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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    ERISA

Date & Time
  • event Date

    Thursday, October 12, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will provide plan sponsors and employee benefits counsel with a detailed analysis of the legal requirements, risks, and challenges with establishing 401(k) plans for small businesses. The panel will discuss applicable rules and regulations for 401(k) plan structures and operations, compliance and reporting requirements, the impact of SECURE 2.0, fiduciary obligations and avoiding litigation, plan participants and contributions, vesting, plan investments, litigation trends, and other key items.

Faculty

Rebecca L. Sczepanski
Counsel
HunterMaclean

Ms. Sczepanski practices in the areas of ERISA and employee benefits, focusing on all aspects of employee benefits taxation and fiduciary issues. She has assisted a wide variety of clients in establishing and administering employee benefit plans, IRS and DOL audits, and reviewing and negotiating plan documentation and service provider agreements, as well as employee disputes, claim resolution, collective bargaining benefit issues, fiduciary aspects of selecting and monitoring 401(k) and 403(b) plan investment options and fees.

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William J. Marx
Attorney
Morgan, Lewis & Bockius LLP

Mr. Marx helps employee benefit plan sponsors and financial service providers with a range of matters related to employee benefits. His focus includes advising clients on qualified and nonqualified retirement plan issues, and the fiduciary and prohibited transaction rules under ERISA. Mr. Marx has several years of business experience in the retirement plan industry, including consulting plan sponsors on plan design, employee education, and investments among other business decisions.

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Description

Implementing 401(k) plans for small businesses can be complicated and confusing. Plan sponsors and employee benefits counsel must be well-versed in 401(k) plan design and administrative challenges in order to minimize liability and ensure compliance.

401(k) plans are a type of qualified defined contribution retirement plan that permit employees to save for retirement on a tax-preferred basis. They are widely used by employers of all sizes to help recruit and retain employees. These plans are required to meet certain criteria under ERISA, Department of Labor, and IRS guidelines and requirements, which means that these plans must have specific characteristics built into them by design and they must be administered correctly. However, there are ways in which 401(k) plan provisions may be customized for small businesses.

Understanding how 401(k) plans are designed and administered allows plan sponsors and counsel to maximize the benefits that these plans provide. The knowledge helps them identify plan design and administrative issues, understand investment options, exercise appropriate oversight, and comply with day-to-day administrative and fiduciary requirements.

Listen as our panel discusses applicable rules and regulations for 401(k) plan structures and operations, compliance and reporting requirements, the impact of SECURE 2.0, fiduciary obligations and avoiding litigation, plan participants and contributions, vesting, plan investments, and other key items.

Outline

  1. 401(k) plan overview: small business challenges
  2. Establishing and designing a 401(k) plan
  3. Managing ongoing administration challenges and ensuring compliance
  4. Selecting and monitoring service providers and investment options
  5. Correcting errors in design and operation
  6. Fiduciary responsibilities and risks; cybersecurity issues
  7. Prohibited transactions and exemptions

Benefits

Attending this discussion will provide small businesses and counsel with insights on how to:

  • Design a 401(k) plan that’s low cost, easy to administer, and viewed by employees as a meaningful benefit
  • Properly establish and regularly update 401(k) plans
  • Reduce fiduciary risk (business and personal risk)
  • Avoid becoming ensnared in prohibited transactions and minimize associated costs
  • Navigate administrative challenges and ensure compliance
  • Improve services received and reduce costs for plans and sponsors