December 4, 2017

Drinker Biddle’s Plan Sponsor Compliance Program

By David L. Wolfe, Heather B. Abrigo and Summer Conley

In response to the general elimination of the Internal Revenue Service (IRS) determination letter program for individually designed plans, we are already working with many plan sponsor clients on risk mitigation in the post-determination letter world. We have expanded (and enhanced) our compliance tools for this purpose.

Our Services

For those of you not yet familiar with our tools, they are tailored to the individual needs of each client and begin with diagnostic compliance checklists, as well as targeted compliance reviews on the legal requirements that impact not just retirement plans but also executive compensation and health and welfare plans. We work with each client to isolate areas of special perceived risk and tailor a compliance review program that attacks those areas systematically and in a cost-effective way (e.g., over a period of years or through alternative fee arrangements). Our capabilities cover:

  1. Required plan document updates for legislative and regulatory changes.
  2. Compliance issues raised in the context of corporate transactions.
  3. Various levels of fiduciary compliance reviews focusing on ERISA’s general prudent process requirements or more limited inquiries (such as ERISA Section 404(c) compliance).
  4. Fiduciary training.
  5. Operational compliance issues ranging from compensation definitions to questions of eligibility, contribution requirements (and timing), distributions, loans, withdrawals, etc.
  6. Correcting identified problems and working with plan auditors and the IRS and/or DOL as required.
  7. Legal support in defending plan audits and investigations.

More detail on these services and the estimated cost of each is available upon request. The fees are dependent on the particulars of each engagement.

Our Team

Our firm’s plan sponsor support teams are located throughout the country and include former senior IRS and DOL representatives. Our industry focus is very broad and our team members include many prominent members of the employee benefits community. We are a full-service, compliance-oriented firm with substantial experience mitigating all areas of potential risk to our plan sponsor clients.

Please contact any of the following team members for more information about our plan sponsor compliance programs.

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