Employee benefits have become increasingly complex to administer, and plan sponsors face scrutiny under ever-more-stringent regulatory guidelines, making it all too common for employers to encounter one or more operational issues with their plans. Whether errors are discovered by the plan sponsor, identified by a third-party vendor, brought to light as a result of claims resolution, or uncovered in an IRS audit or DOL investigation, SBA can guide employers to a swift and cost-effective resolution.
SBA’s plan correction services include:
- Reviewing plan provisions against actual operational procedures to identify and correct gaps
- Performing a detailed review of transaction data, including payments and adjustments
- Identifying and correcting historical errors originating with third-party plan administrators
- Assisting with self-corrections under EBSA and IRS programs
- Making necessary amendments to plan documents
- Calculating missed contributions and/or forfeited benefits, including earnings adjustments
- Delivering adjustment data to recordkeepers/third-party vendors as needed
- Developing employee communications summarizing plan errors and corresponding resolutions
- Drafting required documents for correcting failures
- Identifying opportunities for improving processes to avoid future errors
SBA can also provide a custom call center staffed with experienced benefits specialists to field participant calls, thoroughly explain how errors occurred and how they were resolved, and assist the participant with any necessary actions.
This service is available for the following benefit plan types: