Sometimes, retirement plan compliance can feel like an episode of “Stranger Things” and navigating the Upside Down. But have no fear – EGPS is here! We’re experts in handling all those mysterious cases that might leave you feeling like Will Byers in Season 1. Whether it’s dealing with unusual plan designs, mergers and acquisitions, IRS...Read More

Employers will no longer need to collect documentation to support participants’ hardship distribution requests, due to SECURE 2.0. The legislation has added the option to authorize hardship withdrawals for participants who self-certify that they meet the requirements of this type of distribution. When is the hardship distribution self-certification option available? Technically, right now! SECURE 2.0...Read More

Many 401(k) plans will be required to include Roth deferrals or remove the provision for catch-up contributions due to SECURE 2.0. This change is now effective beginning January 1, 2026. It was originally set to be effective in 2024, but the IRS has permitted an administrative delay. Still, it is important to know the requirements...Read More

Thanks to SECURE 2.0, many 401(k) plans will now be required to include automatic enrollment beginning on January 1, 2025. Therefore, it is important to know the requirements and exceptions to this new rule. Let’s take a look! Who is exempt? If the company is a new business in its first three years of existence,...Read More

SIMPLE IRA plans are a popular retirement plan type for small businesses. These plans are generally cheaper to implement with little administration for the employer. But, they also lack flexibility and limit contributions that can be made to the plan. As a result, we often see employers move from a SIMPLE IRA plan to a...Read More

Have you been here: a serious financial hardship has struck your family and you’re in desperate need of funds? Whether it’s a medical expense, avoiding eviction, a burial/funeral expense, or another extremely difficult situation, we have a little bit of good news. Getting a hardship distribution from your 401(k) to help in these times just...Read More

With all of life’s responsibilities, automation can sure help make things easier. Things like automatic bill pay, automatic vacuums (Roombas for the WIN), and automatic transmissions have definitely helped me! Another “automatic” with several perks has become more prevalent with recent legislation: automatic enrollment in retirement plans. SECURE 2.0 includes a new requirement that will...Read More

Unpacking the acronym and new retirement plan legislation “What we need are some more retirement plan acronyms” – said no one ever. BUT, they’re here to stay, because long-term part-time (LTPT) employees is a mouthful. So, why is this acronym popping up now and why are we talking about LTPT employees? The SECURE Act and...Read More