Employee Benefit Plans and Business Sense

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Attorneys Doll Lank and Kathleen Bass of KLB Benefits Law Group break down the critical role employee benefits attorneys play in helping employers and plan sponsors correct compliance mistakes. They reveal the most common errors, including payroll and missed deferral issues, and emphasize why retaining plan documents is essential for audit defense.

  1. Optional Distributions and Other Features in Retirement

    Jun 11

    Optional Distributions and Other Features in Retirement

    Episode Summary: In this episode of Employee Benefit Plans and Business Sense, hosts Doll Lank and Kathleen Salas-Bass from KLB Benefits Law Group join Lisa Mosbey to discuss the intricacies of optional features in employer retirement plans. They delve into popular options like participant loans, disaster relief provisions, and the innovative Secure 2.0 features, including student loan repayment matching and domestic abuse withdrawals. The conversation highlights the pros and cons for employers, such as employee morale benefits versus administrative burdens. Doll and Kathleen also explore the impact of catch-up contributions for older participants and the challenges of implementing new features due to software and compliance issues. This episode is essential for employers considering which optional provisions to offer, providing insights into how these features can enhance employee satisfaction and retention. Key Timestamps: 00:01 – Introduction 00:55 – Popular Optional Plan Features 02:16 – Pros and Cons for Employers 03:57 – Employee Advocacy for Plan Options 05:14 – Secure 2.0 Optional Features 07:52 – Student Loan Repayment Matching 10:24 – Domestic Abuse Withdrawals 12:34 – Catch-Up Contributions for Older Participants 13:44 – Administrative Challenges with Optional Features 17:00 – Payroll Software Adjustments 19:24 – Qualified Birth or Adoption Distribution 20:54 – Employer Experience with Optional Features About the Show: Employee Benefit Plans and Business Sense is a podcast dedicated to helping employers and benefit plan service providers navigate the complex legal landscape of employee benefit plans. Hosted by experts from KLB Benefits Law Group, the show offers insights into compliance, corrections, IRS, and DOL audits. With a focus on clarity and practical advice, each episode aims to equip listeners with the knowledge needed to make informed decisions about their benefit offerings. Whether you're an HR professional, business owner, or plan administrator, this podcast provides valuable guidance on managing and optimizing employee benefits.

    22 min
  2. Group Retirement Arrangements – MEPs, PEPs and DCGs

    May 28

    Group Retirement Arrangements – MEPs, PEPs and DCGs

    Episode Summary: In this episode of Employee Benefit Plans and Business Sense, hosts Doll Lank and Kathleen Salas-Bass from KLB Benefits Law Group join Lisa Mosbey to delve into the intricacies of group retirement arrangements. They explore the differences between Multiple Employer Plans (MEPs), Pooled Employer Plans (PEPs), and Defined Contribution Groups (DCGs), highlighting their benefits and drawbacks. Doll and Kathleen discuss how these group plans can reduce fiduciary liability and costs for employers, especially small businesses. They also address the challenges of transitioning from single employer plans and the importance of maintaining oversight even after joining a group plan. This episode provides valuable insights for employers considering group retirement arrangements, helping them make informed decisions to optimize their employee benefits strategy. Key Timestamps: 00:01 – Introduction 0:44 – Differences Between Group and Standalone Plans 1:19 – Benefits of Group Plans: Cost and Liability 2:16 – Pros and Cons of MEPs and DCGs 5:25 – Ideal Employers for Group Arrangements 7:12 – Definitions: MEPs and DCGs 9:55 – Understanding Pooled Employer Plans (PEPs) 12:50 – Transitioning to Group Plans: Challenges and Benefits 14:33 – Employer Case Study: Cost Savings in Group Plans 17:09 – Common Issues After Joining Group Plans 19:06 – Conclusion and Final Thoughts About the Show: Employee Benefit Plans and Business Sense is a podcast designed for employers and benefit plan service providers navigating the complex legal landscape of employee benefit plans. Hosted by experts from KLB Benefits Law Group, the show offers insights into compliance matters, IRS and DOL audits, and the latest trends in employee benefits law. With a focus on clarity and practical advice, the podcast aims to empower listeners to make informed decisions and optimize their benefit strategies.

    20 min
  3. Domestic Relations Orders and Retirement Plans

    May 14

    Domestic Relations Orders and Retirement Plans

    Episode Summary: In this episode of Employee Benefit Plans and Business Sense, hosts Doll Lank and Kathleen Salas Bass from KLB Benefits Law Group delve into the intricacies of Qualified Domestic Relations Orders (QDROs) and their impact on retirement plans. Joined by host Lisa Mosbey, they explain the legal framework surrounding QDROs, including when they are required and how they interact with the Employee Retirement Income Security Act (ERISA). Kathleen provides insights into the roles of plan administrators and the importance of having clear procedures and qualified individuals involved in the process. The episode also covers best practices for both parties involved in a QDRO, highlighting the importance of pre-approval and clear communication. Listeners will gain a comprehensive understanding of how to manage QDROs effectively, ensuring compliance and minimizing potential legal issues. Key Timestamps: 00:01 – Introduction 00:33 – Understanding Domestic Relations Orders 00:50 – What is a QDRO? 01:31 – When and Why QDROs Are Required 02:36 – Overview of ERISA 03:14 – Plan Administrator's Role in QDROs 04:52 – Notification and Freezing Accounts 06:08 – Who Prepares the QDRO? 06:44 – Minimum Requirements for a Qualified Order 08:56 – Best Practices for Parties Involved 09:41 – Best Practices for Plan Administrators 12:23 – Real-World QDRO Challenges and Solutions About the Show: Employee Benefit Plans and Business Sense is a podcast dedicated to helping employers and benefit plan service providers navigate the complex legal landscape of employee benefit plans. Hosted by experts Doll Lank and Kathleen Salas Bass of KLB Benefits Law Group, the show provides insights into compliance, corrections, and audits related to employee benefits law. With a focus on clarity and practical advice, the podcast aims to equip listeners with the knowledge needed to effectively manage benefit plans and address legal challenges. Whether you're an employer or a service provider, this show offers valuable guidance to ensure your benefit plans are compliant and efficient.

    15 min
  4. Retirement Plan Terminations

    Apr 24

    Retirement Plan Terminations

    Episode Summary:  In this episode, Kathleen Salas Bass and Doll Lank from KLB Benefits Law Group discuss the process and reasons behind retirement plan terminations. They explain the steps involved, common business situations leading to terminations, and mistakes to avoid, offering valuable insights for employers navigating plan terminations. Key Timestamps: 00:00 – Introduction 02:01 – Reasons for Plan Terminations 03:16 – Process of Properly Terminating a Plan 07:44 – Participant Accounts Post-Termination 09:51 – Record-Keeping Requirements 11:04 – Common Mistakes to Avoid About the Show: *Employee Benefit Plans and Business Sense* provides expert guidance on navigating the complex legal requirements of employee benefit plans, offering insights into compliance matters, corrections, and IRS and DOL audits in the realm of employee benefits law.

    15 min
  5. Cybersecurity in Employee Benefit Plans

    Apr 10

    Cybersecurity in Employee Benefit Plans

    Episode Summary:  Exploring the critical importance of cybersecurity in safeguarding Employee Benefit Plans, the episode delves into the vulnerabilities, regulatory enforcement, best practices, and resources available to ensure robust protection of plan data and assets. Key Timestamps: - 00:00 – Introduction - 1:07 – Significance of Cybersecurity in Employee Benefit Plans - 3:28 – Vulnerability of Retirement and Health Plans to Cyber Threats - 4:51 – Regulatory Enforcement and Cybersecurity Audits - 7:14 – Best Practices for Protecting Benefit Plan Data - 14:07 – Establishing a Comprehensive Cybersecurity Process About the Show:  *Employee Benefit Plans and Business Sense* offers expert insights into navigating the legal intricacies of Employee Benefit Plans, providing invaluable guidance to employers and Benefit Plans service providers. Hosted by industry experts Doll Lank and Kathleen Bass from KLB Benefits Law Group.

    17 min
  6. Plan Committees

    Mar 27

    Plan Committees

    Episode Summary: In this episode, Doll Lank and Kathleen Bass from KLB Benefits Law Group delve into the importance of plan committees within employers' benefit plans. They explain the function of plan committees, the benefits of having diverse perspectives on the committee, and why it is a best practice for employers, regardless of company size, to establish a plan committee. Key Timestamps: 00:00 – Introduction 01:30 – Definition and Purpose of a Plan Committee 03:45 – Importance of Diversity in Committee Composition 05:20 – Establishing Authority and Responsibilities 07:15 – Best Practices for Running an Effective Plan Committee About the Show: *Employee Benefit Plans and Business Sense* provides valuable insights into navigating the complex legal requirements of employee benefit plans. The show features experts from KLB Benefits Law Group, offering actionable advice for employers and benefit plan service providers.

    17 min
  7. What Is ERISA and What Does It Do?

    Mar 13

    What Is ERISA and What Does It Do?

    Episode Summary: In this episode, Kathleen and Doll from KLB Benefits Law Group provide a comprehensive overview of ERISA (Employee Retirement Income Security Act) and its significance for employee benefit plans. They discuss the purpose of ERISA, employer obligations, real-world examples of ERISA requirements, consequences of non-compliance, and the delegation of ERISA responsibilities. Key Timestamps: 00:00 – Introduction to ERISA 01:30 – What is ERISA and its general purpose 03:45 – Employer obligations under ERISA 06:20 – Real-world examples of ERISA requirements 09:10 – Consequences of non-compliance with ERISA 11:45 – Delegating ERISA responsibilities 14:20 – Employer's ultimate responsibility in ERISA compliance About the Show: *Employee Benefit Plans and Business Sense* is a podcast hosted by experts in Employee Benefits Law, providing guidance to employers and Benefit Plans service providers on navigating legal requirements related to employee benefit plans.

    16 min
  8. State Mandated IRAs: Working With Them or Working Around Them

    Feb 13

    State Mandated IRAs: Working With Them or Working Around Them

    Episode Summary: In this episode of *Employee Benefit Plans and Business Sense*, Doll Lank and Kathleen Bass delve into the complexities of state mandated IRAs and their implications for employers. They explain the concept of state mandated IRAs, the reasons behind their implementation, and the impact on employers who are subject to these programs. The discussion also highlights the penalties for non-compliance and the potential benefits of sponsoring employer-based retirement plans. Key Timestamps: 00:00 – Introduction 01:30 – Definition and Purpose of State Mandated IRAs 03:45 – State Adoption Trends and Employee Opt-Out Options 05:20 – Employer Compliance Requirements and Penalties 07:10 – Advantages of Employer-Sponsored Plans vs. State Mandated IRAs 09:05 – Considerations for Employers in States Implementing IRAs 11:15 – Case Studies and Employer Decision-Making Processes 13:00 – Reporting and Enrollment Contrasts between State IRAs and Employer Plans 15:20 – Common Employer Misconceptions about State IRA Programs About the Show: *Employee Benefit Plans and Business Sense* is a podcast hosted by industry experts who provide invaluable insights into navigating the intricate landscape of employee benefits and legal compliance. Discover practical strategies and guidance to enhance your understanding of HR practices, compliance matters, and retirement planning.

    14 min
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Attorneys Doll Lank and Kathleen Bass of KLB Benefits Law Group break down the critical role employee benefits attorneys play in helping employers and plan sponsors correct compliance mistakes. They reveal the most common errors, including payroll and missed deferral issues, and emphasize why retaining plan documents is essential for audit defense.

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