The No Surprises Act: A Cost Saving Opportunity for Employer Plan Sponsors
Key Takeaways - The Delaware Department of Insurance (Department) is conducting targeted market conduct exams of Third Party Administrators (TPAs) for compliance with state insurance laws and regulations....more
Retirement plans with more than 100 participants require a CPA audit for their Form 5500. However, small plans with less than 100 participants may sometimes require an audit. This often happens when more than 5% of the Plan’s...more
As an ERISA attorney, 3(16) plan administrator, and sponsor of several 401(k) plans that needed an audit completed by October 15th to file the Form 5500 on-time, I will have to say I’ve noticed a discrepancy among audit...more
I recently go through a harrowing Department of Labor (DOL) audit over the late deposit of salary deferrals. What was the problem for the client was multiple locations and multiple payroll providers and previous third-party...more
I hate to do things last minute. I passed three different state bar exams and I never studied the day before. So when it comes to being an ERISA attorney and/or ERISA §3(16) plan administrator for a few handfuls of 401(k)...more
Using Your Payroll Provider As Your 401(k) TPA Is A Big Mistake. It's an absolute mistake. Like beating a dead horse, I will again say that it is a bad idea for plan sponsors to hire their payroll provider as their...more
When you look at the problems of retirement plans, one that gets short shrift is coverage and that is one of the pillar of qualified plans needed to be fulfilled in order to be a qualified plan. It’s a forgotten rule of...more
The Audit and Enforcement Unit of the California Division of Workers’ Compensation (DWC) issued a press release recently indicating it will be conducting more target audits in 2016 to address utilization review (UR)...more
I don’t know what’s going on in the south shore of Long Island over the past few years and it wasn’t just Hurricane Sandy. A few years back, the treasurer of my local school’s PTA stole more than $5,700 for her own...more
When it comes to your role as a retirement plan sponsor, outside of hiring a TPA (third party administrator), the most important plan provider that you need to hire is a financial advisor. Unfortunately, like my favorite...more
In This Issue: - Nevada Begins Audits of TPAs - Insurers Challenge Requirement to Use Social Security Death Master File - ACLI Files Lawsuit Regarding Prohibition on Offshoring - Tennessee Modifies...more