I recently participated as an expert panelist in The Plan Sponsor University (TPSU) classroom training and certification session at the Dixon University Center in Harrisburg, PA. TPSU’s mission is to help Plan fiduciaries, including Plan Sponsors and Company Retirement Committee members and administrators, improve their retirement plans for the benefit of both their Company and employees through education and training. There is no charge to participants for attendance at the classroom session, and they can continue their education on-line and receive full certification as a Certified 401(k) Plan Fiduciary if they wish.
TPSU uses the latest research into behavioral finance (what drives people to make financial decisions) to help Plan fiduciaries design their retirement plans to potentially achieve increased employee participation and contribution rates. This half-day classroom session also covered many topics to help participants from eleven Central PA companies be aware of and better tackle the many responsibilities placed on them by the IRS and Department of Labor (DOL). TPSU keeps the group size below 20 so that everyone has the opportunity to share their own experiences about what is working and not working in their retirement plans. One concern shared by attendees was the challenge of tracking down participants who have moved. A recent DOL field assistance bulletin addresses Plan fiduciary responsibility for that. This bulletin is Field Assistance Bulletin 2014-01.
Participation in TPSU is a great way to potentially improve your Plan and Plan administration in addition to showing your organization’s commitment to fulfilling its fiduciary responsibilities should the DOL come knocking! For more information on TPSU visit http://TPSuniversity.com. The local training was hosted by Bob Langan, Adjunct Lecturer for TPSU and President of Langan Financial Group. Please contact Brown Schultz Sheridan & Fritz by calling 717.761.7171 (Camp Hill office), or 717.581.1040 (Lancaster office), if you would like to discuss any concerns about your retirement plan with someone in our Employee Benefit Plan Audit practice.
ABOUT THE AUTHOR
Corinne P. Sheridan, CPA
Corinne is a Senior Manager with Brown Schultz Sheridan & Fritz and is a key member of our Employee Benefit Plan Audit Management Group. She received her Bachelor of Business Administration degree from Pennsylvania State University.