The Importance of the Plan Document

It is important to understand how your Plan works.  Those responsible for the management and oversight of the retirement plan must follow certain rules for operating the Plan, handling the plan’s money, and overseeing the firms that manage the money.  One area that is crucial to the operation of any Plan is knowing and following …

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Open Enrollment

Open Enrollment Time Again – As a Plan Administrator what questions should you be asking yourself? • First and foremost you should ensure that the Plan Document and your Summary Plan Description (SPD) is up-to-date and supports the plan administrative practices that the Plan Administration has put into place.  For example, if your Plan Document states …

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401k Loan Basics

Below are some basics about 401k loans.  Please review your Summary Plan Description for specific guidelines for loans in your 401k plan. • 401k plans can offer loans to participants however, they are not required to. • 401k loans do not require a credit check. • Most 401k loans are required to be paid back over a maximum …

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Retirement Plan Considerations for Terminated Employees

When facing the unfortunate circumstance of employee resignations and retirements or having to terminate or layoff employees, companies should be aware of certain retirement plan considerations for the employee in addition to supplying information on heath insurance coverage.  Employers should ensure that former employees participating in the company’s retirement plan have the plan’s current Summary …

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Footnote Disclosures

Another year end has passed and now you are probably compiling and sending the 401(k) files to your third party administrator for them to complete their compliance testing, and other plan financial reports.  Many of these documents will then be requested by your 401(k) plan auditor.  Additionally your auditor will be requesting other Plan documents …

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