{"id":1827,"date":"2009-09-21T07:37:57","date_gmt":"2009-09-21T07:37:57","guid":{"rendered":"http:\/\/sanfranciscoemploymentattorneys.net\/blog\/?p=89"},"modified":"2009-09-21T07:37:57","modified_gmt":"2009-09-21T07:37:57","slug":"retirement-plans-requirements","status":"publish","type":"post","link":"https:\/\/www.california-labor-law-attorney.com\/retirement-plans-requirements\/","title":{"rendered":"New California Requirements for Retirement Plans offered at Work"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-3313 size-full\" title=\"Photo Credit: Shutterstock\/ Billion Photos\" src=\"https:\/\/www.californialaborlaw.info\/wp-content\/uploads\/2018\/08\/Billion-Photos.jpg-pg-21.jpg\" alt=\"Two Hundred dollar bills on top of two paychecks on a table\" width=\"500\" height=\"321\" srcset=\"https:\/\/www.california-labor-law-attorney.com\/wp-content\/uploads\/2018\/08\/Billion-Photos.jpg-pg-21.jpg 500w, https:\/\/www.california-labor-law-attorney.com\/wp-content\/uploads\/2018\/08\/Billion-Photos.jpg-pg-21-300x193.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<p>Does your employer offer a 401k, profit sharing, or a money market account? Were you given specific details about this plan prior to signing up, such as past performance, fees and expenses? Do you get monthly or quarterly statements on your investment?<\/p>\n<p>Until recently none of this was required by law. The&nbsp;<a href=\"http:\/\/www.dol.gov\/compliance\/laws\/comp-fmla.htm\">US Dept of Labor (DOL)<\/a>&nbsp;has better defined what is required to be shared with participants and beneficiaries prior to investing and throughout the term of the investment. In general, all of these new requirements will go into effect as early as May 31, 2012.<\/p>\n<p>Under the&nbsp;<a href=\"http:\/\/www.dol.gov\/dol\/topic\/health-plans\/erisa.htm\">Employee Retirement Income Security Act (ERISA)<\/a>the following information must be shared with potential employee investors and existing employee investors as well as their beneficiaries.<\/p>\n<p><b><i>1.<\/i><\/b><b><i>&nbsp;&nbsp;&nbsp;&nbsp;<\/i><\/b><b><i> Initial &amp; Annual Notice<\/i><\/b><br \/>\nBefore the investor begins making contributions and every year after the investor should be notified of the following information.<\/p>\n<p style=\"padding-left: 30px;\"><b><i>a. Investment-Related Information<\/i><\/b><br \/>\nInvestment related information can be complex and very detailed so the employer is required to provide the following: performance data, benchmark information, fee and expense information, Internet website address to obtain more specific or current information, and a glossary of terms. As well as a side by side comparison of each of the plans that are offered.<\/p>\n<p style=\"padding-left: 30px;\"><b>b. Plan-Related Information.<\/b><\/p>\n<p style=\"padding-left: 60px;\"><b><i>i. General Plan Information<\/i><\/b><br \/>\nInformation regarding the operation of the investment including when and how to invest, if there are any limitations to the times amounts that can be invested, a description of \u201cbrokerage windows\u201d, reference to any applicable voting rights and identification of investment managers.<br \/>\n<b><i>ii. Administrative Expenses Information.<\/i><\/b><br \/>\nAdministrative expenses are expenses that are typically related to cost of managing the fund such as monthly, quarterly or annual record keeping. If multiple accounts exist this information must be provided for each individual account and be specific that account.<br \/>\n<b><i>iii. Individual Expenses Information<\/i><\/b><br \/>\nThese are expenses that may be charged against a participant&#8217;s or beneficiary&#8217;s individual account for services provided on an individual basis (e.g., fees to process loans or qualified domestic relations orders (QDROs), or sales charges).<\/p>\n<p><b><i>2.<\/i><\/b><b><i>&nbsp;&nbsp;&nbsp;&nbsp;<\/i><\/b><b><i> Updating Notice<\/i><\/b><br \/>\nAny changes to the plan information previously disclosed must but updated and disclosed within at least 30 days but not more than 90 days prior to the effective date of the change. It\u2019s important to note that updating notices do not apply to investment related information<br \/>\n<b><i>3.<\/i><\/b><b><i>&nbsp;&nbsp;&nbsp;&nbsp;<\/i><\/b><b><i> Quarterly Notice<\/i><\/b><br \/>\nQuarterly notices occur every 3 months and usually align with the fiscal year. Investor and beneficiaries must receive notice of the dollar amount of the plan related fees and expenses, both administrative and individual, and a description of services for all fees and expenses. It\u2019s important to note that if notices of the account were made and outside of the regularly scheduled notices, then those notices do not need to be reiterated at the regularly scheduled time.<br \/>\n<b><i>4.<\/i><\/b><b><i>&nbsp;&nbsp;&nbsp;&nbsp;<\/i><\/b><b><i> Disclosures Subsequent to Investment.<\/i><\/b><br \/>\nNot only do potential employee investors and beneficiaries need to be informed of the above mentioned investment-related information and the plan-related information prior to investing, but they also need to be informed of the final regulations. Final regulations should provide information such as: voting rights, management rights and how these rights will and can be passed or shared with the beneficiaries.<br \/>\n<b><i>5.<\/i><\/b><b><i>&nbsp;&nbsp;&nbsp;&nbsp;<\/i><\/b><b><i> Information Provided Upon Request<\/i><\/b><br \/>\nInvestors and beneficiaries can at any time request copies of any plan or investment related information including: financial statements, prospectus, reports, non-registered investment alternatives, share value information, dividend disbursement, list of assets comprising the portfolio.<\/p>\n<p>Labor law is complex; if you have any questions regarding your employment it is recommended that you contact a&nbsp;<a href=\"http:\/\/sanfranciscoemploymentattorneys.net\/\" target=\"_blank\" rel=\"noopener noreferrer\">San Francisco&nbsp;labor law attorney<\/a>&nbsp;who can help you understand your rights and in many cases will review your situation without charge.<\/p>\n<hr>\n<p>Photo Credit: Shutterstock\/ Billion Photos<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Does your employer offer a 401k, profit sharing, or a money market account? Were you given specific details about this [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271],"tags":[],"class_list":["post-1827","post","type-post","status-publish","format-standard","hentry","category-benefits"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>California Requirements for 401k, Pensions and other Retirement Plans<\/title>\n<meta name=\"description\" content=\"If your employer offers retirement plans they also have to follow certain reporting practices for these accounts. 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