Safeguarding The Future: A Basic Guide To Retirement Plan Compliance
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1 Safeguarding The Future: A Basic Guide To Retirement Plan Compliance
2 Safeguarding the Future: A Basic Guide to Retirement Plan Compliance 1 Safeguarding the Future: A Basic Guide to Retirement Plan Compliance A retirement plan is an important part of any company. A good retirement plan can be used as a hiring incentive for high quality employees and as a tool to retain top talent. For employees, however, it s much more. Their retirement plan is their future. The money that is invested in it now will need to support them in the future. guard that future by making sure that the funds are properly managed, invested, and distributed. That is why the U.S Department of Labor (DOL) under the Employee Retirement Income Security Act (ERISA) has established rules and regulations for the administration of retirement plans. Unfortunately, many companies run into issues because they don t fully understand how their retirement plans work and/or what is required to administer for noncompliance can be staggering and they can accumulate quickly. This guide is meant to educate employers on how to get their retirement plans on the road to compliance. Types of Retirement Plans and Why It Matters Let s start with the basics. Terms like 401K have that isn t the only kind of plan. Different plans are set up differently and must be administered according to that structure. Here is a breakdown of the most common types of retirement plans an employer may choose to implement: 401K Plan. This is the most widely known type of retirement plan. In a 401K plan, participants can elect to contribute a portion of their compensation on a pretax or posttax basis ( deferrals ). These deferrals are invested in funds within the plan, typically at the direction of the participant. Employers may choose to match employee contributions, which are deposited into the participants account within the 401K plan. tion plan which allows the employer to determine the amount and timing of contributions that will be made to eligible participants in the plan. Contributions are usually based on the compensation of the eligible participants. Unfortunately, many companies run into issues because they don t fully understand how their retirement plans work and/or what is required to administer them properly.
3 Safeguarding the Future: A Basic Guide to Retirement Plan Compliance 2 403B Plan. A 403B plan is similar to a 401K plan exempt organizations, churches and schools. one in which contributions are generally made by the employer only. This type of plan provides for a not participant directed and are under the direction of the employer. Employee Stock Ownership Plan. An employee stock ownership plan or ESOP, is one in which contributions are made to the plan on behalf of participants by the employer and are primarily invested in the employer s stock. Key Players and Their Roles A retirement plan requires a number of people to help administer and oversee it. This establishes certain checks and balances to make sure the plan is handled fairly every step of the way. These are the key players who are typically involved in managing a retirement plan: Plan Sponsor. Essentially, this is the entity (usually the employer) that establishes the retirement plan. Plan Administrator. This person oversees and manages the daytoday operations of the Plan and is usually employed by the plan sponsor/employer. Trustee. A trustee is a person or organization who has authority and discretion over the assets of the Plan. The Plan sponsor designates a trustee or trustees for the plan.
4 Safeguarding the Future: A Basic Guide to Retirement Plan Compliance Third Party Administrator (TPA). The TPA generally performs the daytoday administration of the plan. The Plan Sponsor dictates the level of service they would like from their TPA, which will guide the TPA s involvement with the plan. Investment Advisor. This is someone who may be called upon to advise the plan sponsor/employer and/or the employees on how to invest the assets in the overall retirement plan. Custodian. the assets of the plan. Employee Retirement Income Security Act (ERISA) Attorney. It s important to have an attorney who understands ERISA and can help the employer understand the legal aspects of compliance. An ERISA attorney can also help employers proactively revise and amend their plans to remain A plan document is a written document that outlines the provisions of the company s retirement plan. 3 in compliance with any new regulations. The Role of a Plan Document and Form 5500 Once an employer has decided what type of plan they want to implement and the team is in place, the next step would be to obtain a plan document for the plan. A plan document is a written document that outlines the provisions of the company s company s retirement plan, such as employees eligibility requirements, contribution provisions for both the employer and employees, vesting provisions, and any other necessary details. Once in place, the employer should ensure that the provisions are followed to help avoid any instances of noncompliance. After creating the plan document, it is essential that the company adheres to it.
5 Safeguarding the Future: A Basic Guide to Retirement Plan Compliance 4 a report on key aspects of the plan including the plan s net Where Things Go Wrong The Form 5500, which is required for all employreview by both the Department of Labor (DOL) and the Internal Revenue Service (IRS). The DOL has responsibility for the requirements, including audit requirements, relating to most seeing the coverage, participation, discrimination and funding and sponsors tend to encounter issues with the DOL and IRS improperly. Communication and processes play an important role in the proper administration of a retirement plan. Anyone who is new to the team of key players involved with administering the plan must familiarize themselves with the details of the plan design and adhere to the plan document. Typical problems that may arise in plan administration include: Late remittances of participant deferrals into the Plan Improperly excluding a class of employees from participating in the plan tion provided by the plan document Lack of oversight and prudence in investments in the plan Review and monitoring of expenses
6 Safeguarding the Future: A Basic Guide to Retirement Plan Compliance 5 result in penalties up to $50,000 for each plan year Improper administration could also jeopardize the taxexempt status of the plan. Companies generally outsource various parts of the administration of these plans to thirdparty administrators (TPAs), but plan administration is ultimately ployer. That is why it is so important that employers make sure the plan is being properly administered. While the DOL and IRS will allow for the correction of errors found, the process to do so is not simple. It may require an ERISA attorney, an accountant and/ or others to determine and select the appropriate correction and to guide the plan sponsor through the entire process. When an Audit Is Required and What to Expect The DOL generally requires all employers with more than 100 eligible participants to conduct an annual For annual, required audits, employers can choose their own auditor. Audits are performed by a audits. The CPA will issue an auditors report on will entail testing activity during the plan year and testing the compliance of the administration of the plan with the provisions of the plan document. Some of the things they look for: Investment results Contributions of employers and employees Loans to participants Rollovers into the Plan Payment of expenses (sidebar) If the DOL or IRS chooses to perform a in advance via a call and/or letter to inform them when the review will take place. A followup letter is usually sent which includes a list of everything they will require to perform the review (paperwork, etc.). At that point, it may be prudent to retain an ERISA attorney and/or consulting CPA to represent the company in order to determine the appropriate action(s) to take to correct the situation if necessary, as well as guide the plan sponsor through the entire process. How an Audit Can Be Helpful Many employers view annual employee they are required by the government and are an added expense. However, an audit may actually save employers money in the long run if it uncovers a plan discrepancy before the DOL or IRS get involved. There is a value chain involved when it comes to audit performance. Some ways in which the right CPA can help include: Identify Red Flags At the very least, the CPA will do a thorough plan analysis. They will go over the retirement plan with weak points with regard to compliance. The right CPA, one that has experience with employee benethe numbers in order to help a company understand what is wrong with the plan or a particular process Minimize Expenses Maybe there is a better way to structure a plan and implement a better fee structure or improve
7 Safeguarding the Future: A Basic Guide to Retirement Plan Compliance 6 SA account in which revenue sharing payments from their TPA are passed on to the plan. These payments are deposited into the ERISA account, and may be used to pay plan expenses during the year, or allocated back to participants accounts, has vesting provisions usually will have a forfeiture account which houses forfeited monies of employees who have terminated employment. The Plan Sponsor, through the Plan document, can determine the utilization of these forfeited accounts which could include paying plan expenses, and/ or reducing future employer contributions, etc. In this regard, an audit can be a good thing if it helps improve a plan by allowing it to run more costeffectively. Conclusion responsibility to make sure a plan is being administered properly, the more informed they are, the less likely their company will have compliance issues. The insight they stand to gain from having the right Some companies assume that any CPA, including Contact the team at DiCicco, Gulman & Company today! Here is how you can reach us: Linda McLean, CPA Principal, Commercial Business Group A M lmclean@dgccpa.com Donald A. Greenhalgh, CPA Partner, Real Estate Group A M dgreenhalgh@dgccpa.com William C. Jenczyk, CPA Principal, Real Estate Group A M wjenczyk@dgccpa.com This is an area of accounting that requires specialand operations, and experience helping clients with their plans. Safeguarding the future is serious business. A lot is at stake. Employers owe it to their employees to give them the best plan possible. Jonathan F. Butler, CPA Principal, Commercial Business Group A M jbutler@dgccpa.com
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