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Form 5500 Late Filer Program By Randall W. Cook SAALFELD GRIGGS PC The U.S. Department of Labor recently created the Delinquent Filer Voluntary Compliance Program (“DFVC”). DFVC allows employers who have not filed one or more IRS Form 5500s on their retirement plans a chance to avoid penalties (normally up to $1,100 per day) that …
New Rules Improve Arbitration Hearings By Hunter B. Emerick Saalfeld Griggs PC Arbitration has become a familiar alternative to trials for resolving disputes. As a system of dispute resolution, arbitration has many benefits. Arbitration is private. The proceedings are limited to their parties and their attorneys. The presentation of evidence in arbitration is much more …
Fiduciary Liability for Retirement Plan Sponsors: What Employers Should Be Losing Sleep Over By Christine M. Moehl SAALFELD GRIGGS Employers who sponsor retirement plans are considered “fiduciaries” with respect to every employee who participates in their plan. This means, among other things, that the employer faces personal liability for unreasonably poor investment performance. In a …
New Oregon Privacy Laws: The Cost of Shifting Risks By Shannon Raye Martinez Saalfeld Griggs PC Identity theft has become a hot topic and concern for all across the country, so it should come as no surprise that the Oregon legislature adopted new laws relating to identity theft in the last legislative session. This new …
Designing Your Retirement Program to Attract and Retain Key Employees By Randall W. Cook SAALFELD GRIGGS PC A major component to any successful business is its ability to attract and retain key employees. Studies indicate that an employer’s retirement program is high on the list of factors considered by key employees when choosing an employer, …
Expedited Civil Jury Trials: A Welcome Change? By Erich M. Paetsch Saalfeld Griggs PC The civil jury trial is rapidly disappearing in court rooms across the United States. Oregon is no exception. For example, one report stated that less than one percent of civil cases go to trial in Marion County, Oregon. In part, this …
Creative Uses for Cross-Tested Retirement Plans By Randall W. Cook SAALFELD GRIGGS PC As we have reported in past issues of “Business Briefs,” cross-tested retirement plans are a unique form of profit sharing plan that allow employers to allocate considerably higher plan contributions to one or more select groups of employees. In many instances, the …
Employers Face New Liability for Skipping Rest Breaks By Randall P. Sutton Saalfeld Griggs PC Give me a break! That’s what both employees and employers will be saying in light of a recent decision by the Oregon Court of Appeals that encourages employees to sue for missed rest breaks. Requirements: As most employers know, an …
Cash Balance Plans: The Best of Two Retirement Plan Worlds Have you, like many other Americans, seen a substantial decrease in your retirement savings? Are you nearing retirement with less retirement savings than you expected? Would you like to contribute larger amounts to a retirement plan? If so, a Cash Balance Plan may be your …
Are You Playing Audit Roulette with Your 401(k) Plan? The prospect of an audit by the Internal Revenue Service (IRS) or the U.S. Department of Labor (DOL) strikes fear into the heart of most employers who sponsor qualified retirement plans. When an auditor finds violations of the Employee Retirement Income Security Act (ERISA), the consequences …