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Actuaries and Employee Benefit Consultants egps.com We hope you are having a great summer and enjoying some time off! Of course taxes don’t take the summer off, and it’s already July! If you have business owner clients who need to reduce their current year taxable income and save for retirement, now is the ideal time...Read More

Introduction Types of Retirement Plans Getting Employees to Join the Plan Increase Deferral Rates Utilizing Your Resources In Conclusion Rise of the Machines Participant Loans: Benefit or Detriment? Introduction The latest news regarding retirement plans has centered around service provider fees.  While fees are a highly important aspect of managing an employer-sponsored retirement plan, they...Read More

Introduction Uncashed Checks are Plan Assets What Should Plan Sponsors Do? Searching for Missing Participants     Required Steps     Reasonable Additional Steps What are the Options if the Participant Cannot be Found?     Return Funds to the Plan     Forfeit the Account Balance     Roll Over Assets to an IRA     Withholding 100% of the...Read More

Introduction Rollover vs. Cash Distribution Mandatory Federal Tax Withholding 10% Premature Distribution Penalty Retirement and Termination Disability Benefits Death Benefits Required Minimum Distributions Hardship Distributions IRS Special Tax Notice and Reporting Summary 2017 IRS Annual Limits A 401(k) plan permits employees to defer a portion of their salaries on a pre-tax basis with the objective...Read More

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