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SECURE – What It Can Mean for Small Businesses

…contribution plans. To be eligible, GoP member plans must – among other things — be an individual account plan or defined contribution plan; operate under the same trustees; and have the same designated fiduciary or fiduciaries. GoPs are scheduled to be made available in 2022….

The CARES Act and Your Retirement Plan

The $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law on March 27, is designed to provide much-needed economic relief to individuals and businesses adversely affected by Coronavirus (COVID-19). But what everyone might not know about CARES is that it also…

PENTalk™ – The Pentegra Fiduciary Smartpath™

…the role of a plan fiduciary and the responsibilities fiduciaries have to a retirement plan and its participants. The Pentegra Fiduciary SmartPathTM is designed to help you understand your fiduciary responsibilities and corresponding liabilities and offers best practice recommendations and guidance for managing these duties.”…

What is Non-Discrimination Testing?

…the likelihood of HCEs receiving refunds you may want to take advanced planning steps to minimize any uncertainty and the consequences of the testing process. Some approaches to adopt are: Make plan participation more attractive to lower-paid employees through plan redesign, adding more investment options,…

Back to Basics: Record Retention

…of legal action, such as participant divorce proceedings or dis-gruntled employee lawsuits. Participant information that should be retained includes: Determination of eligibility Hire and termination dates Beneficiary designations Notarized spousal consents and waivers Loan, hardship, and distribution documentation Hours worked for vesting and allocation purposes…

A Checklist for Plan Sponsors

…than the law requires. Plan Forms. All forms should meet current requirements. Forms that may need updating include beneficiary designation forms, benefit election forms, and the notice of distribution options. If you are unsure whether your plan currently meets all the requirements of our checklist,…

A Tale of Two Businesses

…asset for a small business. Retirement plans can be designed to help small business owners preserve what they have built, achieve the retirement life they want and protect their assets. Think you can’t afford a retirement plan? Think again as you consider the following hypothetical…

ERISA-Related Lawsuits Beg the Question: How Much Is Too Much?

…the plan to ensure it was prudent.” And in December, fiduciaries of M&T Bank’s 401(k) plan reached a $20,850,000 settlement agreement over a lawsuit alleging that eight of the plan’s 23 designated investment alternatives were M&T Bank proprietary mutual funds that cost significantly more than…

PENTalk™ – Driving Successful Outcomes with Pentegra’s Education Tools

…successful retirement plan outcomes, as we explore subjects including: Defining success – What makes a great retirement plan? Benchmarking your plan – How do your plan’s utilization and metrics measure up against the industry? Next steps – Converting a well-designed plan into a secure retirement…

Retroactive 2021 Tax Planning; Overlooked Deductions and Credits

…to make a profit sharing contribution on behalf of participants for 2021, participants can only make pre-tax employee salary deferrals and designated Roth contributions prospectively—meaning after they execute valid salary deferral elections for compensation yet to be received in 2022. Retirement plan availability and coverage…

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