Benchmarking Your 401(k) Plan Provisions

To attract and retain talented employees, employers should be aware of how their retirement plan provisions compare to other employers. If you are an employer and have not benchmarked your retirement plan provisions, now is a good time to do so. Each year Deloitte publishes the results of its Annual 401(k) Benchmarking Survey. You can …

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Fiduciary Duty Advice for 401(k) Plan Sponsors: The Small Things Matter

When 401(k) Plan Sponsors end up in trouble, it is often due to small things that were neglected or not given proper attention. Small mistakes can lead to big problems when it comes to the breaching of fiduciary duty. Below is a summary of mistakes made by Plan Sponsors that can lead to future problems …

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How to Handle Forfeitures

As a plan sponsor, chances are that at some point throughout the course of business, the employee benefit plan that you manage has encountered plan forfeitures. Forfeitures typically result from the termination of service by an employee who was not fully vested in his or her employer contributions. The confusion related to forfeitures doesn’t revolve …

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What You Need to Know When Filing Form 5500

What is Form 5500? Form 5500 is the annual tax return for your retirement plan that must be filed with the Employee Benefit Security Administration (EBSA), a division of the Department of Labor (DOL). It is required by the Employee Retirement Income Security Act of 1974 (ERISA) to ensure employee benefit plans are operated and …

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Determination Letters Will Not be Issued for 403(b) Plans

In April 2013, the IRS issued Revenue Procedure 2013-22 which provided much needed clarification regarding the fate of 403(b) determination letters. Prior to this, it was believed that the IRS would adopt a system of determination letters, similar to those issued for 401(k) plans. Revenue Procedure 2013-22 states that determination letters will not be issued …

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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 any plan transactions comply with the fiduciary standards ERISA has created. Even though a Plan …

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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 since their employment was terminated or have relocated with no forwarding address. The participant’s account …

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10 Steps to Put on Your Retirement Planning Checklist

The average American doesn’t give proper attention and consideration to retirement financial planning for a variety of reasons (excuses). Perhaps you don’t have time in your day-to-day life to squeeze in financial planning because it seems complicated and time consuming. Maybe you think it can be done next year; what’s the rush to do it …

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