Employee Benefit Plans and Business Sense

The Legal Podcast Network (LPN)

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. Oct 1

    Fee Oversight and Fiduciary Process – The Importance of Periodic Review of Service Providers

    Episode Summary: In this episode of Employee Benefit Plans and Business Sense, hosts Doll Lank and Kathleen Salas Bass from KLB Benefits Law Group discuss the critical responsibilities employers hold when managing retirement plans. They emphasize that even with hired professionals, the ultimate accountability lies with the employer.  The conversation delves into the roles of third-party administrators, investment advisors, and record keepers, highlighting the importance of constant oversight and the risks of neglecting these duties. The hosts also provide insights into the costs associated with plan services, how to ensure fees are reasonable, and the benefits of having a plan committee to oversee operations. Listeners will gain valuable knowledge on how to effectively manage their retirement plans, ensuring compliance and optimal performance. Key Timestamps: 00:01 – Introduction 0:36 – Employer's Ultimate Responsibility 1:48 – Contracting Duties vs. Responsibility 2:38 – Duties of a Plan Sponsor 3:45 – Key Service Providers 5:28 – Role of the Plan Record Keeper 6:13 – Importance of Monitoring Service Providers 7:14 – Cost of Plan Services 9:00 – Benefits of Third-Party Providers 10:05 – Determining Reasonable Fees 12:32 – Negotiating Service Fees 14:19 – Importance of Benchmarking 17:21 – Documenting Fee Reviews 19:22 – Benefits of a Plan Committee About the Show: Employee Benefit Plans and Business Sense is designed for employers and benefit plan service providers navigating the complexities of employee benefit plans. Hosted by experienced attorneys Doll Lank and Kathleen Salas, the show offers insights into compliance, corrections, and audits related to employee benefits law. With a focus on clarity and actionable advice, the podcast aims to empower listeners to manage their benefit plans effectively, ensuring legal compliance and optimal outcomes for their organizations. For more information, visit our website: https://klblawgroup.com/

    Fee Oversight and Fiduciary Process – The Importance of Periodic Review of Service Providers

  2. Sep 17

    Navigating Cycle Four Restatements for Defined Contribution 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 complexities of cycle four restatements for defined contribution plan sponsors. They explain the importance of restatements, which incorporate amendments into a new plan document, and discuss the specific timelines and requirements set by the IRS.  The episode highlights the critical role of pre-approved plan documents and the IRS's advisory letters, which guide plan sponsors through the restatement process. Listeners will gain insights into the necessary steps to ensure compliance, the potential consequences of missing deadlines, and the importance of consulting benefits counsel. This episode is essential for employers and plan sponsors looking to stay compliant and effectively manage their employee benefit plans. Key Timestamps: 00:01 – Introduction 00:29 – Overview of Cycle Four Restatements 01:28 – Understanding Restatements and Pre-Approved Plans 03:01 – IRS Review and Advisory Letters 04:38 – Timeline for Cycle Four Restatements 05:37 – Which Plans Require Restatement 06:34 – Deadlines for Restatement Adoption 07:15 – Restatement Process and Best Practices 09:32 – Plan Sponsor Responsibilities 09:48 – Preparing for TPA Action Items 11:05 – Consequences of Missing Deadlines 12:18 – Importance of Legal Counsel in Restatements 14:16 – Engaging Legal Counsel for Plan Review About the Show:  Employee Benefit Plans and Business Sense is a podcast dedicated to helping employers and benefit plan service providers navigate the intricate legal landscape of employee benefit plans. Hosted by experts from KLB Benefits Law Group, the show offers insights into compliance, corrections, and audits, providing listeners with practical advice and strategies. With a focus on clarity and actionable information, the podcast aims to empower organizations to effectively manage their benefit plans and ensure compliance with ever-changing regulations. For more information, visit our website:  https://klblawgroup.com/

    Navigating Cycle Four Restatements for Defined Contribution Plans

  3. Sep 3

    Don’t Leave Money On the Table—Defined Contribution Plan Tax Credits (Part Two)

    Episode Summary: In this episode of Employee Benefit Plans and Business Sense, hosts Doll Lank and Kathleen Salas Bass from KLB Benefits Law Group continue their conversation with Tali Vaughn, Regional Vice President of Sales and Consulting at EGPS. Tali, a self-proclaimed 401k enthusiast, shares insights on the evolving landscape of retirement plans, focusing on the increasing employer emphasis on employee financial wellness and retirement readiness. The discussion highlights the shift in employer attitudes over the past decade, the impact of automatic enrollment on savings, and the unique opportunities within industries like construction and manufacturing. Tali also explores the importance of understanding employer goals and employee needs when designing retirement plans. This episode is essential for employers and advisors looking to enhance their benefits offerings and improve employee satisfaction. Key Timestamps: 00:01 – Introduction 00:06 – Welcome Back and Guest Introduction 01:31 – Employer Focus on Financial Wellness 02:13 – Evolution of Retirement Plan Design 03:41 – Impact of Automatic Enrollment 05:01 – Industries Embracing Retirement Plans 07:01 – State Mandates and Employer Awareness 08:40 – Prevailing Wage and Construction Industry Insights 11:00 – Benefits of Forced Savings in Construction 12:43 – Advisors and CPAs: Asking the Right Questions 13:35 – Starting a Retirement Plan: Where to Begin 14:49 – Employee Input in Retirement Planning 15:41 – Conclusion and Contact Information 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 matters, corrections, and audits, providing listeners with practical advice and strategies. Whether you're a small business owner, HR professional, or financial advisor, this podcast delivers valuable information to enhance your understanding of employee benefits and improve your organization's offerings. For more information, visit our website: https://klblawgroup.com/

    Don’t Leave Money On the Table—Defined Contribution Plan Tax Credits (Part Two)

  4. Aug 20

    Don’t Leave Money On the Table—Defined Contribution Plan Tax Credits (Part One)

    Episode Summary: In this episode of Employee Benefit Plans and Business Sense, hosts Kathleen Salas Bass and Doll Lank engage with Tali Vaughn, a Regional Vice President at EGPS, to demystify the tax credits available for small businesses that sponsor defined contribution plans. Tali, a self-proclaimed 401k enthusiast, shares her insights on how the Secure Act has transformed the landscape, making retirement plans more accessible and affordable. The discussion covers various tax credits, including startup, automatic enrollment, and employer contribution credits, which can significantly reduce the costs associated with offering retirement plans. Tali emphasizes the importance of thoughtful plan design and collaboration with third-party administrators to maximize tax savings and enhance retirement outcomes for employees. This episode is a must-listen for small business owners looking to leverage tax incentives to benefit both their company and their workforce. Key Timestamps: 00:01 – Introduction 00:12 – Meet the Hosts and Guest 01:28 – Importance of Tax Credits for Employers 01:56 – Impact of the Secure Act on Retirement Plans 03:02 – Types of Tax Credits Available 04:13 – Employer Contribution Tax Credit Explained 05:09 – Automatic Enrollment Tax Credit Benefits 07:13 – Role of Plan Providers in Maximizing Credits 09:14 – Evaluating Retirement Plan Opportunities 10:35 – Advantages of Employer-Sponsored Plans 12:35 – Tailoring Plans to Employer Goals 14:17 – Exploring Safe Harbor and Profit Sharing 15:32 – Cash Balance Plans for Business Owners 16:40 – Importance of Working with Industry Experts About the Show: Employee Benefit Plans and Business Sense is a podcast dedicated to helping employers and benefit plan service providers navigate the complexities of employee benefit plans. Hosted by experts from KLB Benefits Law Group, the show offers insights into compliance, corrections, and audits related to employee benefits law. With a focus on clarity and practical advice, each episode breaks down intricate legal requirements and offers strategies to optimize benefit plans for businesses of all sizes. Whether you're a small business owner or a seasoned HR professional, this podcast provides valuable knowledge to enhance your understanding of employee benefits. For more information, visit our website: https://klblawgroup.com/

    Don’t Leave Money On the Table—Defined Contribution Plan Tax Credits (Part One)

  5. Jul 23

    Required 401(k) Plan Employee Communications

    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 required employee communications for 401k plans. They delve into the various notices employers must provide, such as the Summary Plan Description (SPD), Summary of Material Modifications (SMM), and the Qualified Default Investment Alternative (QDIA) notice. The conversation highlights the importance of timely delivery and the severe penalties for non-compliance, emphasizing the need for employers to stay updated with legal requirements. Doll and Kathleen also offer practical advice on how to rectify missed communications and the role of third-party administrators in this process. This episode is essential for employers and HR professionals seeking to ensure compliance and maintain good employee relations through effective benefit plan communication. Key Timestamps: 00:01 – Introduction 0:54 – Required Notices for 401k Plans 2:05 – Summary Plan Description Explained 3:06 – Summary Annual Report and Benefit Statements 4:06 – Fee Notices and Default Investments 5:37 – Health and Welfare Plan Notices 6:22 – Timing for Notice Delivery 7:50 – Penalties for Non-Compliance 9:09 – Avoiding Communication Mistakes 11:31 – Employee Requests for Plan Documents 12:36 – Common Employer Mistakes 14:21 – Correcting Missed Notices 16:17 – Importance of a Plan Committee 17:49 – Real-World Compliance Issues 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, the show offers insights into compliance, legal requirements, and best practices for managing employee benefits. With a focus on clarity and practical advice, the series aims to empower listeners with the knowledge needed to effectively manage benefit plans and avoid costly pitfalls. Whether you're an HR professional, a business owner, or a service provider, this podcast provides valuable guidance to ensure your benefit plans are compliant and beneficial for all stakeholders.

    Required 401(k) Plan Employee Communications

  6. Jul 9

    Retirement Plan Qualification Failures—Self-Correct or Correct with IRS Approval?

    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 retirement plan qualification failures. They discuss the two primary types of failures: operational and plan document failures, and the potential consequences if these issues are not addressed promptly. The hosts explain the IRS's correction programs, including the Employee Plans Compliance Resolution System (EPCRS), which offers self-correction and voluntary correction options. They highlight the pros and cons of self-correction versus using the Voluntary Correction Program (VCP), emphasizing the importance of timely corrections to avoid costly penalties. The episode provides valuable insights for employers on how to manage these failures effectively, ensuring compliance and minimizing financial risks. Key Timestamps: 00:01 – Introduction 0:55 – Understanding Retirement Plan Qualification Failures 1:38 – Operational vs. Plan Document Failures 2:59 – Consequences of Uncorrected Failures 3:50 – Importance of Timely Corrections 5:03 – IRS Correction Programs Overview 6:07 – Self-Correction Program (SCP) Explained 6:44 – Voluntary Correction Program (VCP) Insights 7:56 – Preparing a VCP Submission 9:18 – Administrative Changes to Prevent Failures 10:11 – Role of Attorneys in VCP Submissions 11:11 – Pros and Cons of Self-Correction vs. VCP 14:18 – Financial Hardship Considerations 16:05 – Audit Implications for Uncorrected Failures 18:00 – Steps for Employers Facing Qualification Failures 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 Doll Lank and Kathleen Salas Bass of KLB Benefits Law Group, the show offers expert insights into compliance matters, corrections, and audits. With decades of experience in employee Benefit Plans law, the hosts provide practical advice and strategies to ensure that organizations remain compliant and avoid costly penalties. Whether you're dealing with retirement plans, health benefits, or other employee-related issues, this podcast is your go-to resource for staying informed and proactive.

    Retirement Plan Qualification Failures—Self-Correct or Correct with IRS Approval?

  7. Jun 25

    Navigating COBRA Compliance: Key Insights for Employers

    Episode Summary: In this episode of Employee Benefit Plans and Business Sense, hosts Doll Lank and Kathleen Solis Bass from KLB Benefits Law Group join Lisa Mosbey to delve into the complexities of COBRA compliance. The discussion begins with an explanation of COBRA, the Consolidated Omnibus Budget Reconciliation Act of 1985, and its significance in providing temporary extension of group health plan coverage. Kathleen outlines which plans must comply with COBRA, the qualifying events that trigger COBRA rights, and the eligibility criteria for employees and their dependents. The conversation also covers the costs of continuation coverage, the duration of coverage, and the responsibilities of both employers and employees in administering and electing COBRA. Additionally, the episode touches on state laws that impact COBRA and the potential penalties for non-compliance. This episode is essential for employers and HR professionals seeking to understand the intricacies of COBRA and ensure compliance with federal and state regulations. Key Timestamps: 00:01 – Introduction 0:54 – What is COBRA? 1:45 – Plans Required to Comply with COBRA 2:38 – Understanding COBRA Rights 3:02 – Events Triggering COBRA Rights 5:10 – Eligibility for COBRA 6:23 – Costs of Continuation Coverage 7:18 – Duration of COBRA Coverage 9:18 – Employer Responsibilities for COBRA 14:04 – Employee Responsibilities for COBRA 16:05 – Impact of State Laws on COBRA 16:58 – Penalties for COBRA Non-Compliance 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 covers a wide range of topics, including compliance matters, IRS and DoL audits, and the intricacies of employee benefits law. With decades of combined experience, the hosts provide practical insights and guidance to ensure that businesses remain compliant and informed. Whether you're an HR professional, business owner, or service provider, this podcast offers valuable information to help you manage and optimize your employee benefit plans effectively.

    Navigating COBRA Compliance: Key Insights for Employers

  8. 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.

    Optional Distributions and Other Features in Retirement
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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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