COMPLIANCE SOLUTIONS

Compliance Guidance Services & Support

Tailored compliance solutions.

Your compliance obligations for your employee benefits and retirement plans are shaped by the sector in which you operate. Public sector organizations are heavily impacted by state and local regulations and collective bargaining agreements, while non-profits and private sector organizations navigate federal regulations like the ACA and ERISA, along with state-specific requirements.

Regardless of your sector, our insurance compliance services help you stay informed about ongoing regulatory changes, ensure you maintain rigorous administrative practices, and provide clear communication with your employees to successfully navigate compliance and reporting challenges.

Specifically, our consulting expertise and services include:

  • IRS regulation adherence to rules regarding retirement plan contributions, nondiscrimination testing, and other tax-related provisions required by the sector you operate within and plans you offer
  • Department of labor oversight – compliance includes reporting and disclosure requirements and adhering to guidelines related to plan administration.
  • State-specific requirements – complying with all state-specific retirement plan requirements, which vary significantly and add an additional layer of complexity
  • Federal laws – ensuring timely and continuous guidance to meet all new legislation, including adherence to SECURE Act 2.0 provisions
  • Compliance with ERISA – fiduciary responsibilities, reporting, and disclosure requirements for private/non-profit sector employee benefit plans. Note: generally non-profit retirement plans must adhere to ERISA, but certain church and governmental plans may be exempt. We can help determine your obligations
  • Annual Nondiscrimination Testing – compulsory testing to ensure private and non-profit sector retirement plans do not disproportionately favor highly compensated employees versus others on the plan
  • Fiduciary responsibilities – making sure employers are continually acting in the best interest of plan participants by assessing the prudence of investment management and avoiding all conflicts of interest
  • Document maintenance – keeping plan documents, amendments, and employee communications up to date and compliant with current laws and regulations
  • Accurately completing and submitting Form 5500 – annually handling this form, which contains comprehensive financial and compliance details related to private and non-profit sector retirement plans.
  • Participant notices – ensuring timely and precise disclosures to plan participants, including Summary Plan Descriptions (SPD), Summary of Material Modifications (SMM), and fee disclosures
  • Sponsor reports including:
    • Aggregated distribution
    • Form 1099-R monitoring of investment providers
    • Contribution trends
    • Assets by vendor
    • Vendor participant trend analysis, includes new enrollments
    • Participant exchange reports
    • Vendor billing
    • Payroll summaries
    • Differences and modifications
    • Customized reporting options
  • Contribution limits – ensuring that contributions do not exceed IRS limits for employee deferrals, employer matches and overall contribution caps
  • Minimum funding requirements — for defined benefit plans, maintaining adequate funding levels as required by ERISA and the IRS
  • Sponsor automated remittance services – allowing plan sponsors to combine multiple provider remittances into one accurate and secure deposit via electronic funds transfer
  • Daily investment provider remittance services – ensuring that plan participants receive maximum opportunity for growth of their voluntary plan contributions
  • Plan audits – undergoing regular audits by independent auditors for larger plans (generally those with 100+ participants) to ensure compliance with financial and operational regulations
  • Contribution monitoring – a robust set of systems and services structured to prevent excessive salary deferral
  • Error correction – identifying and correcting any plan errors or operational failures promptly to avoid penalties, often using IRS and DOL correction programs
  • Compliance communication – ensuring that employees understand their benefits, plan options, and any changes to the plan, through effective audience-specific tools and tactics. This is backed up with dedicated phone and email services to answer questions quickly and effectively
  • Educational programs – providing ongoing, unbiased information to help employees make educated decisions about their retirement planning. Includes timely news updates, hosted webinars, white papers, and other value-add tools, plus, universal availability education for public sector and non-profit plans
  • Plan specific documents & meaningful notices – printed and digital materials essential for ensuring participants in your retirement plans are well-informed
  • Financial wellness tools – to help with ongoing health and financial wellness monitoring and choices, available 24/7
  • Proprietary systems – allow for the full, secure flow of private information necessary to accurately administer your plans, such as submitting paperwork, uploading data, viewing forms, downloading notices and more
  • Data security – protecting your sensitive employee and plan information from cybersecurity threats and ensuring ongoing compliance with data protection regulations
  • Technology integration – ensuring that your plan administration software and systems are updated, secure, and capable of handling compliance requirements efficiently

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