Employee Benefits Update: April/May 2016

This issue’s topics include:

Plan fee benchmarking
Key fiduciary considerations when reviewing plan fees

Are the services a plan receives reasonably priced? Knowing the answer is a vital fiduciary duty. ERISA expects more from plan fiduciaries than simply shopping around for plan providers offering rock bottom rates. This article summarizes some key areas all fiduciaries must consider when benchmarking costs of their qualified retirement plan. A sidebar discusses a report that suggests ways employers can help current plan participants ease into retirement.

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Why a nonqualified deferred comp plan may be right for you

What if a nonqualified deferred compensation plan (NQDCP) enabled senior managers to replace a higher proportion of their current income when they retire? While NQDCPs often are perceived as only for top executives, they may also be right for upper-level staff. This article discusses what plan sponsors need to know about NQDCPs.

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Assessing the legal risks of brokerage windows

Why limit plan participants’ investments to a handful of managed funds when they can have an unlimited selection using a “brokerage window”? The answer might depend on one’s appetite for legal risk. This article reviews when it may make sense to offer a brokerage window in a 401(k) plan.

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DOL stresses plan auditor experience

Generally, plans with at least 100 participants must provide an audit report when filing IRS Form 5500. A recent analysis of private audits of Forms 5500 conducted by the U.S. Department of Labor (DOL) suggests the importance of ensuring that a plan’s audit is conducted by a well-qualified auditing firm. This brief article highlights the DOL’s findings.

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Compliance alert

This feature lists a few key tax reporting deadlines for April and May.

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Want to learn more?

Join our Employee Benefit Plan Resources group on LinkedIn for more frequent updates on recent developments and best practices and discuss related topics with your peers.

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Jennifer R. Ott, CPA, CFE is a Partner in the Audit Department and has been with Insero & Co. since 2000. She leads the planning and execution of Audits for large multi-national clients as well as many closely held middle market corporations. She has also helped to grow the company's benefit plan audit practice into one of the 25 largest benefit plan audit practices in the United States. Contact Jennifer at (585) 697-9623 or jennifer.ott@inserocpa.com

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Posted in Employee Benefit Plans

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