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Best Practices for Missing Plan Participants
Best Practices for Missing Plan ParticipantsIn January 2021, the Department of Labor (DOL) released new guidance on dealing with missing participants – former employees with a retirement account balance. For whatever reason, the cannot be located to deliver withdrawal...
Understanding Your Retirement Plan’s Force-out Provisions
Understanding Your Retirement Plan's Force-out ProvisionsAre you aware of your plan's force-out provisions? If not, now would be an excellent time to find out. What force-out limit does your plan contain? When you find out, send out the appropriate paperwork to...
Setting Olympic Sized Goals to Achieve Financial Success
Setting Olympic Sized Goals to Achieve Financial SuccessThe 2021 Olympics are finally here! After a year-long postponement due to the pandemic, the elite athletes in the world are coming together in Tokyo to participate in 28 different sports with the hopes of earning...
Getting 401(k) Participants Back in the Game in a Post Pandemic World
Getting 401(k) Participants Back in the Game in a Post Pandemic WorldThere is no doubt the coronavirus pandemic has impacted financial decisions many workers made during 2020. As the primary means of saving for retirement, 401(k) post pandemic balances were adversely...
Common Mistakes to Avoid in Your Employee Benefit Plan
Common Mistakes to Avoid in Your Employee Benefit PlanManaging employee benefit plans can be a challenge. Benefits can be complicated. If you make mistakes, it could mean costly fines or even criminal punishments. Here are common employee benefit plan mistakes and...
The American Rescue Plan of 2021: Pension Plan Benefits
The American Rescue Plan of 2021:Pension Plan BenefitsWill the American Rescue Plan Act of 2021 benefit your pension plan? The American Rescue Plan Act of 2021 (ARPA) became law on March 11, 2021. It contains many provisions affecting pension plans. How it will...
What Business Deductions Can I Take In 2020? Set Up a Retirement Plan!
What Business Deductions Can I Take in 2020? Set Up a Retirement Plan!Despite the pandemic, many small businesses saw profits in 2020. As they begin calculating their final tax liability, they now realize that their liability exceeds expectations. They ask themselves...
SECURE Act: Plan Amendment Options
SECURE Act: Plan Amendment Options The SECURE Act was signed into law on December 20, 2019. Your plan will require an amendment prior to the end of your 2022 plan year. Below are provisions that you will be able to elect in the plan amendment: Qualified Birth or...
The SECURE Act and Part-Time Employees
The SECURE Act and Part-Time Employees If your plan requires employees to work 1,000 hours in a 12-month period to become eligible, you’ll soon need to start watching hours more closely. Having this 1,000-hour rule generally excludes those employees who work...
401(k) Retirement Plan Audit
401(k) Retirement Plan Audit Why does my 401(k) retirement plan need an audit? The 401(k) plan audit is mandated by the Employee Retirement Income Security Act (ERISA) and is intended to make sure a plan is being run correctly. The audit seeks to; (1) review 401(k)...
It is Time Again to Rewrite Your Defined Contributions Plans
It's Time Again to Rewrite Your Defined Contribution PlanIRS has recently announced that employers with pre-approved defined contribution plans (401(k), profit sharing and money purchase) will need to have their plan documents rewritten within the next two years. The...
CARES Act – Suspension of Loan Payment Provision
CARES Act - Suspension of Loan Payment Provision If adopted by the plan, this applies to all qualified employees still working as well as qualified furloughed employees and those on a temporary leave of absence. Loan payments due between March 27, 2020 and December...