Ashton-Blog

Benefits Brief – June 2019 – “PCORI Fee Deadline Just Around the Corner”

We have notified our clients!  Have you been notified?

Understanding the legislation that impacts employee benefits plans can be a challenge.  That’s why we created a monthly education campaign on various compliance topics that affect these plans.  We call these pieces, our Benefits Briefs.

These Briefs may be accessed here…!

Ashton - PCORI Fee Deadline Just Around the Corner - Brief June 2019

Read More

0 Comments Click here to read/write comments

Topics: aca compliance, Ashton Benefits, benefits, compliance, coverage, employee benefits, employee retention, ERISA, fiduciary responsibility, FMLA, health care, health insurance, healthcare, HR, HR Portal, hrbenefits, hris, human resources, insurance, insurance broker, IRS, large employers, medical bills, plan sponsors, self-funding, self-insurance, wellness

Benefits Brief – May 2019 – “What is a Form 5500? What Do I Do If One Was Never Filed for Our Plan?”

This month’s edition of our Briefs is titled “What is a Form 5500? What Do I Do If One Was Never Filed for Our Plan?”

Understanding the legislation that impacts employee benefits plans can be a challenge.  That’s why we created a monthly education campaign on various compliance topics that affect these plans.  We call these pieces, our Benefits Briefs.

These Briefs may be accessed here…!

Ashton - Monthly Brief - Form 5500 - May.2019

Read More

0 Comments Click here to read/write comments

Topics: 401(k), aca, aca compliance, Ashton Benefits, benefits, benefits technology, compliance, coverage, employee, employee benefits, employers, ERISA, fiduciary responsibility, FMLA, fmla administration, health, health advocate, health care, health insurance, HR Portal, hrbenefits, human resources, insurance, insurance broker, IRS, large employers, medical, payroll, plan sponsors, reporting, resources, retirement plan, self-funding, self-insurance, Technology, Uncategorized, voluntary

HR and Benefits Compliance Webinar Series: May-August Calendar

We are excited to announce the next four webinars for our 2019 monthly webinar series!  Below you will find the calendar of topics for May-August.  These webinars may be used for internal and external education purposes.  All are welcome!

Click link or below to register….

Ashton-Compliance-Webinars-2019.v2

Read More

0 Comments Click here to read/write comments

Topics: aca, aca compliance, Ashton Benefits, compliance, employee benefits, health advocate, healthcare, HR, hrbenefits, hris, human, insurance broker, large employers, medical, payroll, plan sponsors, resources, self-funding, self-insurance

Understanding Retirement Plan Fiduciary Responsibility

56529498

When administering a retirement plan and managing its assets, it is important for employers and plan sponsors to know their specific responsibilities. Learning the standards of 401(k) and fiduciary responsibility can be a headache after keeping track of all the rules and regulations ERISA provides. Thus, 401(k) plan sponsors are seeking answers to help better understand their roles.

Here are some quick facts that can help you better understand your role and fiduciary responsibilities:

  1. A plan fiduciary is anyone who exercises discretion in relation to one’s 401(k) plan or employed by a plan sponsor who acts in a fiduciary role with respect to the retirement plan. For example, all 401(k) plan sponsors and every member of the investment committee is a fiduciary.
  1. A fiduciary has the ability to appoint a fiduciary. Resigning from the investment committee and missing investment Committee meetings will not relieve you of your responsibilities and will not affect your status.
  1. It is recommended that your adviser is a fiduciary. Determine if your adviser is a fiduciary by looking at your signed contract by looking at ERISA Section 3(38) or 3(21) fiduciary.
  1. A plan sponsor can only welcome and appoint more fiduciaries, but never relieve its fiduciary responsibility.
  1. Neither your plan’s record-keeper nor attorney are likely to be fiduciaries since they do not have discretionary authority.
  1. Fiduciaries are not responsible for insuring investment option performance.
  1. If proper due diligence was not exercised in choosing an investment option by prior fiduciaries, existing fiduciaries are not exempt from responsibility/liability if they decide to continue to offer the fund.
  1. Existing fiduciaries are not exempt from responsibility/liability if they continue to offer the fund recommendation made by an expert.
  1. Employers should have fiduciary liability insurance and your plan should also have an ERISA fidelity bond. You can contract for co-fiduciary services and elect to comply with a number of the safe harbors the regulations offer.

HERE’S HOW WE CAN HELP

Read More

0 Comments Click here to read/write comments

Topics: 401(k), ERISA, fiduciary responsibility, plan sponsors, retirement plan