401k Advisors & Employee Benefit News
Benefit News by San Francisco 401(k) Advisors
Form 5500 Annual Return/Report of Employee Benefit Plans and related instructions were revised in 2007 by the U.S. Department of Labor (DoL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC). According to a press release from the DoL, the three significant changes to the Form 5500 for plan year 2007 [...]
The Department of Labor (DoL) has recently released new rules regarding the ERISA 408(b)(2) Servicer Provider Rules and ERISA 404(a) Participant Disclosure Rules. 408(b)(2) regulations become effective July 1, 2012. Service Provider Rules (ERISA 408(b)(2)) The final rule extends the date of Service Provider Fee Disclosure to July 1, 2012. This allows service providers an [...]
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 [...]
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 [...]
Enhanced 401k fee disclosure benefits both plan sponsors and participants. This is a first of a series of articles to explain how this new 401k fee disclosure legislation come into effect. In 2007, Congressman George Miller (D-CA) introduced the 401k Fair Disclosure for Retirement Security Act. On July 24, 2007 twelve organizations representing plan sponsors and plan [...]
Most 401k plans require that you file an Annual Form 5500. The Form 5500 is basically a return that you file with the Employee Benefits Security Administration (EBSA – Department of Labor Processing Division) each year. This is an informational return that reports the financial information for your retirement plan for the year and does not require [...]
The Pension Protection Act of 2006 (PPA) contained several changes that become effective during the 2007 plan year (or later for collectively bargained plans). One such change is the requirement of more frequent, and more detailed, pension benefit statements. If your 401k plan allows for participant direction of investments, benefit statements must be provided quarterly. [...]
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