The IRS requires Plan Sponsors to adhere to specific safe harbor hardship withdrawal guidelines for the distribution to take place.
Safe Harbor Hardship Withdrawal Guidelines
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401(k) Plans
A 401(k) plan helps your employees save for their future by giving them the opportunity to invest a portion of their paycheck into an employer-sponsored retirement account. Employees can select to invest either pre-tax or after-tax dollars into diversified investment lineup within their 401(k) portfolio. Many 401(k) plans offer employer matching, to entice employees to contribute a specific percentage of their paycheck into the plan in exchange for a matching investment from you, their employer. Employer 401(k) benefits include tax deductions and competitive retirement plan packages to attract top talent to your team. Curious about 401(k) plan options, regulatory details, and contribution rules? Head over to the Watkins Ross blog to browse 401(k) articles written by our retirement plan experts who have your goals and interests in mind. Looking for a retirement plan partner who understands the intricacies of your business and can help guide your 401(k) plan goals and compliance efforts? Connect with the Watkins Ross retirement team here.
401(k) Plan Eligibility Requirements for Summer Help
RMDs for Missing Participants in Defined Contribution Plans
Minimum distributions are required for certain participants age 70½. How do you handle RMDs for missing participants in defined contribution plans?
Salary Deferral Limits in Defined Contribution Plans
The 2018 contribution limit for salary deferrals is $18,500 and includes both pre-tax and after-tax Roth deferrals. This limit is aggregated across plans.
How to Submit a Federal Withholding Tax Deposit
Although you cannot mail a check for a federal withholding tax deposit, there are a few options to submit these payments to the IRS electronically.
Why an Unbundled TPA is Better for a Defined Contribution Plan
Having one provider might seem like an effective and cost-saving solution, but having an unbundled TPA is better for several reasons.
Defined Contribution Plan Termination Procedure
There are various reasons a company decides to terminate their defined contribution retirement plan, but specific steps must be followed.
Changes To The 402(f) Special Tax Notice
The 402(f) Special Tax Notice was revised as a result of the tax reform legislation known as the “Tax Cuts and Jobs Act.”
Protect Your Qualified Plan From RMD Failures
Qualified retirement plans are subject to Required Minimum Distribution (RMD) rules. It’s important to protect your qualified plan from RMD failures.
Attribution Rules – The Family Tree
You don’t get to choose your family, and the same holds true with family attribution rules; but a company’s ownership is critical for accurate testing.