Compliance and regulatory risk management
Retirement plan regulations are complex and organizations often find that their plan operations are being scrutinized.
Our tax and legal consultants interpret and analyze new laws and regulations. Then, we quickly make sure you understand the implications of those laws for your plans. If necessary, we'll work with you to develop rectification strategies to protect your plan’s tax-exempt status.
Regardless of your plan strategy, we'll assist you with sound plan compliance and effective risk management. In addition, we can help you with:
Compliance reviews and corrections: We keep track of important filing deadlines and other target dates so that your plans are legally compliant. We can identify areas that need streamlining, improvement, and clarification. When documents or processes need to be altered, we put the proper policies in place and take all necessary corrective actions.
Tax and legal consulting: Our consultants help you stay abreast of the ever-changing pension and retirement landscape. Our attorneys, paralegals, and defined contribution plan specialists review and draft plan documents, administrative forms, policies and manuals, and clear participant communications. By reducing the burden imposed by regulations, we let you concentrate on your business.
Government filings, nondiscrimination testing, and other administrative matters: We streamline your compliance process by preparing signature-ready government filings such as form 5500s and 5300s, and increase your confidence in your plan's design by conducting nondiscrimination testing. Our services ease the burden of plan administration by creating ready-to-use administrative forms.
Service delivery management (vendor management): Many plan sponsors believe their responsibility ends once their benefit plan administration is outsourced. However, managing your vendors to ensure continued optimum performance is crucial to meeting your fiduciary obligations and ensuring continued employee satisfaction. Buck has helped many clients with services ranging from service delivery audits, contract audits, and fee benchmarking, to managing a complete request for proposal process.