Certain 401(k) plans are required to provide employee notices before the beginning of each plan year. If you offer a plan that operates on a calendar year basis, here are some deadlines you should be aware of.
Do you wonder – how long do I need to keep all of these plan records? Did you know that ERISA requires employers to retain detailed plan records supporting the information included in their required reports and disclosures for a fixed period of time?
Successful plan administration requires teamwork and coordination from the many different groups that comprise your 401(k) team.
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Many 403(b) plan sponsors are unaware of the nuances that impact their 403(b) plan. Simply including employer funded contributions such as a match or pension contribution, automatically subjects the plan to ERISA and its reporting and operational requirements with few exceptions. 403(b) plans subject to ERISA operational requirements are not as simple as they seem.
The content of this book provides a better understanding of the administration, compliance and government reporting requirements applicable to a 403(b) plan by imparting the basic knowledge needed to conduct the operational aspects of the plan. You will find insight into the terminology used, basic plan operations, on-going deadlines, calculations, processes, documentation, compliance requirements, Form 5500 and much more including worksheets, checklists, forms, calendars and operational tips.
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The potential for an audit of your 401(k) plan is something that every company faces. This essential booklet provides the information needed to prepare for this inevitable event. By following these tips ahead of time, your records will be up-to-date, data will be easily accessible, and you can help minimize the monetary cost and the time needed to prepare for an audit.
Following these guidelines will show the IRS that you prepared, organized and in compliance. It will make for an easier and friendlier audit.
Recent estimates indicate that Social Security benefits will only provide about one third of the income needed to live comfortably in retirement.
ADP/ACP Annual non-discrimination tests for 401(k) plans are mandated by the IRS to ensure that a plan does not unduly benefit owners and highly compensated employees at the expense of other employees.
Each year the IRS releases updated limits for retirement plans. It is important to provide your participants with these updated IRS limits annually.
A fidelity bond is a form of insurance which protects the plan from risk of loss due to dishonest acts by employees who handle or manage plan funds or other property. ERISA requires that every fiduciary of an employee benefit plan and every person who handles plan funds be bonded