Employee Retirement Income Security Act (ERISA) Compliance

Effective internal controls and reviews of plan administration are essential to prevent costly mistakes that can jeopardize a 401(k) plan’s or 403(b) plan’s tax-favored status, or subject a plan sponsor or plan administrator to liability under the Employee Retirement Income Security Act, as amended (“ERISA”). This may be a good time for plan sponsors to perform an internal review of the administration of their 401(k) or 403(b) plan to address common plan administration mistakes. The IRS is placing a strong emphasis on encouraging employers to adopt internal controls and perform internal reviews. By conducting an internal review, most plan sponsors can quickly identify where problems exist. Clark Hill can help keep your company compliant with the current rules and regulations.

Compliance is a Process, Not an Event

Identify and Assess Risk Areas

  • Is the company aware of compliance requirements?
  • Have any processes or procedures been put in place?
  • Are there immediately identifiable red flags?

Develop or Revise Policies and Procedures

  • Assist employer to establish or amend processes and procedures to ensure ERISA filings are completed correctly and timely.
  • Advise on proper storage, retention and destruction policies.
  • Establish policies in the event of audit or investigation.

Train and Educate

  • Prepare materials and conduct training for management and employees on ERISA compliance.
  • Continually advise on new rules and regulations 

Monitor and Audit 

  • Monitor efficacy of, and compliance with, ERISA policies and procedures.

Revise and Adapt

  • Revise policies and procedures to increase efficiencies, correct deficiencies and adapt to changes in ERISA rules and regulations.


  • Advise and defend companies subject to ERISA audit.
  • Negotiate with government agencies to reduce fines and penalties for non-compliance.