Qualified Retirement Plans

ERISA imposes complex responsibilities and restrictions on fiduciaries of employee benefit plans. If you are a Plan Sponsor, Trustee or Plan Administrator of a qualified retirement plan, you have a fiduciary responsibility to the participants and beneficiaries of the Plan. As a Fiduciary you can and will be held personally liable for not keeping the Plan in compliance with ERISA. Whether a Fiduciary is voluntarily seeking professional advice on their Qualified Retirement Plan or is mandated to do so by a government agency, this is when you would hire an Independent Fiduciary. As a Fiduciary, it is in your best interests to hire an Independent Fiduciary or ERISA Consultant to perform Fiduciary Audits and Compliance Reviews in order to prevent violations of your qualified retirement plan before they occur. Violations in qualified plans can be costly to the Plan Sponsor and/or Trustees of the Plan, but they will become much more costly if found during a DOL and/or IRS Audit. The ERISA Advisory Group can be engaged and retained for the following type of services:

  • Fiduciary Audits and Compliance Reviews: This encompasses a full scope audit of the operations of your qualified retirement plan to ensure that ERISA is fully being complied with:
    • Reporting and Disclosure under Title I of ERISA.
    • Fiduciary responsibility under Title I of ERISA.
    • Tax issues under Title II and Title III of ERISA.
    • Issues involving Title IV of ERISA and the PBGC with Defined Benefit Pension Plans.
    • Plan vulnerability to ERISA violations.
    • Provide assistance in correction of violations in order to limit Internal Revenue Code excise taxes, avoid plan disqualification, and limit ERISA Section 502(l) and other penalties.
    • A full written report is provided on the review or audit findings and will provide recommendations to correct any deficiencies in the operation of the Plan.
  • Corrective Action needed by Plan Sponsors whose Plans are out of Compliance:
    • Reporting and Disclosure under Title I of ERISA.
    • Fiduciary responsibility under Title I of ERISA.
    • Tax issues under Title II and Title III of ERISA.
    • Issues involving Title IV of ERISA and the PBGC with Defined Benefit Pension Plans.
    • Plan vulnerability to ERISA violations.
    • Provide assistance in correction of violations in order to limit Internal Revenue Code excise taxes, avoid plan disqualification, and limit ERISA Section 502(l) and other penalties.
    • A full written report is provided on the review or audit findings and will provide recommendations to correct any deficiencies in the operation of the Plan.
  • Bankrupt Plan Sponsor: Plan Sponsor has gone into bankruptcy and the Plan participants must be paid out their benefits. The ERISA Advisory Group can be engaged as the successor Trustee to accomplish this task.
  • Orphan Plan Work: Filing of late government reports and payout of participants of an Orphaned plan where the Plan Sponsor is missing or cannot be located.
  • Provide Plan Sponsorship and Trustee duties for Multiple Employer Plans (MEP) for both bona fide Trade Associations and PEOs.
  • Provide Trustee Services which includes working as a 3(16) Fiduciary.
  • Conduct feasibility studies on offering a Multiple Employer Plan (MEP).
  • Provide consulting for PEO Plans as it relates to design, administration, cost structure, reporting and disclosure as well as review service provider contracts.
  • Service Provider Review and Search: Review existing Third Party Administrator and Investment Record Keeper Agreements, functions, processes and fees. Conduct Service Provider searches which will include a full RFP and analysis.
  • Manage DOL and IRS Audits.
  • DOL Prohibited Transaction Exemptions: Provide a written application to the DOL Office of Exemptions in which the Plan Sponsor would like to be granted an exemption from the ERISA’s prohibited transaction rules.
  • Review land transactions for compliance with ERISA.
  • Provide Expert Witness testimony for Court Cases involving qualified retirement plans which will also include divorce cases and QDRO work.
  • Guest Speaker Engagements on current retirement plan topics and educational seminars for Trustees and Fiduciaries.

After any service is performed, the ERISA Advisory Group will provide a full written report on the review or audit findings and provide recommendations and work with the Fiduciaries or their legal counsel to correct any deficiencies in the operation of the plan.

Contact Us

If you would like to speak with one of our Consultants about any of the services that The ERISA Advisory Group provides, please contact: