Topic Archive: Fiduciary Duties and Due Diligence

The Importance of Due Diligence in Choosing a TPA

DWC | 04/19/18

Choosing a third-party administrator to manage your company's document design, compliance or government reporting services should be based on careful due diligence, rather than on the price of fees, DWC Managing Partner Keith Clark wrote in an article on choosing a TPA published on the Benefit News website

"If I am hiring an attorney or any professional service firm," Clark wrote, "I want to hire the provider who best meets my service criteria. My buying questions will be focused on their experience and service model. If I like the answer, I will then ask about their fees."

Read More

What Is The Difference Between Fiduciary Liability Insurance and a Fidelity Bond?

DWC | 04/10/18

Facts

My company sponsors a 401(k) plan. With everything that has been in the news about retirement plan fiduciaries and some of the lawsuits against them, we are trying to decide whether or not we should get fiduciary liability insurance for ourselves. Then I looked at our Form 5500 and it shows that we already have plan-related insurance.

Read More

How Do You Select a CPA for Your Annual 401(k) Audit?

DWC | 01/30/18

Facts

With over 100 participants in our 401(k) plan in 2017, we have learned that our plan will now require an audit each plan year from an Independent Qualified Public Accountant (IQPA). This will be the first year the plan is subject to an audit. The idea of beginning this process is daunting and a little unnerving, to say the least!

Read More

DOL and IRS Audits: How DWC's Annual ERISA Compliance Review Helps Plan Sponsors

DWC | 10/19/17

Our first piece of advice for audited plan sponsors? Don't panic. 

Read More

Does Your Third Party Administrator Make a Big First Impression?

DWC | 10/16/17

Service providers are judged by by many factors and one of the most important is managing to zero service issues. And considering how important plan compliance is, issues with plan compliance via a government audit is not considered a factor—until it is. 

Read More

Why Compliance Services Are Important for a Plan Sponsor

DWC | 10/9/17

Retirement plan compliance is a big deal to the IRS.  After all, the tax deductions that both plan sponsors and participants receive each year for contributions to retirement plans surpass deductions taken for charitable donations and health insurance premiums.  With so much at stake, the IRS wants to be sure everyone is playing by the rules.

Read More
The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organization. All content is provided for informational purposes only and is not intended to be tax or legal advice.