Hot Topics for Plan Sponsors

At Envoy Financial, our goal is to provide Trusted Advice Along The Way and help you stay informed as a plan sponsor.  Check here often for important news for plan sponsors.

Topic
Date Posted
Retirement Plans and Your Fiduciary Responsibility
How Do You Know If What You Are Doing is Right?

Fiduciary responsibility has been a growing concern among sponsors of qualified retirement plans over the past several years.  Government agencies such as the Internal Revenue Service and Department of Labor issue rules and regulations that must be followed in order to ensure that employee’s rights are protected.  As a retirement plan sponsor, you need to be aware of your responsibilities relating to the day-to-day administration of your Retirement Plan. (Read more...)

April 27, 2010
Fidelity Bonds
Do Any Of Our Staff Members Need To Be Bonded?
 
Many plan administrators have requested information regarding retirement plan Fidelity Bonds.  In other words, do any of the fiduciaries associated with the retirement plan need to be bonded because of their involvement with the plan’s assets?  Here are the basics:
  1. ERISA plans are required to secure a Fidelity Bond.  ERISA plans are non-church plans with employer contributions.
  2. Non-ERISA plans are not required to secure a Fidelity Bond.  Non-ERISA plans include church plans and non-church plans that do not include employer contributions.
If you are not sure if your plan is ERISA or non-ERISA, contact Envoy Financial.  (Read more...)

Feb. 18, 2010
Newly Released Retirement Plan Funding Requirements

On January 14, 2010, the Department of Labor released a Final Rule that requires employers with retirement plans with fewer than 100 participants to deposit employee contributions to the plans within 7 business days upon receiving or withholding the funds.

Stated otherwise, the retirement plan withholdings need to be deposited into the plan within (and not later than) 7 business days following the pay date. (Read more...)

Jan. 19, 2010