401k Advisors & Employee Benefit News
Benefit News by San Francisco 401(k) Advisors
Low 401k participation is a concern for plan sponsors, since it means that employees are not on track for retirement readiness. In many cases, low participation can result in a failure of the 401k plan’s nondiscrimination tests. Often the test results end up creating unwanted refunds to highly compensated employees. As 401k Advisors, we look [...]
As you know, the United States was hit hard this year by tornadoes. There was a record number of EF5, the most fierce of all tornadoes. The death toll is now the highest it has been since 1950. Many have lost homes, cars, and businesses. As a result of these natural disasters, many have [...]
For 2013 401k Contribution Limits, Click Here On October 20, 2011, the IRS announced 401k contribution limits for 2012. This means that the 2012 pre-tax contribution limit for 401k plans will be $17,000 up from $16,500 with an index for inflation set at $500 increments. 2012 Maximum 401k Contribution Over 50 Increased [...]
Depositing 401k contributions in a timely manner is an issue of extreme interest to the Department of Labor. For years, many 401k plan sponsors administered their plans under the assumption that they were allowed to transfer contributions and loan repayments up until the 15th business day of the month following the month in which payroll [...]
As a reminder to all 401k plan sponsors, among the many items contained in the Pension Protection Act of 2006, one section allows for three new optional amendments. While these optional amendments have not gotten as much coverage as other features, many 401k plan sponsors are finding them attractive. Three Pension Protection Act Optional Amendments are [...]
A Department of Labor 401k audit can be triggered by an employee complaint or even information you’ve submitted in your retirement plan’s annual Form 5500 filing. Often times a Department of Labor (DOL) audit is a random event, which is why you should always be prepared! Listed below are several key items typically requested in an initial letter [...]
Securing and maintaining a Fidelity Bond is a DOL requirement for a 401k plan, yet many people are confused as to its purpose. The purpose of a Fidelity Bond is to protect the assets in a retirement plan from misappropriation (i.e., fraud or malfeasance) by plan fiduciaries that have access (or decision-making authority with regard) to plan [...]
Chances are you have a number of missing 401k participants who have moved and not provided a current address. As a Plan Sponsor you have a duty to make every effort to locate these individuals. First, you should exhaust all internal sources, which may include verifying last known addresses on other items such as health [...]
Related News About 401k Advisors
Let’s Connect!