Introduction Background Loan Requirements    Plan Document    Loan Policy    Maximum and Minimum Amounts    Number of Loans    Interest Rate    Amortization    Other Repayment Terms    Documentation Conclusion If you have a 401(k) plan, you’ve likely had participants ask about taking loans from their accounts. If you haven’t yet, it is only...Read More

Introduction What is a forfeiture? What isn’t a forfeiture? When do forfeitures occur?     When is a distribution "complete"?     What is a one-year break in service? How are forfeitures used? Can forfeitures be reinstated? When must forfeitures be used? What can I do to get this right? Sooner or later, almost all 401(k) plans...Read More

Introduction Minimum Age and Service Requirements Entry Date Effect of a Short Service Requirement Excluding Classes of Employees Excluding Part-Time Employees with a Fail Safe Provision Service Requirements for Employer Contributions Impact on ADP and ACP Tests Making Excluded Participants Whole Conclusion More and more businesses are hiring part-time, seasonal or temporary employees (collectively referred...Read More

Introduction Overview Pre-Participation Compensation Bonuses, Commissions and Overtime Taxable Fringe Benefits Reimbursements and Allowances Post-Severance Compensation Self-Employed Individuals Employees vs. Independent Contractors Conclusion IRS and Social Security Annual Limits When it comes to operating your retirement plan, determining the compensation that should be used for each participant can be really confusing. It seems like it...Read More

Introduction Who or What is a Fiduciary? Fiduciary Duties Consequences of a Fiduciary Breach Steps to Limit Liability    Documenting Decision-Making Process    Monitoring Plan Expenses    Letting Participants Direct Their Accounts    Avoiding Prohibited Transactions    Bonding and Insurance Administrative Responsibilities    Timely Deposit of Employee Contributions    Reporting and Disclosure Requirements Conclusion Many...Read More

Introduction Lease or Purchase    Defined Benefit (DB) Plan    Defined Contribution (DC) Plan The Car Lot Compact or Full Size? One-Car Garage Eligibility Employee Deferrals Matching Contributions Profit Sharing Contributions Vesting Loans and In-Service Withdrawals Plan Documents Annual Compliance Testing Government Reporting Conclusion Excuse me, can you tell me what kind of car is...Read More

Introduction What is Automatic Enrollment? Eligible Automatic Contribution Arrangement (EACA) Qualified Automatic Contribution Arrangement (QACA) “Generic” Automatic Enrollment Why Automatic Enrollment? Preventing a Test Failure    Example #1    Example #2    Example #3 Encouraging Savings Conclusion McDonald’s may have been the automatic enrollment pioneer 30 years ago, but it wasn’t until 2008 when the...Read More

Introduction Depositing Employee Deferrals Depositing Company Contributions Tax Deductions Not for Profit Organizations Contribution Limits Test Corrections Safe Harbor 401(k) Plans The Ubiquitous “Miscellaneous  Category Conclusion For years now, we have been hearing from the Department of Labor (DOL) about the importance of depositing employee 401(k) deferrals and loan payments as quickly as possible. While...Read More