Useful Documents From Summit

Useful Information for Plan Sponsors

Excerpt: "To meet their responsibilities as plan sponsors, employers need to understand some basic rules, specifically the Employee Retirement Income Security Act (ERISA). ERISA sets standards of conduct for those who manage an employee benefit plan and its assets (called fiduciaries). 'Meeting Your Fiduciary Responsibilities' provides an overview of the basic fiduciary responsibilities applicable to retirement plans under the law." (U.S. Department of Labor, Employee Benefits Security Administration)

Excerpt: "If you make mistakes with respect to your plan, you may use the IRS Employee Plans Compliance Resolution System (EPCRS) to remedy your mistakes and avoid the consequences of plan disqualification (or the consequences of disqualification of the 403(b) annuity contracts or custodial accounts of employees in the case of a 403(b) plan). A correction for a mistake should be reasonable and appropriate. The correction method should resemble one already provided for in the Internal Revenue Code and you should consider all facts and circumstances. Revenue Procedure 2016-51 is the guidance governing the EPCRS program."