Employee benefit plans are complex and it seems that the various laws governing these plans are constantly changing. It is easy for a plan to fall out of compliance with the law simply because the employer was unaware of the changes. Likewise, as businesses grow an employee benefit plan that was a good fit when first implemented may no longer be the optimal design to meet the objectives of the employer. For example, the executives might make enough money that the limited amount that can be contributed to a 401(k) plan might not be sufficient to provide them with adequate replacement earnings in retirement. Revisions to a plan or adoption of additional plans may better meet the goals of the employer and affected employees.
At the Burton Law Firm, for a reasonable fee, we will visit an employer and review one or more of it’s employee benefit plans for: legal compliance; best practices; and employer objectives. The results of the review will identify: any compliance risks or noncompliance issues and recommended solutions; procedural recommendations to improve plan administration; any plan design revisions or additional features that would increase efficiency and improve the ability of the plan to meet the employer’s objectives; and recommendations for additional plans to better meet the employer’s objectives. Plan reviews can be customize to be performed for any single plan, such as a 401(k) plan, or all plans of a particular type maintained by the employer, such as all qualified retirement plans. We can even conduct a comprehensive company-wide employee benefits review of all qualified and nonqualified retirement plans, executive compensation and deferred compensation plans, health and welfare benefit plans, and other fringe benefits. Of course, each review is priced according to its scope and additional fees would apply for implementing recommendations.