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: "The IRS is well aware that mistakes can and do happen. That's why the IRS has in place a system that lets you bring your plan back into compliance without losing its tax benefits: the Employee Plans Compliance Resolution System, or 'EPCRS'. EPCRS encompasses three distinct correction programs: 1) the Self-Correction Program; 2) the Voluntary Correction Program; and 3) the Audit Closing Agreement Program." (Retirement News for Employers (Summer 2004); Internal Revenue Service)