What is ERISA? ERISA (also known as the Employee Retirement Income Security Act of 1974) was established to protect the assets of millions of Americans who invest in employer-sponsored retirement plans. ERISA does not require that any employer establish a benefits plan, rather it mandates that those who do offer plans adhere to appropriate standards. The act performs this task very effectively, but because ERISA rules and regulations change constantly, they can prove troublesome for individuals with fiduciary responsibilities. Even for experienced fiduciaries, attempting to keep pace with such persistent additions alone is both daunting and risky. Pension Consultants’ ERISA services department alleviates this risk by providing clients with plan oversight, education and guidance.
The sole purpose of our ERISA services team is to understand compliance issues and help you operate a plan that adheres to the strict standards for plan administration and operation as outlined by the Internal Revenue Service and Department of Labor. Failing to follow federal pension planning regulations is serious. Filing a correction, the necessary course of action when a plan falls out of compliance, can amount to tens of thousands of dollars. For companies large and small, that is a significant expenditure. And, with proper pension administration in place, it is an avoidable expense as well.
Our proprietary plan audit, the QP Review®, is designed to help clients avoid costly problems such as a Voluntary Correction Program (VCP) filing or worse, having a plan completely disqualified. The QP Review consists of more than 1,500 questions based on existing regulations and recent litigation that assist us with a qualitative review. Each series of questions within the QP Review tests whether your plan has deviated from federal regulations or is on course. Our team watches the industry carefully and adds review questions as necessary to ensure the ongoing efficacy of the review so that a plan fiduciary can make informed decisions.
Our ERISA services provide in-depth education on everything from filing a Form 5500 to the complexities of compliance, so that you can make informed decisions. And once we implement your choices, we provide day-to-day plan oversight and account management.