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Avoiding Compliance Pitfalls: Getting Your Defined Contribution Plan in Shape

WEB - Hartford Chapter

October 8, 2009

October 8, 2009

CBIA (Connecticut Business & Industry Association)

IRS penalties. DOL audits. Participant lawsuits. The failure to comply with IRS and DOL requirements for defined contribution plans can come at a steep price for a plan sponsor, not only in dollars but also in corporate resources and employee goodwill. Regular maintenance and monitoring of a defined contribution plan can help a plan sponsor steer clear of compliance problems and keep their plans in tip top shape.

Ali Haffner of Shipman & Goodwin and Frank Picarelli of Segal Advisors discussed common plan compliance pitfalls and strategies for avoiding them, including:

• timing of the remittance of participant contributions
• properly monitoring plan investments and plan service providers
• distribution of plan descriptions, safe harbor notices and other required documents
• handling of claims for benefits

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