To The Point Series

Retirement Plan Realities #4: You Must Work With Your Plan Provider & the IRS Will Audit Your Plan

Jun-2011

(The ninth in a series of articles prompted by the fact that the 403(b) Retirement Plan Landscape has changed.)

The Changing Regulatory Landscape is Impacting Employers and Employees

Two of the keys creating a hi impact plan are:

  • Actively partnering with Envoy TPA & Recordkeeping, Inc and the other Envoy servicing entities to protect your plan and increase employee satisfaction
  • Know and follow the rules that are now in place and what it takes to be in compliance. Be prepared and  protected.

Actively partnering means:

  1. Be engaged with the Employer support systems available to simplify your work:
    1. Plan Administrator's Handbook
    2. Monthly "To The Point" webinars
    3. Twice monthly "To The Point" emails
    4. Connect and implement the Plan Oversight Committee Program
    5. Join the Plan Document Upgrade Program
    6. Connect to the web available portals
  2. Be aware of and direct employees to the participant servicing options
    1. Increased self-service options using the web
    2. Retirement health measurement tools
    3. Retirement gap tools
    4. Risk profile measurement
    5. Online enrollment for new participants (interactive process)
    6. Online plan review (interactive process)
    7. Monthly education-based participant webinar
    8. Participant Service Center as appropriate


IRS  and the Department of Labor

Now that new regulations are in place, the regulatory entities now move to the enforcement stage. Target segments are companies owned by foreign entities, small businesses, and 403(b) non-profit organizations. They have expressed the belief that77% of these plans are not in Compliance.

The result is that you and we must be prepared for the audit when it comes.

In our goal to both protect you and enhance employee satisfaction, we are focusing on the keys to the future. Clearly this takes a growing partnership, the result of which will simplify a complex process and produce the high impact plan that satisfies employees.

Access the Retirement Plan Checklist: ERISA plans or Non-ERISA plans. Are you prepared? Or close?

To the point: Engage, connect, use the tools available, and lead your employees to do the same.

We look forward to engaging with you next month as we get "to the point" and increase awareness that the Landscape has Changed.