Presentation Will Highlight 401(k) Plan Concerns and Opportunities for Advisors
When it comes to retirement, employers have common concerns in 401(k) plans along with the need to address how to avoid them and how to identify and correct them. United Benefit Advisors (UBA), in conjunction with Empower Retirement, are hosting a webinar for human resource professionals, called “Top 10 401(k) Plan Mistakes and Advisor Opportunities,” on Tuesday, March 22, 2016, from 2:00 p.m. ET to 3:30 pm ET, that looks at problems with following Internal Revenue Code (IRC) rules, problems that arise under the Employee Retirement Income Security Act’s (ERISA) fiduciary or prohibited transaction rules and general issues that may have cause for concern under both IRC and Department of Labor (DOL) rules.
Attendees will learn about tax code violations (e.g., inconsistency between plan document and plan operations, omitting eligible employees, using the wrong definition of compensation, and errors with plan loans), ERISA/DOL violations (e.g., selection and monitoring of service providers, identifying and managing fiduciaries, late deposit of salary deferral contributions, and failure to follow written plan guidelines), and general violations such as missed delivery of participant notices and failure to conduct a comprehensive annual plan audit.
Joan McDonagh, Senior Director, Legislative and Regulatory Affairs for Empower Retirement, says, “This webinar is intended to help plan sponsors avoid expensive corrections, penalties, and fiduciary risk by alerting them to situations where those problems commonly occur.”
Register for this complimentary webinar and enter discount code EMPUBA to attend this webinar for FREE (a $50 value). This webinar has been submitted to the Human Resource Certification Institute to qualify for 1.5 recertification credit hours.
About the Presenters
Scott Barnett, Regional Vice President, Midwest Region for Empower Retirement, is responsible for the distribution of core market retirement plans. Scott’s 12 direct reports cover Illinois, Wisconsin, Ohio, Michigan, Kentucky, western Pennsylvania, Washington, D.C., Maryland and northern Virginia. Scott holds a Bachelor of Arts in marketing from the University of Illinois. He maintains FINRA Series 6, 26 and 63 securities registrations.
Joan McDonagh, Senior Director, Legislative and Regulatory Affairs for Empower Retirement, received a J.D. from American University Washington College of Law in 1985, practices law in the employee benefits area. Joan’s areas of expertise include ERISA compliance, with an emphasis on fiduciary requirements. Joan is a member of the Wisconsin Bar Association and is on the Government Relations Committee of the Society of Professional Asset-Managers and Record Keepers (SPARK).
About Empower Retirement
Headquartered in metro Denver, Empower Retirement administers $411 billion in assets for 7.6 million participants. It is the nation's second-largest retirement plan record keeper by total participants (Pensions & Investments, March 2015). Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans, small, midsize, and large corporate 401(k) clients, non-profit 403(b) entities and private-label recordkeeping clients. For more information, please visit www.Empower-Retirement.com.
About United Benefit Advisors®
United Benefit Advisors® (UBA) is the nation’s leading independent employee benefits advisory organization with more than 200 offices throughout the United States, Canada and the United Kingdom. UBA empowers more than 2,000 Partners to both maintain their individuality and pool their expertise, insight, and market presence to provide best-in-class services and solutions. Employers, advisors and industry-related organizations interested in obtaining powerful results from the shared wisdom of our Partners should visit www.UBAbenefits.com.