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Tuesday, September 27, 2011

9:45 AM - 10:45 AM
Track: Regulatory Compliance View Track

CATCH AND CORRECT THE TEN MOST COMMON COMPLIANCE MISTAKES

Jewell Lim Esposito, Esq.,, Partner-ERISA and Executive Compensation, CONSTANGY, BROOKS & SMITH, LLP

The DOL and IRS have increased scrutiny over employee plans with 100 or more participants.  Employers who do not self-check their plans are leaving themselves open to costly penalties and forced remedies. Attorney Jewell Lim Esposito describes very preventable mistakes that, unfortunately, are among the top items of what the government targets:  

  • Late deposits of employee deferrals and loans;
  • Failure to use the correct "compensation" definition
  • Exclusion of eligible employees from testing
  • Misclassification of workers: 
    • NHCE or HCE?  employee or independent contractor?
  • Failure to meet hardship distribution requirements

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