Our financial experts Deliver on the Promise of helping your company provide compensation and benefit packages for your employees that are cost effective, market-driven and relevant to your company.
For many employers, payroll and related expenses (such as benefit programs) are the largest recurring expense on their income statement. A popular benefit program involves tax qualified retirement programs. While these programs have been around for many years (tax advantages were allowed when ERISA was created in 1974), many employers use inertia (‘let’s do what we did last year’) to manage their tax qualified retirement programs. Why is inertia not the proper way to manage these programs?
- From a plan design standpoint, the needs of the employer might have changed—for example,
the workforce may have changed (due to such issues as acquisitions, divestitures, unionization
or a part-time workforce) or; the owners may want to obtain a more significant retirement benefit
- From a plan operation standpoint, changes in the law, technology and the availability of information to participants should cause the employer to consider whether the current way of doing things is correct
- From a fiduciary duty standpoint, the trustees of the plan should increase their supervision over the plan investments due to the enhanced fee disclosures effective in 2012
How you will benefit:
Our compensation and benefits consulting practice can help employers in resolving the issues detailed above, along with other plan services including audits of plan financial records required by ERISA, correcting administrative errors in the programs which could impact tax qualified status and providing investment advice and participant education.
Our compensation and benefits consulting services include:
- Employee benefit program communication
- Employee education
- Employee stock ownership plans
- ERISA compliance services (including audits, correction programs and discrimination testing)
- Investment services
- IRS, DOL and PBGC examination assistance
- Merger and acquisition assistance
- Plan administration assistance
- Tax qualified retirement program design and implementation
- Vendor selection