Most companies implement a 401K Plan in order to assist employees in planning for their future; in doing so, they wish to have high participation. If the current plan an employer has in place is not providing high participation, it … read more
If your company offers an employee benefit plan that is subject to the Employee Retirement Income Security Act (“ERISA”), for example a 401(k) plan, it is important to remember that your Company is responsible for ensuring that the Plan and … 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
Compensation in its simplest form is pay in exchange for services rendered, although gross pay includes additional forms of compensation aside from the hourly rate paid to employees. In reference to 401(k) plans, the term “pay” becomes more complex. Under … read more
Prior to 2010, there wasn’t a lot of regulation in 403(b) plans. In many instances, Plans didn’t even have a written plan document. It was also common practice for plans to have as many vendors as participants – which made … read more
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 area for this documentation is administering hardship distributions to … 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
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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- Benefits and Preparation for Auto Enrollment and Auto Escalate in a Benefit Plan
- What You Need to Know When Filing Form 5500
- Determination Letters Will Not be Issued for 403(b) Plans
- Plan Corrections Necessary? DOL Corrections Program
- Journal Entries for Benefit Plan Accounting
- Tips to Prepare for a Retirement Plan Audit
- 10 Steps to Put on Your Retirement Planning Checklist
- How is Compensation Defined?
- Hardship Distribution Documentation
- ERISA Accounts – Plan Assets?