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Maximum Contributions: "Everybody Wants Some"

DWC 09/17/20
Let’s do a little recap. In the last two installments, we discussed what Robert is required to contribute (the Minimum) to his cash balance plan and what he should contribute (the Recommended). Now, we will talk about what he can contribute (the Maximum).
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Can a Former Employee Roll a Coronavirus-Related Distribution Back into our Plan?

DWC 09/15/20
Facts Earlier this year, we decided to make the CARES Act coronavirus-related distributions (CRDs) available to participant in our 401(k) plan. We know that it is possible for participants to repay CRDs, but we didn’t anticipate any would be interested in that option. We’re glad that some do now want to repay, but we want to be sure we handle ...
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"Complete Control" with Recommended Contributions

DWC 09/3/20
Congratulations on making it through our last installment and to this one. We typically do not like to get that deep into the weeds, but hey, this is actuarial stuff after all, and you can’t always get what you want. To make up for the complexity of determining the Minimum Required Contribution (MRC), we are going to discuss Recommended ...
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DWC - The 401(k) Experts Announces Jamelle Moody as Principal

DWC 09/1/20
HOUSTON, TX. – September 1, 2020 - DWC - The 401(k) Experts, an industry leader in providing 401(k) plan compliance, defined benefit services, consulting services and third-party plan administration is pleased to announce that Jamelle Moody will be a member of the partnership’s Operating Committee effective September 1, 2020 as Principal.
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Is There an "Easy Button" for Setting Up a New Retirement Plan?

DWC 09/1/20
Facts As a small business owner, I’m constantly looking for cost-effective ways to improve the benefits I offer my employees. My industry is a competitive one, and it’s important to me to have a package that helps attract top talent and retain current employees too. Recently, my attention has turned toward implementing a retirement plan, but it ...
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Your Definition of Compensation Isn't in the ERISA Dictionary? We've Got a Fix for That.

DWC 08/27/20
Getting creative with the plan’s definition of compensation can be an effective way to target benefits, budget your benefit dollars, and maintain consistent benefit levels from year to year. However, with that creativity comes added layers of testing and compliance to concern yourself with. And, if you sponsor a safe harbor plan, those rules can ...
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How Can I Minimize my Risk When Reviewing and Approving Hardship Withdrawals?

DWC 08/25/20
Facts As a plan sponsor, I want my employees to have access to their retirement accounts in the event of a financial emergency. I know that offering hardship withdrawals could satisfy that goal, but after doing some reading, I’m a little nervous about the risk associated with reviewing and approving these types of requests. Not only that, but I ...
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One and One Makes Five: Calculating the Minimum Required Contribution

DWC 08/20/20
  In our last episode, we showed how the cash balance benefit for our owner, Robert Smith, accumulates over time. In our Perfect World (no offense Huey!), Robert contributes exactly $100,000 to the plan each year, and the investment return is exactly 3% to match the interest crediting rate. When Robert is ready to retire at the end of ten years, ...
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Which Common Plan Fees Can (and Should) We Pay from Plan Assets?

DWC 08/18/20
Facts We are reviewing our company expense budget to identify any that we can eliminate or reduce. We’ve read that it is possible to pay expenses related to maintaining company retirement plans out of plan assets. We sponsor both a 401(k) plan and cash balance plan for our employees, so shifting some of those fees from the company to the plan ...
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DWC Celebrates the Success of its Summer 2020 Intern Consultants

DWC 08/13/20
DWC is honored to announce its 2020 intern consultants as they complete their final stage of the DWC University Intern Program.
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The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organization. All content is provided for informational purposes only and is not intended to be tax or legal advice.