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401(k) Retirement Plan Audit

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)...
Internal Revenue Service Provides Temporary Relief and Other Guidance on Mid-Year Reductions of Safe Harbor Contributions to 401(k) Plans due to COVID-19

Internal Revenue Service Provides Temporary Relief and Other Guidance on Mid-Year Reductions of Safe Harbor Contributions to 401(k) Plans due to COVID-19

Internal Revenue Service Provides Temporary Relief and Other Guidance on Mid-Year Reductions of Safe Harbor Contributions to 401(k) Plans due to COVID-19 On June 29, 2020, the Internal Revenue Service (the “IRS”) issued Notice 2020-52 that provides temporarily relief...
Initial Required Minimum Distributions (Defined Contribution Plans)

Initial Required Minimum Distributions (Defined Contribution Plans)

Initial Required Minimum Distributions (Defined Contribution Plans) In general, participants in a defined contribution plan are required to receive minimum distributions after turning age 70.5 if they have separated from service or are a 5% owner in the company...