IRS requirements are surprisingly vague regarding hardship distributions. In the absence of clear-cut rules, we sometimes see hardship distributions with very little or no supporting documentation. As a plan administrator you should not only comply with the IRS requirements, but … read more
When distributions are made from a retirement account the tax form issued is the 1099-R. A lot of information we want to know as auditors is presented on the form; gross distribution, taxable amount, tax withheld, etc. Box 7, however, … read more
Everybody has that thought. You hear news about another poor day in the stock market, which makes you reflect on how that is impacting your 401(k) retirement savings. You also receive your quarterly retirement account statement and see how it … read more
Many 401(k) plans permit participants to borrow from the plan, and it’s becoming a more and more common practice for participants to do so. The plan document must specify if loans are permitted. The majority of those loans are repaid … read more
One of the challenges that 401k sponsors deal with is lack of plan participation by eligible employees. An easy way for sponsors to encourage their eligible employees to participate is to educate them about tax benefits related to making 401k … read more
The IRS has various rules related to income tax withholding from 401k distributions. The most common rule is the minimum 20% that is required to be withheld from eligible rollover distributions. However other withholding requirements can result in either no … read more
Finding information on employee benefit plans can be difficult and time consuming. As a service to our clients, and other interested parties who are involved in or in need of employee benefit services, we'll gather all of the information for you. We'll keep you up-to-date on the latest laws and regulations and we will even add our own personal insight into what else is occurring in the employee benefits world. We will provide these posts weekly and hope to get your input and feedback on the various topics. We will also share that feedback with others, as we find appropriate.
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- Hardship Distribution Documentation
- ERISA Accounts – Plan Assets?
- Plan Fiduciary: Important Tasks and Dates to Remember
- Choosing the Best Service Provider for Your Employee Benefit Plan
- Fee Disclosure Regulations for Covered Service Providers
- Taking Out A Loan On Your 401K Plan
- The Importance of the Plan Document
- 2014 Retirement Plan Limits
- Plan Transfers
- Plan Restatements and Amendments