Components of Defined Contribution Plan Compliance Testing Does My Plan Need an Audit? 401(k) deferrals: Don’t exceed the limit! Reminder: Long-Term, Part-Time Employee Rules Effective January 1, 2024 Upcoming Compliance Deadlines for Calendar-Year Plans Plans must be tested each year to ensure that they are compliant with the laws governing...
Mandatory Provisions Optional Provisions: TRPC Elects to Default Optional Provisions: TRPC Elects Not to Default & the Employer Must Elect to Add Timing of the Amendment to Include SECURE Act 2.0 Changes Plan Document Amendments As part of the Consolidated Appropriations Act of 2023, SECURE Act 2.0 was signed...
By: Scott Cloud, MBA, CPC Arguably the most common mistake made with small business retirement plans is the selection of “immediate eligibility/no waiting period” when drafting a SEP or Solo 401(k) plan document for a self-employed individual without any employees. The consequences of doing so can be disastrous for the business owner...
By: Gary L. Simon Jr., QPFC-Regional Vice President of Sales 3(16) fiduciary services, also referred to as 3(16) plan administrators, are one of the fastest-growing sectors of the retirement plan industry today. Utilizing a TPA that can offer these services is growing in demand. Let’s look at three main areas of this hot topic: • Plan Sponsor...
By: Scott Cloud, MBA, CPC Cash balance plans are a type of defined benefit retirement savings plan that enables business owners to make significant tax-deductible contributions each year and to accumulate significant retirement savings on a tax-deferred basis. While SEPs and 401(k)/profit sharing plans – as defined contribution retirement...
Catch-Up Contributions Required Minimum Distribution (RMD) Beginning Age Eligibility for Long-Term, Part-Time Employees Financial Incentives to Increase Employee Participation Employer Match on Student Loan Payments Mandatory Automatic Enrollment in Startup 401(k) Plans Roth Treatment of Employer Contributions Mandatory Cash-Out Distribution...
