Employers Must Take Immediate Action
By Joe Rankin & Bruce Delbecq
Employee Benefits Alert, November 2005
Employers must take immediate action, before December 31, 2005, due to recently effective laws and rulings regarding employee benefit plans, such as retirement plans and cafeteria plans. All taxable, not-for-profit, and governmental employers with employee benefit plans are affected.
These laws and rulings afford employers many opportunities to enhance their employee benefit plans; other required changes are mandated by law. All changes must be explored carefully. Updates in benefits law are not necessarily automatically applied to specific employer benefit plans and, oftentimes, employers must take proactive steps to either comply with the law or enhance their benefits. The following opportunities require employers to:
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Review the associated employee benefit plans.
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Discuss with professional service providers their goals and any risks associated with acting or not acting.
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Change and modify the plans appropriately.
The employee benefits consulting group of Plante & Moran has a wide range of experienced consultants available to discuss the implications of these laws to your specific employee benefit plan and available solutions. To discuss further, contact Joe Rankin, Bruce Delbecq, or your Plante & Moran advisor.
