Government Filings for Your Retirement Plan
Government filings are an important part of maintaining an employee benefits retirement plan. The DOL and IRS require the plan sponsor of 401(k) plans to file a Form 5500 annually as part of Title I of ERISA. The Form 5500 is designed to provide the Federal Government with plan related information. While this may sound […]
The Small Business Guide to 401(k) Matching
Many employers are looking for ways to enhance their 40(k) plans. One of the best ways to do this is by offering a matching contribution to plan participants. A matching contribution is when an employer contributes to an employee’s retirement account based off of the employee’s deferrals. There are several reasons an employer may want […]
Electronic Delivery Updates for Retirement Plans
On May 21, 2020, the Department of Labor (DOL) announced a final rule for the electronic delivery of retirement plan documents. The new electronic delivery rules allow plan administrators to provide retirement plan disclosures to participants electronically, which reduces plan costs and makes plan disclosures more readily accessible to plan participants. In light of the […]
Discover the Hidden Value in Your Organization’s Retirement Plan for a Post-Coronavirus Pandemic Era
The coronavirus has upended business as usual and we’re all concerned about what our life, career and business will look like in a post-coronavirus pandemic era. And how we respond to the challenges today will determine the success we enjoy tomorrow. An interesting study conducted by Gartner in 2019 found that companies who opted to […]
SIMPLE IRA & SIMPLE 401(K) vs 401(K) – Which is Better for Your Small Business?
SIMPLE 401(k) plans and SIMPLE IRAs are often a popular choice for many small businesses. They’re low cost and easy to set up and maintain, making them an attractive option for small businesses wanting to offer a retirement plan without all of the compliance testing and reporting requirements typically found in retirement plans. But is […]
Furloughs, Layoffs, and Terminations – What’s the Difference?
As the coronavirus continues to heavily burden businesses throughout the country, many employers are looking for ways to reduce their costs. Furloughs, layoffs, and terminations are becoming increasingly more common under the recent economic circumstances. But what, exactly, is the difference, and what does this mean for your 401(k) plan? Furlough vs. Layoff vs. Termination […]
How to Suspend or Eliminate Your 401(k) Plan’s Match
During times of economic uncertainty, like the COVID-19 situation that we’re currently in, many companies look for ways to reduce expenses to help keep employees on payroll. One of the expenses you may be considering reducing or eliminating is your company’s matching contribution to the retirement plan. This is usually an effective measure that can […]
CARES Act Changes for COVID-19 Relief
Congress passed the Coronavirus, Aid, Relief, and Economic Security Act (CARES Act) Friday March 27, 2020. This 2 trillion dollar bill provides economic relief to Americans in the midst of the global COVID-19 pandemic. The provisions of the bill relating to retirement plans are designed to provide immediate financial relief to participants who are experiencing […]
SECURE ACT Safe Harbor Amendments and Retirement Plans
How does the SECURE Act affect safe harbor retirement plans? Among the many recent changes to retirement plans, three provisions of the SECURE Act impact safe harbor plans. The provisions center around notice requirements and safe harbor 401(k) plan design to decrease the administrative burden, provide additional employee protection, and encourage the adoption of new […]
IRS Finalizes New Hardship Distribution Rules
In October 2019, the IRS responded to the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 through its release of the final amendments to the hardship distribution regulations. Thanks to these newly-amended regulations, plan sponsors will now have new customization options for their plan’s hardship distribution rules. There are […]