participants

Do You Have a Hardship?

Ever since Congress changed the rules to allow plan hardship withdrawals, hardship distributions have been continually increasing among plan participants. There are six safe harbor expenses which the IRS deems to be an immediate and heavy financial need: Purchase of … read more

Benefits and Preparation for Auto Enrollment and Auto Escalate in a Benefit Plan

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

Plan Corrections Necessary? DOL Corrections Program

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

Have Lost Participants in Your 401(k) Plan?

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

How is Compensation Defined?

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

Failure to Comply with Hardship Distribution Requirements

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

Fees to Fix 401(k) Operational Failures

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 Company on the surface might appear to just be … read more

Is My 403(b) Plan Required to have an Audit?

Maybe not. A new rule that affects 403(b) plans this year is the annual audit requirement. There is a lot of confusion out there amongst non-profit organizations as to whether or not their 403(b) plans are required to have an … read more


Welcome

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.


Before posting a comment on a blog post please be aware that we do not give free advice to non-clients by email, comment response, or phone. Thank you!

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