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Consequences of Plan Disqualification

…Once a plan is disqualified, different rules apply to the amount an employer can deduct for plan contributions and when deductions are allowed. Unlike contributions to a qualified plan, contributions to a nonexempt employees’ trust cannot be deducted until the contributions are includable in employees’…

401(k)s and Student Loans – A Good Match?

…a then unknown company (Abbott Laboratories) who wanted to amend its 401(k) plan to offer a special benefit to help its employees who were paying off student loan debt by making special contributions to its 401(k) plan for those employees. The PLR created quite a…

401(k)s and Student Loans – A Good Match?

…a then unknown company (Abbott Laboratories) who wanted to amend its 401(k) plan to offer a special benefit to help its employees who were paying off student loan debt by making special contributions to its 401(k) plan for those employees. The PLR created quite a…

Are More Modifications Needed Before We Feel SECURE?

employees who work at small and midsized firms do not have an employer-sponsored plan. Also worth noting is Sen. Sheldon Whitehouse (D-R.I.)’s introduction of a bill that would introduce the concept of helping employees contribute to a retirement plan through an automatic payroll deduction Individual…

Why Make Company Stock Part of Your Retirement Plan?

…participants. KSOP A KSOP is an ESOP with a 401(k) feature and provides for both employer stock contributions and employee deferrals. Employer contributions can be mad in either stock or cash. A KSOP combines two separate plans, offering simplified administration, streamlined employee communication and greater…

What is a Roth 401(k)?

employees can make a direct rollover from a Roth 401(k) account to a Roth IRA. Under a traditional 401(k) plan, funds are typically rolled over to a rollover IRA. And while an employee can convert a traditional IRA to a Roth IRA, income taxes must…

Tales of 401(k) Administration Gone Awry – Part 1

…client established a payroll file only for each employee who was contributing to the plan on an automatic enrollment basis. The problem here was that the client had a lot of employee turnover, with new hires coming in all the time. Six months later, we…

Which Types of 403(b) Plans Are Subject to ERISA?

403(b) plans are commonly used by tax-exempt organizations to provide retirement benefits for their employees. Generally, plans that are established or maintained by private tax-exempt organizations are subject to ERISA (governmental and non-electing church plans are always exempt). However, there have always been questions about…

Pension, Retirement & Markets: 5 Key Trends to Watch in 2020

Pension, Retirement and Markets: 5 Key Trends to Watch in 2020 highlights five trends in the capital markets and retirement industry which are expected to impact pension sponsors and retirees this year. U.S. Equity Market What are some cautionary signs in 2020 after the 2019…

Plan Audits

…of the year count. That’s important because it can include former employees if they still have an account balance. This reality, plus the annual plan cost of carrying former employees, encourages many plan sponsors to force out former employees with small balances. The Department of…