Compliance & Operations

Plan fiduciaries have an important responsibility to their employees, often appointing a plan administrator within the company to manage day-to-day operations. When was the last time you and your committee reviewed your procedures to ensure they align with both the plan document and ERISA guidelines?

These procedures include, but are not limited to:

• Ensuring timely processing of employee contributions

• Accurately tracking employee eligibility and plan enrollment

• Communicating any changes to benefits

• Delivering required notices (e.g., fee disclosures, QDIA, safe harbor notices)

• Meeting non-discrimination and compliance testing requirements

• Properly processing benefit-eligible events (e.g., QDROs, loans, hardship withdrawals, distributions)

• Managing missing participant records for terminated employees
  

Failure to follow plan provisions can lead to serious risks and consequences. For example, when eligible employees are not given the opportunity to enroll in the plan, they miss out on salary deferrals, potential investment growth, and employer matching contributions. During an audit, the Department of Labor will thoroughly review your procedures.

At Empire Retirement Plans, we prioritize plan compliance and make sure to discuss these crucial aspects during each retirement plan review. If you’re concerned about whether your plan is meeting ERISA guidelines or if your procedures are compliant, don’t hesitate to contact us today—we’re here to assist you in navigating the process.