401k plan participants are nowadays demanding more information; employers and company officers as well as the government are all demanding clarity and there is a general awareness in the retirement plan market.
As awareness rises from all the parties involved, it is important to compliant with the legal regulations. Appointing an advisor to assist you in complying with the ERISA is a very crucial choice. The advisor should have the correct knowledge and expertise, to help you in navigating though certain particulars of your position. It is of the utmost importance to find an advisor that provides you with the necessary attention and best solutions.
ERISA/employee benefits attorneys, offer their clients a very beneficial service that limits the extent of possible liability and also protects the employees’ rights. An employee benefits attorney should be involved in the following situations:
• In any area of merger, purchase or dispossession
• When a company reviews its employee benefit plan
• To reassess all the features of fiduciary decisions, or decisions which may affect the qualification of a plan
• To design plan documents
• To discuss the impact of any new legislation
• When the work force is substantially reduced
An experienced ERISA attorney should be involved in the following situations:
• During a merger of a present Money Purchase Plan with an already active 401k plan
• For compliance and planning related to PPA
• To determine what the fiduciary liability problems are
• Planning for blackout periods and any oversights that occur during auditing or stock taking
• To provide advice to the plan participants
• To explain the 401k plan fees
• When there are possible withdrawal liabilities arising from pension plans with multi employers.
Reference: http://www.401khelpcenter.com/when_to_hire_attorney.html
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