Monday, April 9th
State Room 2
9:45am – 10:45am
Phillip Long, Vice President, Employee Benefit Legal Services, BB&T
Employees are now, more than ever, expecting their employer to help them prepare for retirement by providing a solid retirement plan. However, litigation and audit trends are undeniable: these same plans are under potential, costly attack and scrutiny. The Department of Labor, the Internal Revenue Service, and participants are all closely examining how retirement plans are operated and how they might have failed to comply with legal standards.
This presentation will layout the landscape of risk associated with retirement plans and give specifics on how the employer can control these risks, survive review from government auditors, and prevent lawsuits from its own employees by:
- Looking at common attacks from participants and government regulators
- Examining the fiduciary risks associated with retirement plans, including 401(k)s and executive compensation plans
- Discussing the legal standards that apply to employers, both at an executive and an HR level, when making decisions retirement plan related decisions
- Learning what employers, at all levels, must do to document their decisions
- Providing methods through which employers can delegate their fiduciary obligations to others
- Examining the value of a Retirement Plan Committee
- Describing the potential costs for employer noncompliance.