FREE ERISA Due Diligence Audit
Why Conduct An ERISA Audit?
MANY EMPLOYERS DO not yet fully appreciate that as plan sponsors and trustees, they have personal responsibility for ensuring their plans are in compliance. These individuals therefore also have significant personal liability if the plan does not comply.
The number of random audits as well as fiduciary liability lawsuits has increased dramatically in recent years, even for relatively small plans.
The Internal Revenue Code and the Employee Retirement Income Security Act (ERISA) both mandate that all qualified retirement plans comply with certain regulatory requirements.
A plethora of regulatory issues have emerged which demand a higher and broader level of expertise. Plan trustees have a personal fiduciary responsibility to see that the many dictates of ERISA are satisfied.
Sec. 402(a)1, 402(b)1, 404(c), 404(d) and 405(a) each require ongoing adherence to managing the investment process of qualified plans prudently. This five (5) step process includes:
(1) Establishing Objectives
(2) Formulating Investment Policies & Guidelines
(3) Asset Allocation
(4) Selecting funds and/or Managers
(5) Monitoring Performance and Style
The IRS and Department of Labor (DOL) are charged with investigating and enforcing these rules. The number of random audits as well as fiduciary liability lawsuits has increased dramatically in recent years, even for relatively small plans.
Many employers do not yet fully appreciate that as plan sponsors and trustees, they have personal responsibility for ensuring their plans are in compliance. These individuals therefore also have significant personal liability if the plan does not comply.
The CCG Due Diligence Review is a comprehensive and thorough process that looks at the same areas that the IRS and DOL would examine on audit of the plan. In addition, the Review looks at all significant design and operational issues to make sure the plan features are still appropriate and still effectively meeting your goals. We will coordinate this Review and advise you of the results, including any problems, suggested corrections, and other recommendations.
In order to have CCG conduct a free ERISA Due Diligence Audit, please contact:
Anthony M. Ward, Esq.
In-House ERISA Counsel
Comprehensive Consulting Group
Telephone: 631-249-0500
