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IRS Update – Retirement Plan Documentation Deadline

IRS Update – Retirement Plan Documentation Deadline

by newwatkinsross | Jun 16, 2022 | Retirement Plans

In July 2020, the IRS announced employers with pre-approved defined contribution retirement plans (401(k), profit-sharing, and money purchase plans) will need to have their retirement plan documents rewritten within the next two years. The deadline to do so is July...
Processing Retirement Plan Participant Contributions

Processing Retirement Plan Participant Contributions

by newwatkinsross | May 19, 2022 | Retirement Plans

Department of Labor (DOL) rules require that employers deposit retirement plan participant deferrals as soon as administratively possible. For small retirement plans (under 100 participants), this is typically a timeline of 7 business days. Large retirement plans (100...
Retirement Plan Compensation Considerations

Retirement Plan Compensation Considerations

by newwatkinsross | Apr 19, 2022 | 401(K) Plans, Retirement Plans

A common operational failure for retirement plans is when plan sponsors fail to apply the correct definition of compensation for retirement plan testing and benefit allocation purposes. Using an incorrect compensation total can impact the average deferral percentage...
Enrolling New Participants in Your Retirement Plan

Enrolling New Participants in Your Retirement Plan

by newwatkinsross | Mar 14, 2022 | Retirement Plans

The first step for enrolling new participants in your retirement plan is to determine their eligibility and entry date. Per your retirement plan document, determine the age and service requirements to enter the retirement plan.  Once employees have met all...
What Are Controlled Groups and Controlled Group Rules?

What Are Controlled Groups and Controlled Group Rules?

by newwatkinsross | Feb 10, 2022 | 401(K) Plans, Health Plans, Retirement Plans

What Are Controlled Groups and Controlled Group Rules? Controlled group rules exist to prevent business owners from subdividing their company into two separate companies – one employing highly compensated employees (HCEs) with a retirement plan and the other...
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Recent Posts

  • IRS Update – Retirement Plan Documentation Deadline
  • Processing Retirement Plan Participant Contributions
  • Retirement Plan Compensation Considerations
  • Enrolling New Participants in Your Retirement Plan
  • What Are Controlled Groups and Controlled Group Rules?

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