Required minimum distributions (RMDs) are minimum amounts certain participants (or retirement account owners if the participant has passed) must take as distributions from their account on an annual basis. Generally, RMDs begin the year in which the participant reaches the … read more
You’ve got your process figured out – 401k benefit packages are given to employees the date they’re hired, or maybe when they become eligible to participate, or maybe you rely on your TPA to communicate to the employee how to … read more
If your company has a 401(k) plan, one of the areas to understand is if your plan allows for different types of distributions, what they entail, and some key items to note regarding each type. The main types of distributions … read more
Lost participants are those participants who have balances in the plan (unclaimed benefits) or have been distributed an amount from the plan (uncashed benefit checks) and cannot be located. The participant either doesn’t know or forgot they have a balance … read more
If you are about to undergo a 401K audit, there are many things that can be done to ensure that the audit goes smoothly. This means getting audit packages ready early on, being in contact with the individuals that are … read more
Employee benefit plans are often a side note in the day-to-day transactions of a business, lacking the constant oversight and review given to the operational activities. Also, benefit plans involve the majority of the employees in a company in some … read more
We recently had some questions about how blackout periods work, and I learned a lot by consulting some of our TPA (third party administrator) colleagues and the DOL website. A blackout period is basically a time that participants temporarily lose … read more
The Profit Sharing/401k Council of America (PSCA) recently teamed up with the Principal Financial Group to survey over 700 403(b) plan sponsors about how they are coping with all of the recent changes their plans and non-profit organizations are experiencing … read more
Another year end has passed and now you are probably compiling and sending the 401(k) files to your third party administrator for them to complete their compliance testing, and other plan financial reports. Many of these documents will then be … 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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- Forming a 401(k) Plan Committee
- Plan Sponsor Record Retention Guidelines
- Required Minimum Distributions
- Does Your EBP Have a True-Up Provision?
- The Importance of Knowing Your Plan’s Definition of Compensation
- Dear Plan Sponsors: Reviewing a SSAE 16 Report
- How to Handle a Blackout Period
- The Importance of Obtaining a Quality Audit
- Participant Loans – IRS Requirements
- Investment Policy – Why and What to Include?