Fiduciary Rule Round Up   Who is subject to the new rule?   Does the new rule only apply to investments in our retirement plan?   If this is about protection, what’s the downside?   What Plan Sponsors Need to Know   Technically Speaking   Don’t Get Ahead of Yourself Quite Yet…   Houston, We...Read More

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

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