As a Plan Sponsor, you have important fiduciary responsibilities which, according to the Employee Benefits Security Administration (“EBSA”) within the Department of Labor (“DOL”), include: Acting solely in the interest of plan participants and their beneficiaries Carrying out duties prudently … read more
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
As I reflect on my last 401k audit season, I remember running into some operational issues that were a result of plan administrators not using the correct form of compensation, as defined by their plan document, while calculating employee and … read more
What is a blackout? A blackout is a period of three or more consecutive business days during which participants’ are temporarily limited in or restricted from the ability to perform the following activities: Directing or diversifying investments Obtaining distributions Obtaining … read more
On October 21, 2015, the Internal Revenue Service (“IRS”) announced the cost-of-living adjustments (“COLA”) for the 2016 tax year. These COLA rates are used to adjust over 40 tax provisions from the standard deduction and personal exemption to retirement plan … 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
As a sponsor of an employee benefit plan, along with annual reporting requirements, you may be required to undergo an audit of your plan’s financial statements. What are the reporting requirements and what triggers an audit? This varies depending on … read more
As an auditor of employee benefit plans, I often talk with clients about their plan’s participation rates and suggest ideas on how to increase participation. As part of my daily routine, I read numerous articles from different financial sources. I … read more
When a 401(k) or other retirement plan requires an annual audit, a plan administrator may have a choice to engage an audit firm to perform a full-scope audit or a limited scope audit of the financial statements. To be qualified … read more
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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?