Well friends, we have a special treat for you today. We’ve brought you the latest insights from some of our best and brightest retirement plan administrators. They answer some hard-hitting questions, including the most rewarding and challenging aspects of their job, advice they have for business owners, and more. Q: What is your role at...Read More
The case of the undetected, costly plan errors Plan Sponsor Scenario An owner of a small company engaged a CPA to evaluate their business and switch services. The CPA reached out to EGPS to review the retirement plan when she realized there was potential for compliance issues. The EGPS Compliance Team found that the Form...Read More
What is the state of your finances? How much, if any, are you saving? What is your plan for retirement? What does retirement look like for you? How much will it take to finance your dreams? For some, these questions might be conversational gold. But for many, this topic can induce a lot of anxiety....Read More
A great third-party administrator (TPA) truly helps employers meet their goals – selecting the best plan design for their business, maximizing savings, minimizing taxes and liability, and more. Not all TPAs are the same; some stand in exemplary light. Increasingly complex regulations, escalating cybersecurity risks, and rising penalties for non-compliance provide ample reasoning to thoroughly...Read More
The SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed into law in December 2019, bringing about several important changes to retirement plans. We’ll cover some of the biggest opportunities for advisors and business owners created by this legislation in the post below. Ch-Ch-Ch-Ch-Changes: Face the Opportunity While the SECURE Act is fairly...Read More
The case of the solo 401(k) and the missing 5500s Plan Sponsor Scenario A business owner looking to set up a solo 401(k) plan went directly to a retirement plan provider without engaging an experienced financial advisor or a third party administrator (TPA). The individual wasn’t informed that they were supposed to file a Form...Read More
A safe harbor 401(k) plan can provide significant benefits for employers. Don’t miss out on this option; now is a great time to determine if it could be a good fit! Benefits of Safe Harbor 401(k) Plans: Owner deduction and savings of $19,500 from income ($26,000 if age 50), regardless of employee participationMay allow...Read More
The SECURE Act was signed into law at the end of 2019. Among its many provisions was the ability to adopt a new profit sharing or defined benefit plan (including a cash balance plan) after the end of the plan year. The deadline to adopt a 401(k) feature did not change.Before 2020, an employer had...Read More
The SECURE Act includes a new rule that will dramatically affect eligibility for 401(k) plans. Under this new rule, beginning in 2024, any eligible employee who works at least 500 hours in three consecutive years must be permitted to make 401(k) salary deferral contributions into the plan. Currently, a 401(k) plan can restrict eligibility to...Read More
The hardship withdrawal rules have changed dramatically in recent years. The below FAQ addresses questions and answers based on the rules that are applicable now, in 2020. What is a hardship distribution? A hardship distribution is an optional triggering event a plan sponsor can make available to plan participants who are still employed. Hardship withdrawals...Read More
