What Plan Sponsors Need To Know About DOL Enforcement & Red Flags

Being selected for a Department of Labor (DOL) audit is not exactly a prize most plan sponsors want or intend to win. Often, plan sponsors think service providers will take the blame when compliance issues arise. But plan sponsors are ultimately responsible for plan administration and operation. Plan sponsors that don’t realize this can suffer...

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Does Your Business Insurance Cover Failure to Pay Employee Benefit Plan Premiums?

Many employers carry general business liability insurance with fiduciary clauses to hedge against potential losses that may result from negligent acts of some sort committed by their employees. But employers may be surprised to find that the broad policy terms of their fiduciary clauses do not cover as much as they thought, especially when a...

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Tax Diversification Strategies for Retirement

Diversification is an important principle of risk management when it comes to saving for retirement. While many investors understand the benefits of spreading their risk exposure across asset classes in their portfolios, many don’t realize that diversifying their tax exposure can have benefits in terms of managing cash flow in retirement. ...
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Remittance Schedules: How To Know And Meet Your Deadlines

Part of offering a defined contribution plan, whether a 401(k) or a 403(b) plan, is making sure that the money participants contribute from their paycheck is deposited in their retirement account in a timely manner. While this might seem like a relatively minor and simple task in the scope of a plan sponsor’s fiduciary duties, the Department...
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Forfeiture Accounts: Not Just Another Participant in Your 401(K) Plan

January 1st  was the start of a new plan year and for many employee benefit plans and those charged with governance may take the first quarter of 2019 to review plan provisions, benchmark investments or evaluate service providers. One area that should be reviewed is the balance in the forfeiture account. A forfeiture account is often a...

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Labor Department Proposes Auto-Transfer Plan for Small 401(K) Accounts

Each year, nearly 15 million American workers change jobs, with many leaving their 401(k) accounts behind. The Department of Labor (DOL) is trying to relieve this headache for plan sponsors and keep employee accounts more complete by proposing a rule that would all the transfer of retirement balances left behind in participants’ 401(k) plans...

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HOW TO CORRECT RETIREMENT PLAN ERRORS

Everyone makes mistakes, and for plan sponsors, the ability to identify and remedy errors is essential for maintaining the plan’s tax benefits. For plan sponsors who may have deviated from their plan documents, or need to make other corrections, the Internal Revenue Service (IRS) provides three options to fix errors so organizations can keep all...

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401(K) PLAN COMPLIANCE: WHAT PLAN SPONSORS NEED TO KNOW

Defined contribution plans, and 401(k) plans in particular, offer myriad benefits for workers and employers, and these plans can be powerful tools to help organizations attract and retain talent. Despite these benefits, only 62 percent of private sector employees have access to a defined contribution plan, according to the Bureau of Labor...

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