Helping You with Retirement Plan Compliance
If you are an employer, c-suite executive, plan sponsor, or HR professional, you must be aware of retirement plan compliance issues and the implications of noncompliance. Over the years, the Department of Labor and the Internal Revenue Service have increased their audits of both retirement and health plans.
Through the proper maintenance and operation of your employee benefits, you can minimize any potential exposure of non-compliance or fiduciary breaches.
With Kiesewetter Law Firm, PLLC by your side, we’ll help you take pre-emptive action to achieve compliance and mitigate risk while helping you be audit-ready in case one of the agencies comes knocking.
Helping You Understand Plan Sponsor Responsibilities
The buck stops with the plan sponsor for ensuring plan and fiduciary compliance. Plan sponsors must understand their responsibilities in the plan process, in addition to the responsibilities of all other plan fiduciaries. Further, plan sponsors must operate the plan in compliance with the plan terms or face potential liability.
Common Real-Life Mistakes Leading to Noncompliance
Regardless of intent, an error in managing or operating a retirement plan leads to noncompliance and potential penalties. Many mistakes can easily be avoided through proper planning, monitoring and guidance.
Common errors include:
- Not updating plan documents when the law changes
- Not following the plan documents when operating the plan
- Not following the definition of compensation
- Improper in-service distributions
- Failure to follow employee eligibility requirements
- Failure to follow plan loan & hardship distributions requirements
- Missed employee communications
- Late deposit of salary deferrals
All types of retirement plans are subject to federal regulation. Kiesewetter Law Firm, PLLC is equipped to provide innovative guidance, risk management and advocacy for all retirement plans including:
- 401(k) and 403(b) plans
- Governmental 401(a) plans
- 457 plans
- Executive compensation plans for private entities
We’ll guide you through the complex qualification and compliance regulations of ERISA and the IRC while adapting our solutions to your business.
We Help You When Compliance Issues Arise and Take Measures to Prevent Them
When you choose to work with us, you are enlisting the assistance of an advocate who truly cares about your business needs. We understand the impact a compliance issue can have on your company’s finances, standing and reputation. Let’s work together to monitor your retirement plan compliance. Call us at 615-455-8106 or complete our contact form. Located in Nashville, but serving clients nationwide, we proudly offer virtual meeting options or we’ll travel to assist you.