Know Your Options

If your plan offers a Roth 401(k) provision, your participants might ask, “Which one is better for me?” As the availability of Roth options in 401(k) plans and Roth contribution percentages continue to rise, it’s important to be able to guide participants in making the right choice. 401(k) plans offer many advantages to participants; the ability...

It’s Testing Season!

Qualified plans must perform annual testing to be sure that the plan doesn’t unfairly discriminate in favor of “highly compensated employees” (HCEs) or exceed the contribution limits set forth by the IRS. Depending on your plan provisions, it isn’t just one calculation, but a series of tests that show that your plan is not...

How a Safe Harbor Contribution Provision Enhances a 401(k) Plan

By: Scott M. Cloud, MBA, CPC   A well-designed 401(k) plan can help to recruit and retain employees, and – for most workers who have access to a company 401(k) plan – it serves as the primary (or only) investment vehicle to accumulate savings for retirement.  For many employers, the 401(k) plan’s effectiveness in helping owners and key...

Port in the Storm

Natural disasters can cause upheaval in many aspects of victims’ lives and this destruction often extends to financial matters. What should otherwise be routine compliance for plan deadlines can prove difficult in these extreme events and the government tends to grant temporary relief in such cases. The Department of Labor announced Oct. 26th...

‘Tis the Season

‘Tis the season… It’s the time of year when Plan Sponsors scramble to deliver the myriad notices required to be given to their participants. Even with the help of service providers, the sheer number of notices can be overwhelming. Below is a summary of the notices that may apply to a calendar year 401k plan. Safe Harbor Notice – December...