ERISA imposes complex responsibilities and restrictions on Fiduciaries of employee benefit plans, it is important that you seek an expert in this area. If you are a Plan Sponsor, Trustee or a Plan Administrator as defined by ERISA, you have a fiduciary responsibility to the participants and beneficiaries of the Plan and you can be held personally liable for not keeping the Plan in compliance with ERISA. Whether you are voluntarily seeking professional advice on your Plan or if you have been mandated to do so by a government agency; this is the time to hire an Independent Fiduciary. As a Plan Fiduciary, it is in your best interest to engage an Independent Fiduciary for known compliance issues, Fiduciary Audits and complete compliance reviews in order to prevent violations of Title I of ERISA. ERISA mandates that all fiduciaries follow the Prudent Man rule, this means that as a Fiduciary, you must be as knowledgeable and act the same way as an expert in the field. Violations imposed by the Government can be costly to fix, then when you add on the mandated 20% Excise Tax imposed on ERISA violations and legal costs, violations of ERISA can be extremely costly to the Company. ERISA Advisory Group is here to help you navigate the complicated environment, keep you compliant, and become your trusted partner. We welcome any and all inquiries so please reach out to us at any time and we look forward to working with you.
William J. Kropkof
ERISA Advisory Group