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Switch From Offering a SIMPLE IRA to a 401(k) Plan

Do you or your clients have a SIMPLE IRA but could benefit from establishing a 401(k) plan? There is still time left to make the change from offering a SIMPLE IRA to a 401(k) this year! Employers must notify employees before November 2, 2018 that 2018 is the final...

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Sufficient Tax Withholding from Pension Payments

Enactment of The Tax Cuts and Jobs Act changed the way taxes are calculated for many taxpayers in 2018, including retirees receiving monthly benefits from a pension plan. With the end of 2018 approaching, the IRS encourages everyone to review their withholding as soon...

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Is This a Sham Termination?

Termination of employment is a valid reason for a participant to receive a distribution from their retirement plan. However, what if that employee is terminated, receives a distribution and is then hired back? Is this still a valid distribution? According to the NAPA...

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Safe Harbor Hardship Withdrawal Guidelines

According to the IRS, a hardship distribution from a 401(k) plan must be made on account of an immediate and heavy financial need of the employee and the amount withdrawn must be necessary to satisfy the financial need. The IRS requires Plan Sponsors to adhere to...

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Attention all PBGC Premium Filers

The PBGC (Pension Benefit Guarantee Corporation) has a new address effective immediately for mailing in your premium payment checks and any correspondence.  If you typically pay your premium via paper check, please click here to check out the new address. Not sure...

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401(k) Plan Eligibility Requirements for Summer Help

When hiring summer help or other part-time employees, it is important to understand your 401(k) plan’s eligibility requirements. Even though these employees are temporary, they may meet the plan’s eligibility requirements and must be offered the right to defer into...

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Salary Deferral Limits in Defined Contribution Plans

Contribution Limits are Aggregated Across Plans The 2018 contribution limit for salary deferrals is $18,500 and includes both pre-tax and after-tax Roth deferrals. This is an individual limit determined each calendar year and is aggregated across 401(k) plans, 403(b)...

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How to Submit a Federal Withholding Tax Deposit

Are you brand new to sponsoring a retirement plan and have no idea how to submit a federal withholding tax deposit? You can scour the web for hours hoping to find a form you can just print, sign and mail with your check. However, you will soon find all...

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Unbundled Services in a Defined Benefit Plan

An employer with a defined benefit plan needs to access many professional services related to the plan:  investment management services, custodial services, benefit payment services, plan document services, administrative services, plan design consulting services, and...

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