What Happens If I Don’t Update My Plan Document?

One of the benefits to establishing a qualified retirement plan is that they are subject to favorable tax treatment.  Did you know that failing to timely amend your plan document for changes in Federal tax laws can affect your plan’s status as a tax-qualified plan?  Companies often engage third party service providers to ensure that …

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Reviewing 401k Loan Requests for Compliance

During audits of 401(k) plans, one of the most common internal control deficiencies we communicate to management is when the plan sponsor relies on a third party administrator to make sure that loan requests are in compliance with federal regulations and the plan document.  The plan sponsor always maintains fiduciary responsibility with compliance on loans …

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Importance of Plan Amendments

With the ever changing regulatory landscape surrounding employee benefit plans, it’s important that the plan sponsor consider the impact of regulatory changes.  As discussed in previous blogs, there are a significant number of fiduciary responsibilities bestowed upon a plan sponsor.  One of these responsibilities is to keep the plan in compliance with all current laws …

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