March 2016 Wisdom Workplace Webinar

Top 10 401k Plan Mistakes and Advisor Opportunities

Tuesday, March 22, 2:00 p.m. ET

This presentation is intended to highlight common concerns in 401(k) plans and address how to avoid them as well as how to identify and correct them.  We will look at problems with following Internal Revenue Code rules, problems that arise under ERISA’s fiduciary or prohibited transaction rules and general issues that may have cause for concern under both IRC and DOL rules.

Attendees will learn about:

Tax Code Violations

  • Inconsistency between plan document and plan operations
  • Omitting eligible employees
  • Using the wrong definition of compensation
  • Errors with plan loans

ERISA/DOL Violations

  • Selection and monitoring of service providers
  • Identifying and managing fiduciaries
  • Late deposit of salary deferral contributions
  • Failure to follow written plan guidelines

General Violations

  • Missed delivery of participant notices
  • Failure to conduct a comprehensive annual plan audit
This webinar has been submitted for 1.5 re-certification credit hours from the Human Resource Certification Institute.
HR Certification Institute - Pre-apporved
 

Presentation


Presenter: Scott Barnett - Regional Vice President, Midwest Region for Empower Retirement

In his role, Scott 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. He joined the organization in 1983.

Scott holds a Bachelor of Arts in marketing from the University of Illinois. He maintains FINRA Series 6, 26 and 63 securities registrations.

Presenter: Joan McDonagh - Senior Director, Legislative and Regulatory Affairs for Empower Retirement

Joan McDonagh, who received a J.D. from American University Washington College of Law in 1985, practices law in the employee benefits area. She has worked for Great-West Financial® since 2004 and for its wholly owned subsidiary EMJAY Corporation since 1988. 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). In addition, she chairs the Public Policy Committee of the Defined Contribution Institutional Investment Association (DCIIA). She is also a member and a past Vice President of Wisconsin Retirement Plan Professionals Ltd.

Joan has written numerous articles and has presented a variety of seminars on retirement plan issues. She is a co-author of the 401(k) Answer Book, part of the Aspen Publishers' Answer Book series.

 

Empower Retirement

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P: 317.705.1800
E: info@ubabenefits.com

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