EFAST2 Form 5500/5500-SF Filing Search

The Employee Retirement Income Security Act of 1974 and provisions of the Internal Revenue Code require certain employee benefit plans to submit information on their size, funding, operations, and other characteristics on an annual basis.  For the plan years 2009 to date all of these filings are stored electronically and can viewed through the EFAST2 …

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Department of Labor and IRS Audits of 401(k) Plans

Federal oversight of 401(k) plans is essentially divided between the Internal Revenue Service and the Department of Labor. The IRS oversees the qualified status of 401(k) plans and issues determination letters. The DOL oversees fiduciary standards, reporting and disclosure requirements, and all other rules that do not affect the qualified status of 401(k) plans. Audits …

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401(K) Expenses

Have you ever wondered how much in fees is being deducted from your 401k account? There are several types of fees that can be deducted from your 401(k) account including the following: Loan processing fees – a one time fee deducted for borrowing money from your account. Loan maintenance fees – a periodic fee charged for …

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401(k) Plan Fees: Various Types and Who Pays

Are you considered a Fiduciary for your Company’s 401(k) plan?  Are you a participant in your Company’s 401(k) plan and looking to get answers on what the different fees are that you are paying to be a participant?  If you answered yes to either of these questions, read on for explanations on a variety of …

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Audit Requirements for Terminated Plan

As 401(k) auditors we are frequently asked “How long does a company have to have an audit for a plan that is terminated?”  Unfortunately as companies struggle during these tough economic times, plans are being terminated both as an effort to save costs or because the company has closed its doors.  As part of the …

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Are Your Fund Offerings Affecting Participation in Your Retirement Plan?

The answer is…possibly. After reading the title of this blog, you may have initially thought that eligible employees may be put off by an inadequate number of fund offerings; however, if there are too many fund offerings, some employees may become confused and, as a result, not enroll in the plan. A recent joint study …

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401(k) Employer Matching

Does your 401(K) Plan offer an Employer matching contribution to employees?  Are you a Plan administrator?  How comfortable are you with the Employer match made each year or each pay period?  Theoretically, there should be no mistakes in the Employer match because you use a third party payroll provider who has a systematic process for …

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Remitting Contributions Timely

The Department of Labor regulations states that employee contributions should be remitted to the plan as of the earliest date on which such contributions can reasonably be segregated from the employer’s general assets, but no later than the 15th business day after the end of the month from the date on which such amounts are …

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