Topic Archive: Fiduciary Duties and Due Diligence

Who Are All the Providers Servicing My Plan & What Do They Do?

DWC | 08/20/19


I sponsor a small 401(k) plan for my employees.  Sometimes, I get confused about which service provider to go to for different plan-related questions.  Time and efficiency are important to me (and so is cost), and it seems like having all these different providers might be overkill.  Recently, I was talking to a friend who is also a business owner, and she said she’s got one group doing all her plan work from A to Z.

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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."

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

DWC | 04/10/18


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.

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

DWC | 01/30/18


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!

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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. 

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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. 

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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.

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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.