Plan Year Compliance Packages
Download PDF With the ever increasing need for complete disclosure; managing and maintaining all of the documents, forms, testing results, tax filings, etc. has become a daunting and exhaustive task....
View ArticleERISA Bond: What Is It and Do I Need One?
Download PDF Almost every sponsor of every tax-qualified retirement plan must obtain a fidelity bond in accordance with section 412 of the Employee Retirement Income Security Act of 1974, as amended...
View ArticleSafe Harbor 401(k) Establishment Deadlines
PDF Download Elective deferrals and associated matching contributions made to a 401(k) plan must satisfy certain non-discrimination rules known as the actual deferral percentage (“ADP”) and the actual...
View ArticleEmploying the Proper Definition of Compensation
Download PDF The U.S. Department of Labor (“DOL”) and the Internal Revenue Service (“IRS”) routinely report common operational failures that such agencies detect in the context of retirement plan...
View ArticleCorrecting Average Deferral Percentage Test Failures
Download PDF The tax code governing 401(k) plans was written to prevent qualified retirement plans from overly favoring highly compensated employees (HCEs). A series of non-discrimination tests were...
View ArticleTreasury Issues Proposed Hardship Withdrawal Regulations
Download PDF In 2018, we wrote about the Bipartisan Budget Act of 2018 (“Budget Act”) and the unanticipated inclusion of certain provisions of the Budget Act that generally expanded the availability of...
View ArticleTax Credit for Small Employer Start-Up Plans
Download PDF Many employers are unaware that, in certain circumstances, they may be eligible for a valuable tax credit in connection with their establishment of a retirement plan. Although this...
View ArticlePlan Year Compliance Packages
Download PDF With the ever increasing need for complete disclosure; managing and maintaining all of the documents, forms, testing results, tax filings, etc. has become a daunting and exhaustive task....
View ArticleCashing-Out Terminated Employees From Your Company’s Retirement Plan
We live in a society that has a transient workforce. According to the Bureau of Labor Statistics, the average person will have 10 different jobs before reaching the age of 40. What this means in the...
View ArticleCongress Enacts Changes to Hardship Withdrawal Rules
The recently enacted Bipartisan Budget Act of 2018 (“Budget Act”) included some unanticipated provisions that directly affect retirement plans. One such provision relates to the availability and amount...
View ArticlePlan Year Compliance Packages
Download PDF With the ever increasing need for complete disclosure; managing and maintaining all of the documents, forms, testing results, tax filings, etc. has become a daunting and exhaustive task....
View ArticleForm 5500 Update
Each year qualified retirement plans must successfully navigate through a myriad of deadlines and due dates. One of the most important deadlines for most plan types relates to the Department of Labor’s...
View ArticleChanges to DOL Late Deferral Remittance Enforcement Procedure
This article is intended to share with you a recent change to the Department of Labor’s (“DOL”) enforcement procedures regarding the late remittance of participant elective deferrals by plan sponsors....
View ArticleERISA Bond: What Is It and Do I Need One?
Almost every sponsor of every tax-qualified retirement plan must obtain a fidelity bond in accordance with section 412 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)....
View ArticleADP Test Basics
The tax code governing 401(k) plans was written to prevent qualified retirement plans from overly favoring Highly Compensated Employees (HCEs). A series of non-discrimination tests were devised to...
View ArticleCorrecting Average Deferral Percentage Test Failures
The tax code governing 401(k) plans was written to prevent qualified retirement plans from overly favoring highly compensated employees (HCEs). A series of non-discrimination tests were devised to...
View ArticleTreasury Issues Proposed Hardship Withdrawal Regulations
In 2018, we wrote about the Bipartisan Budget Act of 2018 (“Budget Act”) and the unanticipated inclusion of certain provisions of the Budget Act that generally expanded the availability of hardship...
View ArticleTax Credit for Small Employer Start-Up Plans
Many employers are unaware that, in certain circumstances, they may be eligible for a valuable tax credit in connection with their establishment of a retirement plan. Although this particular tax...
View ArticleIRS Expands Retirement Plan Sponsors’ Self-Correction Options
In April of 2019, the Internal Revenue Service (“IRS”) issued an update to the program allowing employers to voluntarily correct certain retirement plan tax-qualification failures. This program, known...
View ArticleSafe Harbor 401(k) Establishment Deadlines
Elective deferrals and associated matching contributions made to a 401(k) plan must satisfy certain non-discrimination rules known as the actual deferral percentage (“ADP”) and the actual contribution...
View Article