Record Retention: What to Keep and for How Long

by RPAG - March 22, 2012
When it comes to document storage related to your retirement plan, remember that your primary goal should be to preserve materials in a format allowing for quick and easy retrieval. It’s appropriate to store plan records electronically whenever possible. Also, be sure to retain an executed copy (or countersigned copy, as applicable) of each record and not the unsigned original that may have been sent to you for signature. While most providers can provide reports and current plan document... [More]

Joel Shapiro, Senior Vice President of ERISA Compliance, quoted in CFO Magazine

by RPAG - March 22, 2012
Joel Shapiro, Senior Vice President, ERISA Compliance for 401(k) Advisors, was recently quoted in a CFO Magazine article regarding pending required plan fee disclosures and anticipated participant reactions thereto (“Lifting the Lid on 401(k) Plan Fees,” December 1, 2011).   “An enormous percentage of plan participants have no idea they’ve been paying fees all along, and many of them will be shocked,” predicts Shapiro.   Shapiro states that while mos... [More]

Establishing Your Retirement Plan Committee Charter

by RPAG - March 22, 2012
As retirement plan consultants we strongly encourage our clients to formally establish a 401(k) Committee. The establishment of a Committee may be formalized by adopting a 401(k) Committee Charter. This Committee Charter helps to protect the Named Fiduciary, typically the Board of Directors, by delegating certain identified fiduciary responsibilities to the Committee. It protects the Committee members by defining the specific duties for which they are responsible. Furthermore, it protects the pa... [More]

408(b)(2) Disclosure Regulations Effective Date Delayed to July 1, 2012

by RPAG - March 20, 2012
Finally, the Department of Labor has issued the final service provider fee disclosure regulation, otherwise known as the 408(b)(2) regulation. In addition to removing the “Interim” tag on the regulations, a few changes were made to the disclosure rules and the effective date for compliance was moved back to July 1, 2012. The following are some of the newest changes to what have been referred to as the “reasonable contract” regulations:   Certain 403(b)s exclude... [More]

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