June 09 2015

IRS 5500-EZ Program: A Brilliant Idea Becomes Permanent

When someone comes up with a good idea that works, it should be kept around.  Last year around this time, we told you about a wonderful pilot program the IRS rolled out providing relief to late filers of Form 5500-EZ.  We are pleased to report that t...

June 08 2015

401(k) plan fees - Supreme Court weighs in

As an update to our recent coverage of 401(k) plan lawsuits, the Supreme Court has ruled that plan sponsors have a duty to monitor investment options on a continuous basis. As we previously discussed in the Tibble v. Edison case, the central argument...

May 19 2015

Do You Have to Prove Hardship to Get a Hardship?

Many 401(k) plans allow participants to take hardship withdrawals if there is an immediate and heavy financial need.  A question is, should a participant have to prove there is hardship, or should plan sponsors simply take the participant’s word and ...

April 23 2015

How Long Should You Maintain Plan Records? It Might Be Longer Than You Think

Late in 2014, the IRS posted an article on its website about how long retirement plan records should be kept.  With eager anticipation, I clicked on the article and found that it said…not much.

April 13 2015

How to decrease taxable income

As the April 15 income tax return deadline approaches, many individuals and business owners are wondering how to decrease taxable income and are looking for ways to reduce taxes.  While it is best practice to consult a knowledgeable CPA or Enrolled A...

February 05 2015

Becoming a 401(k) Millionaire Is Not As Hard As You Think

Fidelity Investments reported that about 72,000 workers had amassed $1 million or more in their 401(k) retirement plans with Fidelity at the end of 2014.  While higher-paid workers should have little problem accumulating a million dollars over a 30- ...

December 30 2014

What are your 401(k) retirement plan goals?

As we head into a new year, ‘tis the time to reflect on the past and set goals for the future.

December 25 2014

Don't miss these important retirement plan deadlines

Ho ho ho!  We deliver to your stocking today a list of deadlines posted by the IRS.  Some of these deadlines are as soon as December 31.

August 15 2014

O Former Employee, Where Art Thou?

You may remember the hit CBS television series Without a Trace from the previous decade.  At the beginning of each episode, the FBI would learn of a person who had “gone missing.”  Anthony LaPaglia’s character, Jack Malone, and his team of FBI specia...

June 11 2014

A Surprising Fact About Your 401(k) Plan and Beneficiary Designation

Many plan participants do not know their 401(k) plan beneficiary designation supersedes a will or trust.  Consider a beneficiary designation a legally binding document without an expiration date.