View This Newsletter: Fun with Forfeitures Overview: As participants in 401(k)/profit sharing plans, we know that a vesting schedule can apply to a portion of our account balance. But what happens to that non-vested portion after we terminate employment? Those monies…
View This Newsletter: A Fresh Look at Your Form 5500 Filing Overview: If your firm has a profit sharing plan, a 401(k) plan or some other tax-qualified retirement plan, then you have been given a Form 5500 to sign and file every…
View This Newsletter: Part-Time Employees in 401(k) Plans Update: 2019’s SECURE Act created a new ‘long term part time’ (LTPT) employee group for 401(k) plans. Employers are required to allow LTPT employees to make 401(k) salary deferrals beginning in 2024. Generally, an…
View This Newsletter: Determining Retirement Plan Compensation Overview: This newsletter explains the intricacies involved with determining retirement plan compensation. Determining Retirement Plan Compensation Compensation used for: Calculating contributions Applying limits Conducting non-discrimination testing Determining tax deductions Overview Four General Definitions W-2…
View This Newsletter: Retirement Plan Fiduciary Responsibilities Overview: Who or what is a fiduciary? Being named in the plan document or being appointed as a fiduciary; Exercising discretionary authority or control over plan assets and/or the management of the plan; or…
View This Newsletter: Retirement Plans for Small Businesses Overview: Defined Benefit (DB) Plans An actuary’s role Defined Contribution (DC) Plans Greater flexibility Contribution limits Different Types of DC Plans – SEP, SIMPLE IRA, 401(k), 403(b) Pros and cons of each A…
View This Newsletter: Automatic Enrollment for 401(k) Plans Overview: Automatic Enrollment for 401(k) Plans Popularity of auto-enroll Separating hyperbole from helpful What is Automatic Enrollment? Opt-in vs. Opt-out Automatic escalation Eligible Automatic Contribution Arrangement (EACA) Two special features Deadline extension for corrective…
View This Newsletter: Depositing Retirement Plan Contributions Overview: Depositing Employee 401(k) Elective Deferrals Deadlines Definition of “as soon as possible” Depositing Company Contributions Tax Deductions Not for Profit Organizations (NPO) Deadline Contribution Limits Annual Additions Limit Test Corrections Actual Deferral Percentage…
View This Newsletter Focus: Year-End Compliance Testing Overview Employee Census Data Collection Owners and Officers Highly Compensated Employees (HCEs) Key Employees Related Businesses Required Plan Compliance Testing Minimum Coverage Test ADP Test and ACP Test Top Heavy Test Annual Additions Test…
View this Newsletter Focus: Hardship Distributions from 401(k) Plans Does the plan permit hardship distributions? What qualifies as a hardship? Are other financial resources available to the participant? Plan loans vs. Hardship Distributions What funds are available for hardship distribution? Employee…
