Category Archives: Compliance

26 May

Of Lawsuits and Share Classes

T. Rowe Price has become the latest target in a lawsuit accusation of self-dealing. A former employee has accused the Maryland based money manager of offering expensive, retail share classes to their 401(k) participant/employees when other, less expensive share classes existed. These higher cost funds caused participants to pay over $27 million more in fees

Read More
04 Nov

Navigating a DOL Plan Audit

In 2013 the Department of Labor completed 3,667 401k plan investigations. Their audits found violations in almost 75% of the cases. The result (not including 88 criminal indictments) was $1.7 billion in re-imbursments and fines – an average of $618 k per plan.

Read More
03 Oct

DOL Retirement Plan Audits to Rise Dramatically

In this article from Benefits Pro the author notes that DOL fines for non-compliance are up dramatically in 2013 and it is expected that this trend will continue in 2014. We have recently learned that the DOL has hired 15,000 new auditors over the last year. In 2013 the DOL collected $1.69 Billion in fines,

Read More
03 Sep

Top 10 401k Audit Problems

When the Internal Revenue Service (IRS) launched a series of “LESE [Learn, Educate, Self-correct and Enforce] examinations” last year, one of its intentions was to discover trends in compliance failure among qualified retirement plans. Here are the most frequently cited compliance errors. By avoiding these mistakes, compliance experts say sponsors can go a long way

Read More