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Four Things to Know About ERISA Fidelity Bonds and Fiduciary Liability Insurance

Four Things to Know About ERISA Fidelity Bonds and Fiduciary Liability Insurance

Under ERISA, anyone who handles plan funds must be covered by a fidelity bond. Different from fiduciary liability insurance, an ERISA fidelity bond protects your plan from losses that may result from fraudulent or dishonest acts. This Spectrum Employer Connect episode of covers four important things you should know about fidelity bonds.
February 1, 2020 By Petros Koumantaros Employer Connect erisa bond, fidelity bond, erisa, bond, bonding, fiduciary   Comments Read More >>
ERISA Wrap SPD Solution

Wrap Document to Comply With ERISA Summary Plan Description (SPD) Requirement

Virtually every private sector employer offering employee benefit plans is subject to certain ERISA requirements. Any such employers must provide an SPD to paraticipants. Failing to comply can be very costly for employers. Insurance carrier documents are generally inadequate. One solution for employers is to use an ERISA Wrap Document or Wrap SPD.
August 15, 2019 By Petros Koumantaros Education erisa, wrap spd, wrap document, plan document, welfare benefits, employee benefits, healthcare, wrap   Comments Read More >>
401(k) Provider Guide

Retirement Plan Provider Guide

Workplace retirement plans can be complicated. The compliance rules, investments, reporting, tax forms, and terminology are enough to make any plan sponsor’s head spin. Even the roles of service providers can be confusing. Our retirement plan provider guide enables plan sponsors to tear up all those business cards and get to the root of what each service provider does.
June 5, 2019 By Petros Koumantaros Education providers, services, ERISA, education, guide   Comments Read More >>
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Understanding Financial Statement Audits

While we hope you never have had to experience it, you’re no doubt familiar with the idea of an audit of your personal or corporate tax return. But, you may not be familiar with an audit of your qualified retirement plan. This Spectrum Employer Connect video explains the situations where a financial statement audit may be required. Understanding when and for whom these audits are required can help ease your concerns over the prospect of a plan audit.
January 1, 2019 By Petros Koumantaros Employer Connect dol, irs, audit, erisa, video, bond   Comments Read More >>
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Plan Fiduciary Services and Why They Matter

In a plan sponsor's capacity as fiduciary to its plan, the plan sponsor has a variety of specific responsibilities to manage–or–outsource to a professional, qualified third party. A 3(16) fiduciary service is the mechanism where you, as plan sponsor, can outsource some, or all, of your administrative fiduciary responsibilities. This video highlights these administrative fiduciary responsibilities and your options to manage or delegate this role to a 3(16) fiduciary service provider.
November 1, 2018 By Petros Koumantaros Employer Connect fiduciary, 3(16), plan sponsor, video, erisa   Comments Read More >>

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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.