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A common benefit that many employers now offer to employees is a 401(k) plan to assist them in saving for retirement. This type of benefit is typically highly valued by employees, and of course, employers want to take steps to ensure it’s administered properly—both legally and in terms of not making mistakes that impact employees.
The Employee Retirement Income Security Act (ERISA) requires that every employer maintain sufficient records for each employee to be able to determine the benefits due to the employees now or in the future. The plan sponsor has responsibility for retaining retirement plan records even when a third-party administrator (TPA) is hired to provide recordkeeping and […]