Road to the Championships! · CPE and Support CPE Participation Requirements ‒To receive CPE...
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Road to the Championships! Preparing your Plan to Succeed January 21, 2015
Transcript of Road to the Championships! · CPE and Support CPE Participation Requirements ‒To receive CPE...
Road to the Championships!Preparing your Plan to Succeed
January 21, 2015
CPE and SupportCPE Participation Requirements ‒ To receive CPE credit for this webcast:
• You’ll need to actively participate throughout the program.• Be responsive to at least 75% of the participation pop‐ups. • Please refer the CPE & Support Handout in the Handouts
section for more information about group participation and CPE certificates.
Q&A: Submit all questions using the Q&A feature on the lower right corner of the screen. At the end of the presentation, the presenter(s) will review and answer all questions submitted.
Technical Support: If you should have technical issues, please contact LearnLive:
• Click on the Live Chat icon under the Support tab, OR call: 1‐888‐228‐4088
Panel ParticipantsHost/Moderator
Joanne SzupkaAssurance Director, Employee Benefit Plan SpecialistBDO USA, LLP, Philadelphia, [email protected]
Presenters
Brian Pinheiro, Esq.PartnerBallard Spahr LLP, Philadelphia, [email protected]
Bob Lavenberg, CPA, JDNational Partner in Charge of Employee Benefit Plan Audit QualityBDO USA, LLP, Philadelphia, [email protected]
Jim Edwards, AIF®Principal | Financial AdvisorCAPTRUST Financial Advisors, Bethlehem, [email protected]
Reviewing your Game PlanReviewed ‘fiduciary’ role and assembled team
Reviewed plan objectives
• Plan Governance• Plan Design• Plan Compliance• Plan Engagement
Reviewed plan fees, investments, and expenses
Regulatory Oversight and Recent News
• Which regulatory agencies have oversight over my plan?
• Are there any recent developments of which I should be aware?
• Are there any recent court decisions that affect my plan?
Planning for the Year Ahead
• How do I prepare for a year end audit?
• How do I prepare for a DOL or IRS audit?
• What should be on my year‐end fiduciary checklist?
• How should I plan for my investment committee meetings this
year?
Sample Committee Calendar
Summary of Best Practices
• Identify and train your plan fiduciaries
• Be sure to formalize and document a prudent process and
follow that process as documented
• Retain qualified service providers!
• Ensure fees for providers are reasonable, not necessarily
‘low‐cost’
• Stay knowledgeable about changes in industry
• Engage a quality auditor to guide the process
• Take time at year‐end to make a Committee plan
• Double check your year‐end fiduciary checklist
Summary of Best Practices
• Plan Governance
• Committee, Committee Charter, and IPS
• Determine allocation of fees: per‐capita vs. pro rata
• Plan Design
• Auto enrollment, auto escalation are more common
• Benchmark fees every two years
• Watch for revenue sharing in the plan!
• Plan Compliance
• Regularly review key documents
• Avoid common mistakes
• Plan Fees & Expenses
• Annually review the reasonableness for plan costs for
services
• Periodically evaluate and document decisions affecting the
manner in which eligible plan fees are paid
• Plan Investments
• Periodically review the share classes selected and offered,
and document reasons for share classes selected
• Review any revenue sharing generated from the fund and
document if the revenue is reasonable for the services
offered
Summary of Best Practices
Ready to win?
Do you have any questions?
Feel free to ask our panel any question you may have so you feel prepared to manage a successful plan!
Contact InformationIf you have any additional questions or comments or have suggestions for topics for future webinars in this series, please email us at [email protected].
Links to Past Sessions • Fiduciary Gridiron ‐ How to Succeed on the Field: Selecting Your Team
http://www.ballardspahr.com/eventsnews/events/2015‐05‐21‐fiduciary‐gridiron‐how‐to‐succeed‐on‐the‐field‐selecting‐your‐team.aspx
• Fiduciary Gridiron ‐ How to Succeed On the Field: Kicking Off the Season https://www.bdo.com/events/fiduciary‐gridiron‐how‐to‐succeed‐on‐the‐field‐aug
• Fiduciary Gridiron ‐ How to Succeed On the Field: Push For the Playoffs https://www.bdo.com/events/fiduciary‐gridiron‐how‐to‐succeed‐on‐the‐field‐nov
Joanne [email protected]
Brian Pinheiro, [email protected]
Bob Lavenberg, CPA, [email protected]
Jim Edwards, AIF®[email protected]
Conclusion
Thank you for your participation!
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