by Edward Smith | Jan 9, 2023 | Retirement Plans
January 1st is possibly the biggest enrollment period for retirement plans. After communicating to an employee that they are eligible for the plan, it’s important to be sure each employee completes the necessary forms. An enrollment form should be provided to each...
by Kendra Higgins | Oct 20, 2022 | Plan Documents, Retirement Plans
A new employee has a variety of forms to complete when hired. One of the most important forms new employees must complete is a beneficiary form for the company’s retirement benefit plans. It is essential the plan sponsor provide a beneficiary form to keep on file upon...
by Kendra Higgins | Sep 16, 2022 | Retirement Plans
The IRS requires several annual nondiscrimination tests for defined contribution retirement plans, and the top-heavy test is one of those. A retirement plan is top-heavy when, as of the last day of the preceding plan year (the determination date), the total value of...
by Kendra Higgins | Jul 12, 2022 | Retirement Plans
Retirement plan record retention rules are found in both the Department of Labor (“DOL”) Regulations and the Employee Retirement Income Security Act of 1974 (ERISA), plus there are statutes of limitation concerns in relation to retirement plan sponsor liability for...
by Kendra Higgins | 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...
