Ensuring Retirement Plan Compliance With An Annual Plan Review
Written By Lisa Tomlin
"You don't know what you don't know." Sounds like a song or a cliché, but this is true when it comes to the administration of retirement plans. It is difficult for plan sponsors, regardless of whether the administration is handled in-house or by a third party administrator, to know what administrative errors are occurring. The errors may involve the inadvertent failure to follow the terms of the plan document or there may be other legal or regulatory rules that are not being followed or have not been updated in the plan.