How confident are you that your company’s retirement plans are being run in accordance with all legal requirements under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC)? Are you comfortable with the integrity of the annual representations made to your plan auditor that key benefit-plan controls are in place to make sure that your retirement plans are operated pursuant to their terms and applicable law? This Alert addresses what questions you should be asking when attempting to potentially minimize monetary sanctions, serious consequences to your employees, and personal liability for company officials who are ERISA-plan fiduciaries responsible for the investment of plan assets and plan administration that can stem from an IRS or DOL Plan audit.

To read the full GT Alert, click here.

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Photo of Terry L. Moore˘ Terry L. Moore˘

As director of employee benefits services in the executive compensation and employee benefits department, Terry L. Moore provides consulting services on a wide range of employee benefit issues. She has wide-ranging experience with qualified and nonqualified deferred compensation plans, multiple employer plans, Employee

As director of employee benefits services in the executive compensation and employee benefits department, Terry L. Moore provides consulting services on a wide range of employee benefit issues. She has wide-ranging experience with qualified and nonqualified deferred compensation plans, multiple employer plans, Employee Stock Ownership Plans (ESOPs) and 403(b) plans, including the operational review of such plans in order to comply with requirements for correction under the Internal Revenue Service’s Employee Plans Compliance Resolution Program and DOL Voluntary Fiduciary Correction Program.

Terry was a tax law specialist in the Employee Plans Technical and Actuarial Division in the national office of the IRS with responsibility for issuing opinion letters on master and prototype plans compliance of legal regulations and for regulatory and technical questions regarding the application of law in the form of issuing private letter rulings and general information letters. She instructed and trained other tax law specialists and revenue agents in employee plan matters, including the auditing of qualified plans. She was also a manager in the IRS District Office, Income Tax Examination Division where she held the position of classroom and on-the-job instructor.

Photo of Jeffrey D. Mamorsky Jeffrey D. Mamorsky

Jeffrey D. Mamorsky is Co-Chair of the Global Benefits & Compensation Practice and Co-Chair of the Labor & Employment Practice’s ERISA & Employee Benefits Litigation group. He concentrates his practice in the areas of compensation and employee benefits law. He serves as employee…

Jeffrey D. Mamorsky is Co-Chair of the Global Benefits & Compensation Practice and Co-Chair of the Labor & Employment Practice’s ERISA & Employee Benefits Litigation group. He concentrates his practice in the areas of compensation and employee benefits law. He serves as employee benefits counsel to large multinational corporations, financial institutions, insurance companies, closely held businesses, large not-for-profit organizations, governmental agencies, Big Four accounting firms, leading employee benefits consulting firms, large multiple employer plans and major multi-employer pension and welfare funds.