BDO Talks ERISA (BDO USA)
Explorez tous les épisodes de BDO Talks ERISA
| Date | Titre | Durée | |
|---|---|---|---|
| 28 Nov 2023 | Navigating Financial Wellness | 00:20:02 | |
Key Takeaways: Introduction [.44] What is Financial Wellness [4.33] What does a Financial Wellness program include for participants [6:02] How can companies promote these programs [9:06] What do investment plan advisors really look like [11:42] How to educate on utilizing all your plan offerings [14:26] How can plan sponsors promote finance wellness programs [15:40] Conclusion [18:50] Resources: | |||
| 19 Feb 2021 | Hit the Easy Button: Prepare for the Long-Term, Part-Time Employees Provision of SECURE Act | 00:22:18 | |
Key Takeaways: [1:35] Let’s talk about the SECURE Act and its long-term, part-time (LTPT) employees. [2:30] A little bit about Norma and her background. [3:45] Norma shares how the SECURE Act was created and why it’s important. [5:40] When do employees join the tax-qualified plans? [6:00] The new LTPT employee rule means it’s mandatory for plan sponsors. [8:25] Why is this rule important and why did the government decide to introduce it? [11:55] Do you have to give LTPT an employer match? [13:10] How can employers best track this process and who would qualify under this new act? [14:00] This new obligation doesn’t take effect until January 1st, 2024, but here’s why you want to start now. [17:35] Is there an easy way out of all of this? [20:00] Are you an employer in Oregon, California, Illinois, and Connecticut? You want to listen in. Resources: BDO’s ERISA Center of Excellence Email Questions and Comments to BDOTalksERISA@bdo.com Quotes from the Episode: “This new obligation doesn’t take effect until January 1st, 2024. You have to track if they had 500 hours of service over three consecutive 12-month periods and those kickoffs start January 1st, 2021. You could do nothing and wait and then go back and recreate all your records.” “Already there are a number of states; Oregon, California, Illinois, Connecticut, have already set up mandatory programs. If you’re an employer in those states and you don’t have a 401(k) program, you have to participate with the state-run paycheck deduction IRA.” “The states that couldn’t wait for the federal solution are out there already trying to help people save through workplace retirement saving plans.” | |||
| 26 May 2022 | Retirement Readiness for Women | 00:19:56 | |
In this episode, our co-hosts talk with Michele Burkholder, CFP®, a financial adviser with the Burkholder Team, and Morgan Stewart, a finance professional working with Michele, in a conversation about women and their financial planning. Michele and Morgan have a mission to educate and guide individuals, families, and business owners regarding financial decisions. They want to give sound, personal financial advice for every life stage. Key Takeaways: [1:51] 2020 GAO report on retirement security stating that older women reported facing a financially uncertain future. [3:10] Michele and Morgan share their background. [4:30] First concern women have regarding their financial planning is making sure they are saving enough and not outliving their income. [6:00] The ideal time to start working with a financial advisor is when they begin their career. [7:12] Michele’s explains why she recommends the following: 1. Have credit in your name; 2. Have a separate retirement account; 3. If you’re being supported, make sure you have sufficient life insurance on them; and 4. Make sure you can fund your long-term care. [9:14] Morgan explains why she recommends whole life insurance. [12:05] Prioritizing retirement savings over college for children. [14:18] Some women are more in tune with understanding their financial needs, while others might not have saved as much as their male counterparts. [14:18] Reasons a lot of women may not have save enough for their retirement. [16:25] COVID has also disproportionally impacted women. [17:15] Beth and Michele wraps up by summarizing key takeaways from the episode. Reference Code: 4618220RLB_Apr24 Resources: BDO’s ERISA Center of Excellence Email: bdotalkserisa@bdo.com Related Links: STRENGTHENING WOMEN’S FINANCIAL WELLNESS IN THE WAKE OF THE PANDEMIC FINANCIAL WELL-BEING FOR WOMEN: EMPOWERING EMPLOYEES BY HELPING THEM PREPARE FOR RETIREMENT U.S. GAO, “Retirement Security: Older Women Report Facing a Financially Uncertain Future” Quotes: “Women being prepared for their retirement is a major passion for all of us on the podcast.” — Beth Garner “[My Dad] had a fatal heart attack at 40. I saw what that did to our family. … I wanted to get into financial services because I wanted to make sure that I could take care of myself but also, the women around me could take care of themselves.” — Michele Burkholder “As soon as … [people] start a career, they should be working with an advisor … not only to understand their benefits at their job but also to help if they have college debt, how to prioritize that and also how to start saving for their future.” — Michele Burkholder “It’s a really difficult choice but 100% of the time I would say that retirement should take priority [over your children’s college education]. … Your children can get a college loan. … Once you get to retirement, you can’t take a loan out for retirement.” — Michele Burkholder | |||
| 14 Jul 2022 | SECURE 2.0, RISE & SHINE Act, and Your Retirement Savings Plan | 00:17:44 | |
Host Beth Garner talks to Norma Sharara, Managing Director, National Tax Office — Compensation & Benefits at BDO regarding the SECURE 2.0 Act of the House, the RISE & Shine Act of the Senate HELP Committee, and the as-yet-unnamed bill from the Senate Finance Committee, all aiming to supply greater access to workplace retirement. Beth and Norma discuss some of the provisions of each bill and how they differ, including a SECURE 2.0 provision for student loan debt. Listen in to get information on bipartisan supported expected improvements to workplace retirement plans. Key Takeaways: [1:07] On March 29, the U.S. House of Representatives passed Secure 2.0 with a vote of 414-5. [2:48] The Senate Committee on Health, Education, Labor, and Pensions (HELP) passed the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (RISE & SHINE Act). [4:34] The Senate Finance Committee is considering over 1,000 changes to the House Secure 2.0. [7:44] The original SECURE Act became law in December 2019, before COVID-19. It was the biggest change to retirement plan law since the Pension Protection Act of 2006. SECURE 2.0 seeks to add enhancements to the 2019 act. [8:36] One change is increasing access to workplace retirement plans. Norma explains the differences in the House and Senate bills on mandatory enrollment. Another hot topic is emergency savings. SECURE 2.0 does not have a provision for emergency savings but RISE & SHINE allows a sidecar 401(k) account to build up for emergency use. [10:10] Norma discusses changing the Required Minimum Distributions from starting at age 72 to rising to start at age 75. There are other provisions like allowing additional catch-up contributions, for those close to retirement age and making all contributions after-tax Roth. [10:52] Other possible provisions are allowing employees to have their matching contribution be Roth, to pay tax on the matching contribution up front, and not at the withdrawal, electronic plan administration through email, Savers’ Credit being refundable to encourage people to save, and some additional tax credits for small businesses to offset startup costs. [12:44] SECURE 2.0 (but not RISE & SHINE) allows you to treat student loan payments as elective deferrals for purpose of matching contributions. Students are graduating with too much debt and too few job opportunities. [14:39] Another SECURE 2.0 provision, not in RISE & SHINE, is a government-run “Lost & Found” for retirement plan assets of people leaving jobs behind. Resources: BDO’s ERISA Center of Excellence Email: bdotalkserisa@bdo.com House Bill Secure 2.0, “Securing a Strong Retirement Act of 2022” Pension Protection Act of 2006 Quotes: “[There are] all sorts of things [in these bills] to encourage people to save more and to really help people have an idea about their retirement.” — Norma Sharara “It’s very nice to see that there is broad bipartisan support for these rules and it’s exciting to see what comes out of it.” — Beth Garner “The best parts of RISE & SHINE and SECURE 2.0 and whatever the Senate Finance is going to call their bill, hopefully, that will move and we’ll see even greater access to workplace retirement savings.” — Norma Sharara | |||
| 02 Mar 2021 | ESG Investments: More Than Window Dressing | 00:22:48 | |
Key Takeaways: [2:35] A little bit about Michael and what he does for BDO Wealth Advisors. [4:45] What’s new in ESG investing? [6:40] Why is ESG important and how does it affect plan sponsors? [7:00] In a recent report, 56% of plan participants discuss it is very important to have ESG alternatives available to them. [7:45] Why is ESG different from other investment opportunities? [10:10] ESG is growing in markets outside the U.S. [12:25] What policies and procedures need to be in place to show that you’re following through on all the ESG requirements? This is still a bit of a gray area. [14:35] The younger generation wants their core values expressed in their investment dollars. [19:20] If you look at the marketing messages at investment firms, mutual funds, and investment advisors, ESG investing is at the forefront. Resources: BDO’s ERISA Center of Excellence Email Questions and Comments to BDOTalksERISA@bdo.com Quotes from the Episode: “The enactment in 2021 — the legislature really was written to try and clear up some of the confusion about what a fiduciary requirement was in terms of including ESG investing in portfolio options and what was the standard for plan sponsors.” “ESG — what it’s trying to do is bring social governance to the investing world and allow people to make money and grow their assets for retirement, but also to put their core values into play.” “What’s important to the parent’s generation may not necessarily be the same for the younger generation, and there’s a push to have their core values expressed in their investment dollars.” | |||
| 29 Jun 2022 | Two Key Takeaways from the 2022 AICPA EBP Conference | 00:23:18 | |
Today our co-hosts discuss two hot topics from the 2022 AICPA Employee Benefits Plans Conference in Nashville, TN. These include Environmental, Social and Governance (ESG) investing, as well as cybersecurity. Key Takeaways: [0:55] Beth and Joanne attended this year’s conference and had the opportunity to hear directly from regulatory agencies. [1:59] A broad range of topics were discussed at the conference, which were mainly geared towards CPAs who audit plans. [2:19] Two key takeaways from the conference though, which are especially relevant for plan sponsors, included ESG investing and cybersecurity. [3:14] The meaning of ESG investing, along with the implication of the Department of Labor’s (DOL’s) 2021 ruling on it, is examined. [11:37] What can you do to ensure your ESG investment goals are met? [14:07] The scope of the DOL issued guidance on cybersecurity is explored. [15:31] Alarming stats on cybersecurity are reviewed, which underscores the importance of being diligent. [17:18] What are the five things plans sponsors can do to increase plan security? Resources: BDO’s ERISA Center of Excellence Related Links:
Email: bdotalkserisa@bdo.com | |||
| 29 Jun 2023 | 401(k) Best Practices A Guidebook for Plan Sponsors featuring TY Parrish | 00:22:25 | |
Key Takeaways: Introducing TY Parrish [1:47] Introduction of the 401(k) Best Practices A Guidebook for Plan Sponsors book [6:09] Common questions from plan sponsors [7:14] Defining a good advisor [7:58] Plans that do not have advisor and committee [9:08] Finding an advisor [12:57] How reduce risk and retirement readiness make a good advisor [13:50] Biggest takeaway from the book [18:57] Conclusion [20:50] Resources: | |||
| 06 Jan 2022 | The Cost Savings of Dependent Eligibility Audits | 00:35:44 | |
Episode 15 Key Takeaways [2:00] A little bit about Howie. [5:45] It’s predicted that healthcare costs will increase in 2022. How can employers still expand health benefits, service, and coverage? [7:05] What is a dependent eligibility audit or dependent verification process? Howie expands on this. [9:10] How is this different from confirming your dependents upon open enrollment? [10:25] Howie shares a story about a time he was carded at IHOP as an example. [12:20] Is there a separate process for working spouses? Howie shares what can be the provisions. [17:00] What are the cost savings related to these audits? [20:35] Howie talks a little about employee self-funding. [24:35] Howie also shares his biggest audit finding that reaped the largest savings. [27:55] What documentation would be needed through an audit? Resources Related Insights: Quotes: “If there’s teeth in the process, whether it be open enrollment or during a dependent audit, that will help confirm the eligibility of the dependents.” “Everybody loves the idea of cost savings. But does a plan really need to be as invasive as collecting supporting documentation from each subscriber or is there a better way?” | |||
| 11 Mar 2022 | Your Remote Workforce: The Obligations and Tax Implications | 00:22:08 | |
Ronii Rizzo is a Managing Director with BDO and the Global Payroll and Employment Tax Services National Leader. Ronii assists her clients with expatriate tax and payroll matters. In this week’s episode, she discusses how international, federal and state governments are aware of the current workforce trends and how they are prepared to audit and enforce tax law. Ronii offers insight into how to keep you, your employees, and your company compliant with the latest regulations. Key Takeaways: [2:35] A little bit about Ronii and her background in accounting. [6:20] The way people are working has shifted, which means new obligations are being created for employers. [7:10] If an employee moves to a new location, it’s on the employer to be aware and file the correct reporting requirements. [7:30] States are increasingly more attentive to when companies are not in compliance. [8:20] New York is seemingly the most stringent. [9:55] You must look at each state/location to determine what the threshold is. [11:50] You must have a system in place for tracking the working location of employees. [12:10] Companies should evaluate their workforce policy. Pre-pandemic policy may no longer be relevant. [13:34] Requirements are intensified at the global level. [15:35] Companies must be aware of a ‘tax nexus’. Ronii explains what this means. [19:10] The way we work is changing and it’s here to stay. Resources: What's Next for Employee Mobility? Working from anywhere: Issues for the Employer - Employment Tax BDO's ERISA Center of Excellence Email: bdotalkserisa@bdo.com Quotes: “58% of employees desire the option to be full-time remote employees while 39% are looking for a hybrid-work option.” “It’s the employer’s obligation to know the employee has relocated and do the proper payroll reporting and withholding.” | |||
| 09 Jun 2021 | No Surprises: Prepare for Changes in Healthcare Impacting Benefit Plans | 00:33:24 | |
Key Takeaways [2:50] A little bit about Venson and why he is so passionate about this field. [5:55] What’s going on with disclosures when it comes to healthcare plan services? [10:35] When can you use the self-service tool to provide disclosures? [11:25] What do we need to know about the No Surprises act? [15:05] What do health plans need to do to accommodate for this act? [17:00] Investing in preventive care upfront will be a lot less expensive down the line for more chronic conditions. Venson encourages plan participants to really take advantage of this in your healthcare plan. [18:25] What Is the healthcare plan’s role in preventive care? [21:20] Remember, one size does not fit all. Every organization has different needs based on their size. [24:10] Access to preventive care means better access to your doctor. [26:55] What benefit coverages will be changed in light of COVID? [32:15] Interested to know more? Send your questions to BDOTalksERISA@bdo.com. Resources: BDO’s ERISA Center of Excellence Related Insight:“No Surprises Act” Protects Patients from Unexpected Medical Costs Email Questions and Comments to BDOTalksERISA@bdo.com Quotes from the Episode: “The No Surprises act is to make sure that, for the consumer, that they’re not surprised with any billings or higher billings for services that they received.” “Why are we going through all of these changes? It’s really driven by the government and the industry and the consumers who are interested in enhancing the quality and lower costs.” “We are encouraging more preventive care upfront to minimize the severity of some of the chronic conditions. The more we can invest in that, it’s a whole lot less expensive.” | |||
| 17 Mar 2021 | Feeling the Burn: A Mental Health Expert Weighs in on Employee Burnout | 00:23:21 | |
Key Takeaways [2:00] A little bit about Margaret and what she does as a social worker. [4:00] Why are we talking about mental health on today’s episode? [6:55] How concerned should employers be about employee burnout and what can they do to better support their staff? [9:20] There has to be a culture of acceptance. [12:55] Employees are not comfortable asking for help. [15:35] Women are leaving the workforce. Why? [20:00] HR is changing rapidly and hopefully they’ll be taking a look at the mental, physical, and financial wellness of their staff. Resources: BDO’s ERISA Center of Excellence Email Questions and Comments to BDOTalksERISA@bdo.com Quotes from the Episode: “If you need the help, ask for it. There’s nothing wrong with it. You’re not in a silo, everyone is going through this.” “Happy employees, happy employer. There isn’t an overnight cure for everything, but it’s about being aware and knowing your employees and developing that good culture.” “The perfect storm breeds an opportunity for the perfect change and to make things even stronger.” | |||
| 31 Oct 2022 | HR Due Diligence | 00:31:45 | |
In many cases, the people costs are some of the highest costs an organization has — which presents both opportunity and risk. Exploring the opportunity and risk ahead of a merger or acquisition is known as the HR due diligence process. Our co-hosts sit down with Liz Mack, who is the Managing Director, Workforce in Transactions Leader for Global Employer Services at BDO, USA to discuss the process for and benefits of reviewing how a target supports its workforce before the deal is signed. Key Takeaways: [03:04] Introduction of Liz Mack [05:51] How is HR due diligence defined? [10:21] Review of other terms that fall under the umbrella of “transactions,” including merger of equals, bolt on, tuck in, divestiture, and spin off [14:29] Real-world examples of successes and failures seen with transactions [23:59] Benefit of HR communications before and after the close of the transaction For more information on this topic, read Liz Mack’s article on the 8 Reasons to Do HR Due Diligence here or email us at BDOtalksERISA@BDO.com. Resources: Insight: Why HR Due Diligence is an Important Step in a Transaction | |||
| 31 May 2023 | Q&A regarding SECURE 2.0 | 00:13:09 | |
Introduction [0.44] Unenrolled participant disclosure - does this include 403(b) plans & if 403(b) plans are no longer required to communicate annual university availability notice? [1:05] Are there any there any small employer or other exceptions for the auto enrollment requirement? [3:09] The catchup contribution increase in 2025 for individuals between the age of 60 and 63, and whether this is mandatory or optional. [4:07] What is the three-year limit repayment of qualified birth or adoption related to that distribution? [5:20] Which provision will have an impact on plan auditors and what recommendation do you have for auditors? [7:40] Will auto enrollment and auto escalation apply to long-term part-time employees? [9:36] Conclusion [11:30] | |||
| 15 Nov 2021 | ESOPs: What Does It All Mean? | 00:21:14 | |
Episode 13 Key Takeaways [2:00] A little bit about Blake. [3:00] What is an ESOP? [4:10] When does it make sense to offer an ESOP to employees? [6:20] It’s important to conduct a feasibility study before offering an ESOP. [9:45] Are certain industries better suited to incorporate an ESOP? [12:00] Blake explains why ESOPs are great from an employee retention perspective. [14:00] What are some of the upcoming challenges with ESOPs? [17:00] What do companies need to be aware of when they set up an ESOP? Resources Is an Employee Stock Ownership Plan Right for Your Business? Quotes “Construction is a great one for an ESOP. The reason for that is earnings are cyclical in some cases so they’re not super predictable.” “As Baby Boomers are getting ready for retirement, ESOPs are an excellent way to continue with the company.” “The reality is there’s just a lot of capital right now and people are excited to invest in ESOP transactions.” | |||
| 27 Mar 2023 | SECURE 2.0 & ESOPs | 00:23:30 | |
In this episode, we are joined by Maria Thiel & Blake Head to discuss the world of Employee Stock Ownership Plans (ESOPs) & SECURE 2.0. The discussion focuses on the three provisions in SECURE 2.0 that relate to ESOPs:
Key Takeaways: Welcome [2:51] Updates in the ESOP world [6:17] Three provisions in SECURE 2.0 that relate to ESOPs [7:00] Section 114 [11:24] Section 123 [14:25] Worker Ownership, Readiness, and Knowledge [20:22] Conclusion Resources: ESOP Advisory: BDO Capital Advisors, LLC Disclaimer: Investment banking products and services within the United States are offered exclusively through BDO Capital Advisors, LLC, a separate legal entity and affiliated company of BDO USA, LLP, a Delaware limited liability partnership and national professional services firm. For more information, visit www.bdocap.com. Certain services may not be available to attest clients under the rules and regulations of public accounting. BDO Capital Advisors, LLC Member FINRA/SIPC. | |||
| 09 Sep 2021 | Unpacking the Department of Labor’s Cybersecurity Guidance | 00:14:38 | |
Episode 11 Key Takeaways [4:20] A fun little fact about David. [4:55] What do audits and cybersecurity have to do with each other? [9:35] What should plan sponsors be thinking about when it comes to privacy concerns and how is that different from security concerns? [12:25] The biggest thing a plan sponsor needs to understand is what security protocols are in place. Resources: Email: BDOTalksERISA@bdo.com Related Insights: | |||
| 30 Nov 2022 | DOL’s Cybersecurity Guidance for Retirement Plans (Part 2) | 00:24:32 | |
Continuing our two-part series, our co-hosts are joined by Steve Combs, Managing Director, Cloud Security & Infrastructure (CS&I), BDO Digital to continue their discussion of DOL’s cybersecurity guidance and how it helps combats the growing threat of cybercrime to ERISA-covered retirement plans. Get answers to the key questions plan sponsors might have regarding the scope of the guidance, along with the following three forms that come with it: Tips for Hiring a Service Provider, Cybersecurity Program Best Practices and Online Security Tips. Key Takeaways: [01:10] Recapping the three forms that come with DOL’s cybersecurity guidance [02:10] Beth introduces Steve Comes with the BDO Digital team [04:45] Evaluating Service Providers and their Service Agreements [07:37] Identifying and addressing common system weaknesses [13:04] Managing a data breach incident [20:12] Combatting cyberthreats Listen to our prior episode DOL’s Cybersecurity Guidance for Retirement Plans for part 1 of this two-part series on cybersecurity, where we discuss the scope and implications of DOL’s cybersecurity guidance with Greg Schu, Partner, Cybersecurity – National PCI Compliance Lead, BDO Digital. Resources: Related Insight: | |||
| 13 Oct 2021 | Drum Roll, Please: Top 10 ERISA Violations You Need to Know | 00:26:52 | |
Episode 12 Key Takeaways [5:10] Your hosts dive into the top 10 ERISA violations, which account for a total of 97% of all violations. [5:45] Top 10: Failure to establish trust. [6:20] Top 9: Reporting violation. [8:00] Top 8: Bonding. [10:00] Top 7: Duty of disclosure. [11:30] Top 6: Improper benefit to employer. [13:15] Top 5: Failure to follow plan documents. [16:10] Top 4: Prohibited transactions with a party in interest. [18:55] Top 3: Fiduciary self-dealing. [20:55] Top 2: Exclusive purpose. [23:15] Top 1: Fiduciary imprudence. Resources: Email: BDOTalksERISA@bdo.com GAO-21-376, Appendix III: Top 10 ERISA Violations Identified in Investigations Related Insights:
Quotes: “The topmost frequent violation categories account for almost 97% of all violations.” “As we go up this list, the violating provisions are more broader terms. Many operational issues can fall within the parameters of these provisions.” “What’s in the plan document? That’s the legal document. If it’s not in the plan document, it doesn’t exist.” | |||
| 04 Apr 2022 | Employee Culture: The Differentiator in Today’s Workplace | 00:32:36 | |
Beth Garner talks with David Friedman, founder and CEO of High Performing Culture, LLC and author of Fundamentally Different and Culture by Design: How to Build a High-Performing Culture, Even in the New Remote Work Environment. In today’s episode, David shares why culture is the biggest opportunity for companies to have a competitive and sustainable edge against their competitors and explains how leaders can create and implement their culture plan. Key Takeaways: [:50] A little bit about David and his journey towards launching the CultureWise platform in 2020. [3:45] David shares his experience writing two books. [4:55] What makes culture a competitive edge? [6:40] The biggest opportunity we have for differentiation is our people. [9:15] Most CEOs nowadays agree that culture is very important but not all of them know what to do about it. [10:50] David explains how culture can be made into a core business process. [13:30] David shares why most CEOs don’t have a documented culture plan. [14:40] What does a culture plan look like in the new hybrid/remote working environment? [17:50] David defines rituals and their importance in sustaining your culture. [20:05] David shares the steps for building and defining a culture. [21:25] David discusses the difference between core values and fundamentals. [27:40] How can companies introduce culture to new employees? Resources: Abandoned 401(K) Accounts and The Great Resignation Email: bdotalkserisa@bdo.com David on LinkedIn Quotes: “Whatever you told me that makes you special and if I were to invite your competitors in the room and ask them the same questions, they’d probably give me the same answer.” “Culture is the single biggest thing that affects how people show up and do what they do every day.” | |||
| 19 Feb 2021 | So Let’s Talk: Telehealth and Other Employee Benefit Trends for 2021 | 00:18:35 | |
Key Takeaways: [1:10] What is the goal of BDO’S ERISA Center of Excellence? [2:00] Luanne shares her story and some of her responsibilities at BDO. [2:45] Our co-host Joanne, shares a little bit about herself. [3:35] We want to hear from you! Reach out and let us know what topics you’re interested in! [3:45] Beth introduces herself and shares a little bit about where she’s from. [5:15] To jump into today’s topic, plan sponsors are fatigued by talk of COVID-19. [5:55] Now more than ever, we will see an increase in mental health offerings. [8:15] How we visit the doctor is going to completely change. [8:55] NFL draft was conducted remotely! [10:00] Communication is going to be key when it comes to re-engaging all employees. [12:50] Cybersecurity and protecting personal employee data is going to be a main concern for employers. [13:50] Plan sponsors need to keep informed on security topics. [15:20] There’s a huge delay when sending out documents via snail mail. [16:25] Companies are still sending sensitive information through regular email. [16:55] A quick update about taxes, COVID-19, and what the IRS recently announced. Resources: BDO’s ERISA Center of Excellence Email Questions and Comments to BDOTalksERISA@bdo.com Quotes from the Episode: “Our HR professionals need to take a look at what their employees are doing and ongoing changes to with their benefits. . . Communication is going to be key to re-engaging all employees.” “Retirement is such a huge topic that individuals still need to consider a way to plan for. Time seems to vanish when you think about compounding interest and what you’re going to do.” “Everyone who owns a computer should be concerned about cybersecurity.” | |||
| 12 Sep 2024 | Navigating New Long Term Part Time Employee Provisions Under the Secure Act | 00:22:35 | |
Key Takeaways
Resources | |||
| 26 Apr 2023 | Implications for the 2023 Form 5500 Podcast | 00:24:39 | |
Key Takeaways Welcome [2:00] Introduction to 2023 Form 5500 Changes [3:57] Changing methodology for counting participants in defined contribution plan [6:43] What current plan sponsors need to consider for this filing change? [9:42] Timing of employer contribution [12:40] Automatic Employment for new plan [14:23] 80 – 120 Participant Rule and Short Plan Year Rules [18:20] Internal Revenue Code Compliance Questions [23:18] Conclusion | |||
| 15 Sep 2022 | Cryptocurrency – What Plan Sponsors Should Know (Part 2) | 00:30:13 | |
Are you thinking about offering cryptocurrency in your retirement plan? Continuing our two-part series, our co-hosts are joined by Dave Gray, who is on the Workplace Investing Executive Management Team and serves as the Head of Workplace Retirement Platforms, Workplace Investing for Fidelity, along with Sterling Ingui, who is a Product Area Leader for Next Gen Retirement in Workplace Investing and NC Regional Leader at Fidelity Investments. Get answers to the key questions plan sponsors might have when considering cryptocurrency as 401(k) investment options. Key Takeaways: [06:55] What factors influenced Fidelity’s decision to include cryptocurrency in retirement plans? [08:42] What should plan fiduciaries consider when deciding whether to add cryptocurrency in their retirement plans? [11:05] How are cryptocurrency investment options structured? [14:25] How can these investments be valued? [16:08] Are there any limitations? If so, what are they? [17:27] What cybersecurity protocols are available to prevent data breaches and safeguard investments? [23:16] Are you seeing any trends since making the cryptocurrency option available? Listen to our prior episode Cryptocurrency – Understanding the Basics for part 1 of these two-part series on cryptocurrency, where Sterling Ingui reviews the basics of cryptocurrencies. Resources: | |||
| 28 Nov 2022 | DOL’s Cybersecurity Guidance for Retirement Plans (Part 1) | 00:25:20 | |
On April 14, 2022, the Department of Labor (DOL) outlined a range of practices for combatting the growing threat of cybercrime to ERISA-covered retirement plans. Today we are siting down with Greg Schu, Partner, Cybersecurity – National PCI Compliance Lead, BDO Digital, to discuss the implications of guidelines and what steps plan sponsors can take to help safeguard plan assets and participants’ vital information. Key Takeaways: [01:32] Background on DOL’s recently released cybersecurity guidelines [04:44] Beth introduces Greg Schu with the BDO Digital team [07:23] Understanding the scope of the DOL guidance [08:33] Taking stock of controls through SOC 2 Reporting [13:11] Ensuring that the correct policies and procedures are in place [18:09] Conducting prudent risk assessments [22:42] Making sure you read and understand reporting from your Service Provider Listen to our next episode for part 2 of this two-part series on cybersecurity, where we will continue our discussion with Steve Combs, Managing Director, Cloud Security & Infrastructure (CS&I), BDO Digital. Resources: Related Insight: | |||
| 19 Feb 2021 | Don’t you ‘SAS’ me! Gut Check on the SAS-136 | 00:21:32 | |
Key Takeaways: [2:35] There’s a new auditing standard out! [3:15] Erin shares a little bit about herself and her career path. [6:00] Beth gives a quick brief on SAS-136. [7:30] Joanne breaks down the “Forming an Opinion and Reporting on Financial Statements” standard. [8:15] What plans does this auditing standard apply to? [8:40] How can you check if your plan is subject to ERISA or not? [9:00] Why did the auditing industry have to shake things up and outline a new name for a limited scope audit? [10:30] Limited scope audit is now being renamed to the ERISA Section 103(a)(3)(C) audit. [11:05] What kind of changes do plans sponsors need to be aware of? [12:00] What are some of the preconditions in regard to this audit? [14:35] Every auditor will have to adopt this standard by Dec 21st, 2022. [16:45] Auditors are really going to have to open up additional conversations with plan sponsors and those charged with governance. [17:45] Still think it’s a limited scope audit with a name change? Think again. [19:50] Stay tuned - there will be more information on this topic to come at BDO ERISA! Resources: BDO’s ERISA Center of Excellence Email Questions and Comments to BDOTalksERISA@bdo.com Quotes from the Episode: “From your audit teams, you should expect communication about the standard during your kick-off meeting and there are some pre-conditions that need to be met before we can perform the ERISA Section 103(a)(3)(C) audit.” “Plan management might not take this seriously and still think it’s a limited scope audit and nothing really has changed. I don’t think that’s what the standard wants it to be.” | |||
| 16 Jul 2021 | SAS 136 Back with Attitude: Understanding Reportable Findings | 00:16:19 | |
Key Takeaways: [2:15] Erin does a quick recap of what they talked about in previous episode, Don’t You ‘SAS’ Me! Gut Check on SAS 136. [3:00] Joanne also does a recap on how SAS 136 was created and what problems it helps to solve.[4:20] What is the definition of a reportable finding? [6:10] Joanne and Erin share some of their real-world experiences with reportable findings. [9:30] Reportable findings need to be presented through a formal communication method. This means that a casual email informing the client is no longer sufficient. [11:50] Under SAS 136, new significant plan provisions need to be identified and audited. [14:10] How serious are reportable findings? [15:00] When should you start having conversations about this with your auditor? Resources: Email: BDOTalksERISA@bdo.com Related Insights:
Quotes from the Episode: “So a reportable finding under SAS 136 has a three-part definition. The first one being any non-compliance with laws and regulations would be considered a reportable finding.” “There’s a lot of auditor judgment in things that would be considered significant and relevant to those charged with governance.” “A reportable finding has to be communicated in writing, which is consistent with the requirements for material weaknesses and significant deficiencies.” | |||
| 08 Dec 2021 | Minimizing Uncertainty During the Great Resignation | 00:23:43 | |
Episode 14 Key Takeaways [2:00] What is the Great Resignation, exactly? [4:00] What is the difference between working from home vs. working remotely? [6:20] What do companies need to be aware of when having a mobile workforce? [11:15] Companies don’t know what to do right now when it comes to fair compensation. [16:15] Ask your employees what they want. It really does go a long way. [18:05] Jason offers suggestions on how you can think about benefits beyond the “traditional” services already provided like dental and healthcare. [21:40] Employees are really trying to find ways to minimize uncertainty. The more an employer can minimize that uncertainty through communication, reworking plans, and more, can help smooth the process. Resources Related Insights Retaining Talent During the Great Resignation; Developing a Geographic Pay Philosophy; What’s Next for Employee Mobility? Quotes “Of all the decisions employers can make, compensation is the one that employees generally feel the strongest about. Emotionally, physically, and it impacts how they think about things.” “Sometimes people were afraid to ask, but you’re not going to know what the answer is unless you ask. Employees now are finding their voice.” “Employers are realizing that the one-size-fits-all approach to their healthcare/benefits package may no longer be appropriate. Employee populations are diverse.” | |||
| 22 Feb 2023 | Exploring SECURE 2.0 | 00:22:12 | |
In this episode, we are joined by Norma Sharara, BDO Managing Director, National Tax Office, Compensation & Benefits to discuss potential challenges with automatic enrollment and long-term part-time employees, including historical context and expansion to 403(b) plans. Key Takeaways: SECURE Act 2.0 Introductions and Provisions Introducing Norma Sharara [1:28] Potential challenges with Automatic Enrollment [4:33] Long-Term Part-Time Employees – Historical Context [11:41] Long-Term Part-Time Employees – Expansion to 403(b) plans – inclusions and exceptions [13:40] SECURE 2.0 – distinction of transition period: 3 year vs 2 year [14:40] Tracking on a year-to-year basis for long-term part-time employees for >500 hours [15:31] Potential Pitfalls [18:12] Non-Discrimination Testing Relief and Implications [18:36] Conclusion [19:41] Resources: SECURE 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans | |||
| 17 Aug 2021 | The Core of the Cookie Cutter: Understanding Litigation Under ERISA | 00:20:53 | |
Episode 10 Key Takeaways [4:20] A little bit about David and his work at Groom Law Group. [5:50] Is there a way to simplify and explain what some of these plan lawsuits are all about? [6:50] Most litigations fall under three categories: Loyalty, Prudence, and Prohibited Transactions. [12:00] Later this year the Supreme Court will hear a case on ERISA, what are the potential impacts on future cases. [16:10] We will continue to see these kinds of cases, but also innovation. [14:00] David touches on the rise of lawsuits about data breaches and cybersecurity. [18:15] There seems to be a lot of excessive fee lawsuits lately. David breaks down the categories of the fees. Resources: Email: BDOTalksERISA@bdo.com | |||
| 14 Apr 2021 | Not a Matter of If, but When: Protecting Your Data and Your Responsibilities as a Plan Sponsor | 00:27:59 | |
Key Takeaways [3:10] A little bit about Mike and his background in IT. [5:05] Employees can be an organization’s biggest risk when it comes to cybersecurity. [5:25] How has cybersecurity evolved over the years? [11:00] An organization needs to understand the types of assets that they have that criminals would be interested in getting their hands on. [12:25] What level of cyber risk are you willing to accept? [15:30] What kind of security measures can an organization or small business put in place today to help have a safer company as everyone works remotely? [20:45] Who is responsible for cybersecurity protocols and risk when it comes to sponsor plans? [26:35] Curious to know about cybersecurity and how it relates to your benefit plans? Reach out and ask a question. Resources: BDO’s ERISA Center of Excellence Cybersecurity Framework | NIST Email Questions and Comments to BDOTalksERISA@bdo.com Quotes from the Episode: “If it has value to you, it has value to somebody else. That’s an asset they want.” “The important thing is understanding what your risk profile is, understanding what your risk appetite is, and managing it so those two things coordinate with each other.” “Have multi-factor authentication. If someone did hack you, and they did steal your password, there is a secondary mechanism to protect you.” | |||
| 10 Feb 2022 | ESOPs: What’s the Latest in Administration and Auditing? | 00:25:39 | |
Episode 16 Key Takeaways [:55] A recap about the intention of this podcast and the last episode about ESOPs. [4:45] An update about the National Defense Authorization Act. [6:40] Laura explains how ESOPs work in comparison to a 401(k). [10:20] Timing of the contribution is important. What communications throughout the year should you expect from your employer to be aware of the proper timing? [13:20] Valuations are most of the time the drivers of the timelines but sometimes, there are factors with the company that can also come into play. [14:05] Laura lays out how the timing works with compliance testing, valuation, etc. [15:30] Within ESOPs, are there any year-end testing they are excluded from? [17:45] Sometimes, companies make the contribution after the year’s end, which can cause discrepancies. Laura shares how often that is seen in their audits. [19:00] Are there any obstacles that Laura anticipates for this year with regard to the form 5500 from 2020 being pushed back? [21:00] Joanne wraps up by summarizing the key takeaways from today’s episode and asks Laura to share her best practices. Resources: Related Insights: Quotes: “The timing of things, especially on distributions, can be a big difference and hard for participants and ESOP companies when they first get started.” “We usually have a timeline set up so everyone is on the same page with when to expect each piece to take place.” | |||
| 07 Feb 2023 | New Year, New Mindset | 00:30:02 | |
In this episode, our BDO co-hosts are joined by Antony Hacking, partner with C-Global Consulting to discuss courageous leadership, the importance of psychological safety and managing difficult conversations. The discussion focuses on actionable tactics and techniques to strengthen your professional relationships. Key Takeaways: Welcome [3:33] Introducing Antony Hacking, C-Global Consulting [6:44] Building Trust [14:43] Psychological Safety [22:58] Approaching Difficult Conversations [29:03] Conclusion Resources: | |||
| 26 Aug 2022 | Cryptocurrency – Understanding the Basics (Part 1) | 00:16:52 | |
Are you thinking about offering cryptocurrency in your retirement plan? Learn the basics. Our co-hosts sit down with Sterling Ingui, who is a Product Area Leader for Next Gen Retirement in Workplace Investing and NC Regional Leader at Fidelity Investments. They discuss the fundamentals of cryptocurrencies, including the definition and different types available, as well as the interesting history behind this digital currency. Key Takeaways [05.06] What is cryptocurrency? [06:50] What does it mean to invest in cryptocurrency? [09:02] What are the different types of cryptocurrencies? [11:31] What is the history of cryptocurrency? Listen to our next episode for part 2 of these two-part series on cryptocurrency, where Sterling Ingui will return with Dave Gray, who is on the Workplace Investing Executive Management Team and serves as the Head of Workplace Retirement Platforms, Workplace Investing for Fidelity. Resources: | |||
| 12 May 2021 | The Keys to Success: Communicating with Your Employee Benefits Auditor | 00:27:56 | |
Key Takeaways [3:10] Beth has a fun fact for Joanne, her work best friend! [5:15] There are two parts to an EBP audit. [7:00] What is a “process narrative” and what does it entail? [8:45] Joanne shares a couple of examples of what an audit looks like. [13:40] Let’s talk about SOC 1 reports Type I and Type II and how they’re defined. [19:25] What do you do when you get the qualified SOC report in your hand? [21:20] How do you have a smooth audit? [23:25] Open and honest communication is key to keeping both parties on track. [25:10] Be prepared when it comes to the reconciliation. Resources: BDO’s ERISA Center of Excellence Email Questions and Comments to BDOTalksERISA@bdo.com Quotes from the Episode: “A SOC report includes an opinion on the operating effectiveness of the controls and a detailed description of the auditor's test of those controls and the results of those tests are out at a specified period.” “Auditors having a weekly check-in really keeps both parties on track and open communication is key.” “Auditors love early on when there’s a qualified SOC 1 report because we’re going to have to assign more time for the audit.” | |||