Workplace\nretirement plans are often complex, requiring help from many different sources,\nboth within your organization and outside of it, to administer them\neffectively. Ultimately, the biggest burden falls on the plan sponsor \u2013 that\nis, the employer. Not all plan sponsors are familiar with the scope of work\nrequired of them, leading to assumptions that can cause mismanagement,\nespecially when issues arise. To ensure your company\u2019s retirement plan doesn\u2019t\nfall prey to this sort of problem, we\u2019re going to review the roles of every key\nplayer in the process. <\/p>\n\n\n\n
Whether\nyour workplace offers a 401(k) or other employer-sponsored plan, it\u2019s important\nto know who is in charge of what. Your first step is to designate a company\nemployee as the plan administrator. This person usually outsources a few tasks\nto various service providers but is ultimately responsible for most of the\nday-to-day work entailed in managing the plan. The person in this key role must\nestablish internal controls to maintain the integrity of sensitive financial\ndata and prevent fraud. These procedures cover financial reporting, security\nand privacy. The plan sponsor should verify that their service provider has a\nService Organization Control (SOC) report \u2013 an independent audit of their\ninternal controls \u2013 and review it thoroughly. Providers with SOC reports are\nmore likely to have had their processes and controls vetted properly. <\/p>\n\n\n\n
All\nkey players must coordinate their efforts and work together, especially in\ncases such as annual plan audits, required of companies with plans that have\n100 or more participants. Working with a certified public accountant (CPA) is\nthe best way to ensure information provided is accurate and can be reconciled\nwith information provided from other key personnel. Failure to coordinate\nduring audits and other reporting and disclosure requirements can lead to\npenalties, so establishing a good working relationship early on is important.<\/p>\n\n\n\n
Over\ntime, the plan administrator may change service providers. When this occurs,\nthey must notify other key players and make sure all important information is\nobtained from the previous provider before the current service contract ends.\nThis can be difficult once you have switched providers, so be proactive in\norder to prevent problems. <\/p>\n\n\n\n
It\nis up to the plan administrator and sponsor to work together and make sure all\nservice providers are fulfilling their obligations. When choosing a new service\nprovider, don\u2019t just look at cost; you\u2019ll want to work with vendors who are\nreliable, responsive and knowledgeable. <\/p>\n","protected":false},"excerpt":{"rendered":"
Workplace retirement plans are often complex, requiring help from many different sources, both within your organization and outside of it, to administer them effectively. Ultimately, the biggest burden falls on the plan sponsor \u2013 that is, the employer. Not all plan sponsors are familiar with the scope of work required of them, leading to assumptions…<\/p>\n","protected":false},"author":3,"featured_media":1533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"schema":"","placeID":"","no_match":false,"name":"","company":"","review":"","address":"","city":"","state":"","zip":"","lat":"","lng":"","phone1":"","phone2":"","fax":"","mon1":"","mon2":"","tue1":"","tue2":"","wed1":"","wed2":"","thu1":"","thu2":"","fri1":"","fri2":"","sat1":"","sat2":"","sun1":"","sun2":"","hours-note":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-1532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-advice"],"yoast_head":"\n
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![\"Piggy](\"https:\/\/ascentblog.org\/wp-content\/uploads\/2019\/03\/piggy-bank-1024x683.jpg\")
<\/figure><\/div>\n\n\n\n