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Best Practices for ERISA ' 408(b)(2) Compliance

By K. Jennie Kinnevy
July 30, 2012

What is your law firm doing to make sure it is following best practices in its participants' retirement plan to comply with ERISA ' 408(b)(2)? How do you plan to reduce the likelihood of a plan audit resulting in possible reportable “prohibited transactions” which could trigger an Internal Revenue Service (“IRS”) or Department of Labor (“DOL”) audit, fines and penalties?

To achieve the goals of the new ERISA laws, participants and sponsors will have access to more information which will increase the responsibility of plan sponsors to act upon the information received.

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