Some Payroll Solutions Could Cost Employers Thousands Because of the SECURE Act Beginning on January 1st, 2021, employers who do not track how many hours their employees work every year risk incurring hundreds, if not thousands of dollars in unexpected costs. These changes are tied to a spending bill President Trump. Signed on December 20, […]
SECURE Act Changes for Part Time Employees Read More »
Penalties for IRS Forms 5500 and 8955-SSA You may be familiar with the SECURE Act, but chances are you may not be familiar with revenue provisions that affect employers, employees, and retirement funds. A lesser discussed section of the SECURE Act is the Revenue Provision which increases the penalties for late and incorrect filing of
Revenue Provisions of SECURE Act Read More »
Choosing a Retirement Investor When picking an investment advisor, many plan administrators (e.g. employers) ask about firms’ fees, available funds, and participant outreach, but they often miss another important factor: the investment selection process. Even though investment advisors commonly charge a fee based on assets under management, many do not actively manage the assets. Instead,
The Danger of One Size Fits All Investment Solutions Read More »
On the surface, 401k plan eligibility seems simple enough. However, there are several rules and factors that trip many plan sponsors up in this area. One of the most common compliance failures can be on the first day an employee becomes eligible for the plan, and this amplified if your plan has relaxed eligibility requirements
401k Plan Eligibility Best Practices Read More »
The U.S. Department of Labor recently released a Request for Information (RFI) regarding its Fiduciary Rule. According to the Department, this RFI “seeks public input that could form the basis of new exemptions or changes/revisions to the rule and PTEs.” They are further asking advice on whether or not the original January 1, 2018 applicability
The Department of Labor’s Fiduciary Rule RFI Read More »
On February 23, 2017, the Internal Revenue Service released its Substantiation Guidelines for Safe-Harbor Distributions from Section 401(k) Plans. And on March 7, 2017 they released a similar memorandum regarding section 403(b) plans. These two statements outlined the requirements for safe harbor hardships in an effort to better inform the public about which events allow
Hardship Withdrawals from 401(k) and 403(b) Plans Read More »
As discussed in a previous article, the Department of Labor’s Fiduciary rule, which went in to effect on June 9, could have its final applicability date pushed back beyond January 1, 2018 to allow firms more time to come up with more cost-efficient, long-term solutions. However, despite the urgings of some to delay the final
Nevada’s New Fiduciary Standard Read More »
The Department of Labor’s Fiduciary Rule went in to effect less than a month ago, and already new concerns surrounding it are arising. The first of these is the struggle of the SEC and DOL to come to an agreement on the technical definition of a “fiduciary.” For the law to go in full effect
A Look at The New Fiduciary Rule’s First Month Read More »
On April 7, 2017, just three days before the original set applicability date, the Department of Labor announced they will be postponing the applicability dates originally stated in the Fiduciary Rule from April 10, 2017 to June 9, 2017, and certain provisions in the exemptions will be further delayed until January 1, 2018. Under this
The New Fiduciary Rule’s Important Take Aways Read More »
In the context of retirement readiness, how do we identify the circumstances under which reasonable caution and prudence must be exercised? The standard of care stems from the 1837 case of Vaughan v Menlove. This case established that the standard of care is dependent on the circumstances, and upon whether the individual proceeded with reasonable
Defining a Standard of Care Read More »
