Articles

Posted on Dec 5, 2019

Your Defined Benefit plan is modeled on a pre-approved prototype or volume submitter document that’s part of a cycle that must be restated every six years. It’s important to know that the deadline to restate your plan is April 30.

Posted on Nov 22, 2019

To avoid uncertainty about nondiscrimination tests as you—a company owner—maximize your own retirement savings, you can choose to make additional contributions for your employees. These contributions give you a free pass on these tests. They’re called “Safe Harbor” contributions.

Posted on Nov 18, 2019

The Internal Revenue Service announced that employees in 401(k) plans will be able to contribute up to $19,500 next year.

Posted on Nov 11, 2019

For many workers of the Baby Boomer generation, working long hours and leaving vacation time on the table is not uncommon. A 2016 Bankrate survey found that more than half of Americans with paid time off leave a minimum of seven days of vacation time unused each year.

Posted on Nov 6, 2019

Auto-enrollment has been proven to be effective in raising participation rates in 401(k) plans. As a result, it's been pretty widely adopted across the country, especially in mid- to larger plans. Automatic enrollment creates a situation where many employees fail to make an investment election on their own.

Posted on Oct 15, 2019

The final rule updates the earnings thresholds necessary to exempt executive, administrative, or professional employees from the FLSA's minimum wage and overtime pay requirements and allows employers to count a portion of certain bonuses (and commissions) towards meeting the salary level.

Posted on Oct 3, 2019

Plan sponsors have a lot on their plates. At the 2019 National Association of Plan Advisors (NAPA) Summit, a panel of plan sponsors expressed their chief concerns, from participation rates to compliance. Following is a summary of the top 9 issues.

Posted on Sep 23, 2019

We suggest reviewing the fiduciary status of all service providers to whom you've outsourced some or all of your plan oversight tasks. This may reveal issues to be addressed and will certainly provide more clarity in your understanding of your fiduciary role and responsibilities.

Posted on Sep 11, 2019

If you’re an employer and don’t offer a 401(k) plan, you could be missing out on key benefits for you and your business. First, offering a 401(k) helps to attract and retain valued employees.

Posted on Aug 7, 2019

Loans are meant to be repaid, of course. Hardship withdrawals, by contrast, are not. They are allowable early withdrawals and absolutely reduce an employee’s retirement account balance.