Employers that provide a retirement plan have a fiduciary responsibility to keep the plan in compliance with the Employee Retirement Income Security Act (ERISA). Due to the ever-changing maze of regulatory rules, plan sponsors can often find it difficult to meet their fiduciary responsibilities placing them at risk for costly fines, penalties and legal ramifications.
ERISA 3(16) Fiduciary Services involve assuming responsibility for the day-to-day operations of a retirement plan to help reduce administrative burden and reduce personal liability risks for the Plan Sponsor (i.e. Employer). An ERISA Section 3(16) Plan Administrator competently navigates the complex fiduciary landscape and acts as a plan administrator to provide services such as: Review
According to the National Center for Charitable Statistics, more than 1.4 million nonprofit organizations exist in the United States alone. Nonprofits differ in their fields of interest, ranging from charities and religion, to health, wildlife protection, science, literature and the arts. While the areas of focus may vary, one thing applies to every organization: nonprofit
Establishing an employee retirement plan not only helps your employees (and you) save for retirement, but may also offer favorable tax benefits. Yet, despite best intentions, plan errors can happen which can jeopardize that critical tax-favored status. Below, we’ll answer some common questions many plan sponsors have: Why do retirement plan errors happen? How can
Where is your employee benefits program headed in 2018? And do you know what benefits will be most coveted by top talent? In the coming year, competition to attract and retain skilled employees is going to require some innovative approaches and leading companies will be using flexible benefits packages as a strategic tool to enhance
Taking effect earlier this year, the Department of Labor’s Fiduciary Rule expanded the definition for financial advisors with fiduciary duty under ERISA which imposed strict regulations on their advisory relationships. As an employer, your fiduciary liability is a big deal. Here’s what employers need to know to shield themselves from litigation risks. What is the
As a business owner who sponsors a corporate retirement plan, it’s common to feel uneasy by complex administrative tasks associated with retirement plan management. These time-consuming day-to-day tasks can potentially lead to compliance errors and liability exposure. One way to reduce the risks of liability is to appoint an ERISA section 3(16) Plan Administrator who
RED BANK, NJ, November 8, 2017 – This year, Northeast Professional Planning Group, Inc. (NPPG) is excited to celebrate its 20 year anniversary. Founded in August of 1997 by Michael M. Salerno, Northeast Professional Planning Group is a specialized consultancy in Employee Benefits, Retirement Plan Actuarial and Fiduciary Services headquartered in Red Bank, New Jersey.
As open enrollment season quickly approaches, it is time to begin thinking about the best ways to engage and prepare employees for this annual opportunity. But with the Affordable Care Act (ACA), shifting demographics and ever-evolving technologies, the employee benefits landscape only continues to get more complex which makes HR administration even more time-consuming, confusing
It’s no question that business owners need more help to steer clear of liability concerns. Yet, liability can come from all aspects of running a business; and it is especially true when offering a retirement plan. With the inherent risk that exists in retirement plans, plan sponsors are open to alternative ways to reduce their
