guidance from the … Continue reading Hey Joel – Will Hardship Suspensions Go Away in January 2019?

Hey Joel! – Can I avoid an audit by splitting my employees into two plans?

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, Can I avoid an audit by splitting my employees into two plans? ~ Fingers Crossed in Florida Dear Fingers, There are some organizations out there promoting this approach. Here is the problem: There is no regulation indicating a situation in which … Continue reading Hey Joel! – Can I avoid an audit by splitting my employees into two plans?

Hey Joel! My Prospect is a 501(c)(3) Org. Are They Eligible for a 401(k) Plan?

Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, My prospect is a 501(c)(3) organization that is not affiliated with a church or school. Are they eligible for a 401(k) plan? Are there any benefits over a 403(b) plan? – Contemplating in Kansas Dear Contemplating, Contemplate no more! A 501(c)(3) … Continue reading Hey Joel! My Prospect is a 501(c)(3) Org. Are They Eligible for a 401(k) Plan?