The Department of Labor takes benefit plan remittance deadlines very seriously. If you miss one, take these steps to avoid penalties.
Missing remittance deadlines for employee contribution plans can carry significant penalties. Here’s how to avoid them.
Pooled Employer Plans (PEPs) were created to expand access to retirement benefits by addressing some of the restrictions and perceived drawbacks of multiple employer plans (MEPs) while creating additional benefits for PEP participants, such as tax credits and the “one bad apple” rule.
Abandoned 401k accounts aren’t just a potential issue for employees – they can lead to penalties and administrative challenges for employers too. How can plan sponsors limit the burden and risk?
To help plan sponsors navigate the challenging road ahead, this 2022 ERISA Update focuses on four themes that plan sponsors should be keeping a close eye on this year.
Sponsors of defined benefit and defined contribution plans: keep these deadlines and important dates in mind for your plans in 2022.
With the Dec. 31 hardship distribution amendment deadline approaching, plan sponsors should act quickly to review plan operations and amend plan documents as needed.
EPCRS consists of the Self Correction Program (SCP), the Voluntary Correction Program (VCP), and the Audit Closing Agreement Program (CAP).
Monitoring retirement plan service providers to ensure they are achieving the objectives set out at the beginning of the relationship is a good practice for plan sponsors.
Retirement plan benefits continue to be impacted by legislation attempting to address key issues and challenges facing today’s workers.
Financial wellness tools offered by employers may have varying levels of impact for different generations.
On August 6, 2021, the IRS announced that no 2020 Form 5500 is required for employers who in 2021 retroactively adopt a tax-qualified retirement plan for 2020.
The current 401(k) plan restatement cycle will close on July 31, 2022; all plan documents need to be not only restated by then, but also certified by the IRS, and adopted by employers.
Utilizing Employee Stock Ownership Plans or ESOPs in construction companies that thrive on reputation, legacy and employee morale can be a beneficial recruiting and succession planning strategy.
Companies considering a nonqualified deferred compensation or NQDC plan as a recruiting and retention tool should understand the unique compliance requirements and other complexities of these plans.
Up to 1 in 5 job changes results in a missing participant; the DOL has issued guidance that addresses the fiduciary responsibilities of plan sponsors related to these plan participants and beneficiaries.
While nearly everyone has been affected by the COVID-19 pandemic, the impact on financial wellness for women has been especially acute.
Plan sponsors must understand and comply with hardship distribution changes in both operations and plan documents before 12/31/21.
Plan sponsors should work with service providers to ensure that CARES Act loans errors as a result of provisions in the Act expiring are crorrected, or take advantage of federal self-correcting programs.
Answers to some of the most common employee benefit plan sponsor FAQs since passage of the CARES Act.