Compliance, Reporting and Disclosure Requirements
Author: Jayne Zanglein, Western Carolina University
- Pension plans are heavily regulated by the Employee Retirement Income Security Act in addition to several agencies. See Pension Plans.
- A qualified plan is eligible for favorable tax treatment. See Qualified Retirement Plans.
- The IRS issues determination letters to plans that meet its qualification requirements, including minimum participation, eligibility, coverage, vesting and benefit accrual rules. See Qualified Retirement Plans.
- Retirement plans must follow strict rules when terminating their plans. See Terminating Pension Plans.
- Employee benefit plans are subject to strict reporting and disclosure rules. See Pension Reporting and Disclosure; Reporting and Disclosure for Health and Welfare Plans and Reporting and Disclosure for Pension and Welfare Plans.
- Employee benefit plans are subject to penalties for failure to properly report and disclose information. See Reporting and Disclosure Penalties.
- Many employee benefit plans unnecessarily expose themselves to liability by making communication mistakes and failing to disclose required information. See Potential Breaches of Fiduciary Duties With Respect to Benefits Communications.