BREAKING NEWS

BMF Named a 2021 Best of the Best Firm!

We have again been named to the IPA’s 2021 Best of the Best Firms list, which recognizes the highest-performing firms within the accounting profession.

Articles & Publications

Payroll Controls: Is Your Data Accurate and Secure?

Data accuracy is crucial when managing employee benefit and retirement plans. Errors and mistakes can lead to inaccurate deferral amounts, delayed enrollment dates and incorrect calculation of eligible compensation, to name just a few problems. Much of the data. Read More >>

Benefit Plan Insights: 5 Common ERISA Red Flags

Any size retirement plan can run into serious trouble when sponsors aren’t careful. With some reasonable planning, your qualified retirement plan doesn’t have to be the target of the Employee Retirement Income Security Act (ERISA) litigation. Below we have. Read More >>

Leveraging Plan Administration while Maintaining Your Fiduciary Responsibility

Under ERISA, employee benefit plan administrators have complete responsibility for all administrative functions of the plan. This includes everything from selecting service providers and investment management to maintaining accurate minutes that document the decision-making processes. Selecting the third-party administrators. Read More >>

To Email or Not to Email: Sending ERISA Disclosures Electronically

The ERISA requirements for delivering retirement plan information to participants are extensive — and potentially expensive. As a plan sponsor, you must deliver multiple disclosures to participants on a regular basis, ranging from plan notices to quarterly benefit statements.. Read More >>

Comment Letter on ASB Proposed Statement of Auditing Standards

Earlier this year, the Auditing Standards Board (ASB) issued an exposure draft of a proposed change to the auditing standard which, if adopted, would make radical changes in audit reports for employee benefit plans.  BMF, as a well-recognized industry. Read More >>

Compliance Matters: Identifying Compensation Errors

A common operational defect occurs when employee benefit plans do not utilize the proper definition of “eligible compensation” when determining salary deferrals, matching contributions and employer discretionary contributions. Wide-Ranging Definitions The definition of “compensation” can be wide-ranging — covering. Read More >>

Benefit Plan Responsibilities: When Not to Rely on Your TPA

Outsourcing plan functions to a third party administrator (TPA) is one way that plan administrators can keep their heads above water. But misunderstanding the TPA’s duties can lead to compliance challenges. The problem occurs when plan administrators rely on. Read More >>

Plan Operations: Keys to Switching Service Providers Painlessly

There are plenty of valid reasons for plan sponsors to switch service providers. For example, the performance of their investment provider may come into question, or they may be dissatisfied with the current record-keeper’s services or fees, or a. Read More >>

Retirement Plan Contributions: Timing is Everything

The U.S. Department of Labor (DOL) has a specific definition for “timely” remittance of employee contributions: “the earliest date that is reasonably possible to segregate the contributions from the employer’s general assets, but no later than the 15th business. Read More >>

An Ounce of Prevention: The Case for Effective Internal Controls

There really is no understating the importance of implementing effective internal controls. With a solid system of controls in place, you can be reasonably sure that your employee benefit plan is achieving and maintaining compliance with regulatory requirements and. Read More >>