The fiduciary duty to disclose plan amendments under serious consideration
Article Abstract:
Case studies are presented which analyzes scenarios of employer fiduciary duty in informing employees of changes in employee benefits. The fiduciary duties of employers are still ill defined under law since this is an emerging area of law. Employers are advised to appoint 'special individuals' to whom employees can turn to for information regarding plans by the employers to change or upgrade their benefit plans. This ensures that employees receive proper and accurate information that may help employers avoid legal complications in cases of employee complaint.
Publication Name: Journal of Compensation and Benefits
Subject: Insurance
ISSN: 0893-780X
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Proposed 401(k) contribution deposit schedule adds costs and complexities
Article Abstract:
The Dept. of Labor's proposals requiring companies to make rapid deposits of employee contributions to 401(k) plans would make 401(k) administration costly and complicated. The proposals would hinder the reconciliation between deposits and payroll tapes before transmission of deposits to the trust. They would also prevent plan sponsors from consolidating payroll deductions into one or two deposits each month.
Publication Name: Journal of Compensation and Benefits
Subject: Insurance
ISSN: 0893-780X
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Labor department's final rules shorten 401(k) plan deposit period
Article Abstract:
The Dept. of Labor's new rules on the time limit allowed for the deposit of employee 401(k) contributions are stricter than the original regulations although more reasonable than those proposed. The new rules shorten the time given to employers for making deposits from 90 days to 15 days after the end of the month when contributions were deducted from employees. These rules become effective on Feb. 3, 1997.
Publication Name: Journal of Compensation and Benefits
Subject: Insurance
ISSN: 0893-780X
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Risk management market opens up in Japan. Expanding overseas carries special risk considerations. An electronic forum for the business of risk
- Abstracts: The right way to select a managed care company. Managed indemnity health insurance. State legislative mandates for health benefits
- Abstracts: China warms to insurers. Considering captives. Even small agencies should ride info highway