In the ever-changing world of regulation, how can you be sure that your plan is always up-to-date and in compliance? Matthews Benefit Group is committed to providing accurate and effective compliance administration through formal processing and review procedures. We can assist with:
Clients have often come to our firm after experiencing trouble with the prior Third Party Administrators. Often times new clients have not updated their plan documents timely, filed appropriate required 5500s, made timely deposits of participant 401(k) deferral amounts or have not followed the provisions of their plan document. We have experience with correcting a whole range of issues that plan sponsors may bring to the table.
Recently, a new client came to us with a plan document that had not been updated for applicable amendments since 2002. We assisted the client through the IRS’s Employee Plans Compliance Resolution Systems to bring his plan into compliance with all the applicable laws and regulations from the date of his last amendment up to the present day.
We sometimes encounter new clients that have not deposited their employees’ 401(k) deferrals into the plan in a timely fashion. We have often guided plan sponsors through the Department of Labor’s Voluntary Fiduciary Correction Program, a program that allows plan officials to identify and fully correct late deposits and other prohibited transactions.
Whether problems exist in the form of the plan document, the operation of the plan or a violation of certain fiduciary duties, we have the experience to help plan sponsors though the IRS and DOL’s correction programs.