January 28 2016

Recordkeeper & TPA…Just Like Peas & Carrots

ADP.  ACP.  402(g).  Safe harbor.  Cross-tested.  404(a)(5).  Top-heavy.  TPA.  410(b).  CPA.  415.  ERISA.  404.  IRS.  DOL.  Blackout notice.   Revenue sharing.  5500.  QDIA.

January 21 2016

What SUP with the 2015 Form 5500?

The IRS has introduced new compliance questions on the Form 5500 information returns filed annually for 401(k) and other qualified retirement plans. While these questions are optional for the 2015 Form 5500, plan sponsors and service providers should...

December 08 2015

The COLA Is Flat in 2016; IRS Limits Explained

In the qualified retirement plan world, there are limits on how much money may be contributed to a plan by an individual or a company.  There is also a cap on the wages that may be taken into account for an employee in determining contributions and b...

October 09 2015

"Highly Compensated Employee" Defined

We talk a lot about Highly Compensated Employees (HCEs) in our business. What is a “Highly Compensated Employee?” Does it just mean someone we think makes a lot of money? No. There is a specific definition.

June 18 2015

Considering a 401(k) Plan for 2015?

If you are considering setting up a 401(k) plan for 2015, you may not have as much time as you think.  October 1st is the deadline for implementing a safe harbor 401(k) plan this year.  Safe harbor design – whether a match or nonelective contribution...

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...