Tag Archives: IRS

Required Minimum Distributions

Posted on January 25, 2011 by admin

Required minimum distributions (RMDs) are the minimum amounts that must be withdrawn from a retirement account when a participant reaches age 70 ½ or if later, the year he or she Continue reading

Posted in 401(k) Plan Participants, Distributions | Tagged 401(k) Plans, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, Individual Retirment Arrangements, IRA Administrator, IRA custodian, IRS, life expectancy table, Publication 590, required minimum distributions, retire, retirement account, Retirement Plans, withdrawal |

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Determination, Opinion, or Advisory Letters for Retirement Plans

Posted on January 4, 2011 by admin

The IRS issues favorable letters for various types of plans that meet the requirements of the Code. The type of letter a Plan needs to obtain depends on the structure of Continue reading

Posted in ERISA/DOL Compliance, Sponsor/Trustee Responsibilities | Tagged 401(k) Plans, advisory letter, Application for Determination for Employee Benefit Plan, Certificate of Intent to Adopt a Pre-approved Plan, determination letter, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, Form 5300, FOrm 5309, Form 8905, IRS, master & prototype plans, opinion letter, Plan Document, Retirement Plans, third party administrator, TPA, volume submitter plan | 1 Comment

Pack Rat? Hoarder? Neat Freak? Record Retention Guidelines

Posted on November 10, 2010 by admin

If you are either quick to toss things, or are one who keeps things around until you run out of space, you might want to take a step back and reevaluate Continue reading

Posted in Sponsor/Trustee Responsibilities | Tagged 401(k) Plans, 403(b), accounting professional, audit, benefit plan, destruction policy, document retention, DOL, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, ESOP, IRS, legal professional, record retention guidelines, record retention policy, retention period, sensitive information, shred, storage purge |

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Failure to Comply with Hardship Distribution Requirements

Posted on August 18, 2010 by admin

Plan Sponsors often fall short in one simple area of plan administration: record keeping. It is important that Plan Sponsors keep proper documentation for each area of the Plan. One important Continue reading

Posted in Distributions | Tagged 401(k) Plans, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, Hardship Distributions, hardship withdrawals, Internal Revenue Service, IRS, participants, plan administration, plan administrative procedures, plan amendment, Plan sponsor, record keeping, VCP, voluntary correction program |

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Third Party Administrator Does Not Absolve Plan Sponor of Fiduciary Responsibilities

Posted on July 20, 2010 by admin

You’ve read all the articles and DOL publications about how to choose a Third Party Administrator (TPA) (see Monitoring your TPA, Selecting a TPA, Duties of Plan Administration, and Fiduciary Responsibilities). Continue reading

Posted in Sponsor/Trustee Responsibilities, Third Party Administrators | Tagged 401(k) Plans, compliance, Department of Labor, DOL, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, Fiduciary, fiduciary duties, fiduciary responsibility, Form 5500, IRS, IRS/DOL Audit, plan administrator, Plan sponsor, third party administrator, timely filing, TPA, TPAs |

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Hardship Distributions Requirements

Posted on July 6, 2010 by admin

If your plan allows for hardship distributions, as a Plan sponsor you are required to verify that proper evidence has been obtained which verifies the participant has immediate and necessary need Continue reading

Posted in Distributions | Tagged 401(k) Plans, damages, documentation, educational expenses, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, foreclosure, funeral expenses, Hardship Distributions, Internal Revenue Service, IRS, medical expenses, other available resources, participant, penalties, Plan Document, Plan sponsor, principal residence, repairs, taxes |

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Fees to Fix 401(k) Operational Failures

Posted on June 29, 2010 by admin

Providing a 401(k) plan for company employees is a valuable benefit for them. The benefit to the Company is hopefully that it attracts and retains valuable employees. The cost to the Continue reading

Posted in Compliance Deficiencies, Sponsor/Trustee Responsibilities | Tagged 401(k) Plans, ACP/ADP discrimination tests, administrative costs, corrective action costs, Cost to correct the error, Cost to report the error, documentation, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, hidden fees, IRS, operational failure, participants, plan compliance, plan investment options, plan trustee, QNEC, Qualified non-elective contribution, self-correction program, valuable employees, voluntary correction program |

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New Survey Shows 403(b) Plans Remarkably Healthy After Recession

Posted on June 15, 2010 by admin

Considering the current state of the economy and the new and complex regulations, I was pleasantly surprised to read some interesting survey results that indicate the 403(b) retirement plan system appears Continue reading

Posted in 403(b) Plans | Tagged 403(b) Plans, 403(b) retirement plan system, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, hardiship withdrawals, investment policy statement, IRS, new regulations, plan sponsors, Profit Sharing/401k Council of America, retirement account balances, Roth, roth after-tax contributions, The 2010 403(b) Plan Survey |

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IRS Compliance Testing: ADP/ACP Test

Posted on June 8, 2010 by admin

In order to ensure that employee benefit plans do not violate certain standards that the DOL/IRS believe are important, plans must be subjected to numerous compliance tests annually. These tests are Continue reading

Posted in ERISA/DOL Compliance | Tagged 415 limits testing, ACP test, Actual Contribution Percentage, Actual Deferral Percentage, ADP test, compliance tests, Defined Benefit Plans, DOL, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, HCE, highly compensated employees, IRS, IRS compliance teting, multiple use test, non-compliance tests, Non-HCEs, non-highly compensated employees, salary, salary deferred divided by compensation, Top-Heavy Test |

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Why did I Receive a Refund of my 401k Contribution?

Posted on May 11, 2010 by admin

If you contributed to your 401k plan during a year and then received a refund for a portion of your contributions for that year, then chances are your Plan failed the Continue reading

Posted in 401(k) Plan Participants | Tagged 401(k), 401k Contribution, 401k plan, accounting, ACP tests, ADP tests, compliance test, deferral ratios, discrimination testing, Employee Benefit Plans Casa Grande, Employee Benefit Plans Scottsdale, Employee Benefit Plans Tempe, HCEs, highly compensated employees, IRS, IRS required compliance testing, NHCEs, non-elective contribution, non-highly compensated employees, Plan Auditor, QNEC, Qualified non-elective contribution, refund, refund excess contributions, tax breaks, tax deferral opportunity, taxable income |

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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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Tag Archives: IRS

Required Minimum Distributions

Determination, Opinion, or Advisory Letters for Retirement Plans

Pack Rat? Hoarder? Neat Freak? Record Retention Guidelines

Fees to Fix 401(k) Operational Failures

New Survey Shows 403(b) Plans Remarkably Healthy After Recession

IRS Compliance Testing: ADP/ACP Test

Why did I Receive a Refund of my 401k Contribution?

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