CPAR November 2016 Segment 4
Rachel Faye Smith on ERISA Noncompliance Penalties
Accountants, as well as executives at their clients’ offices, have a fiduciary obligation to ensure that employee benefit plans are properly maintained and administered. So, what can – and should – you be doing to lessen your personal and professional liability?

In this segment, Rachel Faye Smith, a partner at Murtha Cullina LLP, evaluates how proposed changes to the forms and regulations that govern annual benefit plan reporting could affect your workload and counsels you on how to diminish your potential legal responsibility.

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As a fiduciary, you have an obligation to ensure that your company’s retirement plan is in compliance with the rules and regulations of the Employee Retirement Income Security Act (ERISA). This can be a daunting task, especially if you don’t have the right resources to help you. That’s where Certified Plan Administrator of Retirement (CPAR) comes in. CPAR is a professional designation for individuals who have demonstrated knowledge of the laws and regulations governing retirement plans.

CPARs are certified by the American Society of Pension Professionals and Actuaries (ASPPA). To become certified, individuals must pass a rigorous examination that tests their knowledge of the laws and regulations governing retirement plans. Once certified, CPARs are required to maintain their knowledge of the laws and regulations by taking continuing education courses and attending conferences.

By having a CPAR on your staff, you can rest assured that your retirement plan is in compliance with ERISA. CPARs can help you with plan design and implementation, as well as ensure that the plan is in compliance with all applicable laws and regulations. They can also help you with plan audits, which are required by the Internal Revenue Service (IRS) and the Department of Labor (DOL).

CPARs are also invaluable when it comes to problem solving. They can help you identify and resolve any issues that may arise with your retirement plan. They can also help you ensure that your plan is operating in accordance with the law and regulations, which is essential for avoiding costly penalties.

In addition to helping you with compliance, CPARs can also help you understand the complexity of the laws and regulations that govern retirement plans. They can provide you with helpful insight and advice on how to best manage and administer your plan.

Overall, having a CPAR on your staff can help you ensure that your retirement plan is in compliance with the laws and regulations of ERISA. A CPAR can provide you with the knowledge and expertise you need to ensure that your plan is operating in accordance with the law, while also helping you identify and resolve any issues that may arise.