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Why is the DOL Knocking on MY DOOR?”

Topic:
Why is the DOL Knocking on MY DOOR?”
Date:
May 10, 2012 at 1:30 - 2:30 PM ET
Presenters:
Dale Vlasek, Attorney(McDonald Hopkins LLC)
Colin Fitzpatrick Smith, retirement plan designer(The Retirement Company, LLC)
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Description
With the DOL (Department of Labor) having hired nine hundred agents whose sole purpose is to audit qualified retirement plans, proactive preparation is key.

So, our efforts in this session will be directed towards preparing, in advance, for the likely possibility of a visit (soon) from the DOL.

We will describe in detail what will trigger an appearance by the auditors, from a complaint raised by a plan participant to failure to promptly direct deferrals from their compensation towards the plan to the lack of an Investment Policy Statement (IPS).

We will also touch on the topic regarding the importance of having an Investment Committee, having regular Investment Committee meetings and having the Plan follow the directions provided by the Investment Committee consistently.

We will expand on the definition of what are ‘reasonable’ fees charged to the Plan by its providers….from investments to recordkeeping and from accountancy to attorneys.

We will address the requirements for disclosure to Plan Sponsors by July 1 and the subsequent reporting regulations for plan participants on October 1.

And we will provide you with a checklist of what must be done and reported to whom.

We will be offering suggestion-solutions from both a legal perspective utilizing the more than quarter century of experience by Dale Vlasek of McDonald Hopkins and the quarter century of experience from Colin Fitzpatrick Smith of The Retirement Company, LLC. from an investment-fiduciary perspective.

We will provide you with access to the types of questions that may be posed to you by the Department of Labor when they arrive and the adverse consequences to everyone involved in your plan….from you to plan trustees and to your fellow plan participants.

And we will be able to answer any questions or address any concerns you might have during and after the webinar.
Who Should Participate
1. Human Resources management personnel 2. Members of the Plan’s Investment Committee 3. The Plan’s legal and investment representatives
What You Will Learn
1. how to proactively prepare for the Department of Labor appearing on your doorstep; 2. how to enlist the aid and assistance of your plan advisors, in navigating through your audit; and 3. how to survive, unscathed, the actual audit if and when it occurs.
Recommended Resources
Attendees can visit various internet access websites beginning with the Department of Labor (www.dol.gov) or to make matters simpler, they may contact either Dale (dvalsek@mcdonaldhopkins.com) or Colin (colin@theretirementcompanytoday.com) and they can provide pre (and post webinar) reading lists and websites.
Communities
Benefits
Voluntary Benefits
Retirement Benefits
Healthcare Legislation and Compliance
Benefits - Cost Containment, Audits and Legal Risks
Presented by
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Dale Vlasek
McDonald Hopkins LLC

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Colin Fitzpatrick Smith
The Retirement Company, LLC

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Event Sponsors
McDonald Hopkins LLC
About McDonald Hopkins -- A business advisory and advocacy law firm Despite the complexity and uncertainty in the world today, our 140 attorneys are focused on insightful legal solutions that help our clients strategically plan for an increasingly competitive future. That is why we have a more than 80-year track record of counseling our clients through the most difficult times. We are a business advisory and advocacy law firm with lawyers in six strategic locations -- Chicago, Cleveland, Columbus, Detroit, Miami and West Palm Beach. In our most recent survey, we found that our clients are intensely loyal and confident in us. Although proud of the results, we are always striving to enhance our client relationships by exceeding their expectations. Our comprehensive legal services are provided by teams of specialized attorneys and professionals who recognize that clients expect us to understand the complexities of their business or individual needs. Our service and industry specialties are designed to meet the growing challenges our clients face in an increasingly competitive environment. We approach every day with an entrepreneurial spirit and keen insight that enable us to furnish enhanced value.
The Retirement Company, LLC
The Retirement Company, LLC was founded with the goal of assisting our clients in every aspect of their financial lives. We’ve provided the most personal service available, thus earning a reputation for excellence in our industry.
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