401(k) Q&A | Plan & Industry Content From DWC

What Are My Options (and Deadlines) for Implementing a Retirement Plan This Year?

DWC 08/11/20

Facts We’ve been debating implementing a 401(k) plan for 2020. After much back and forth, we’ve decided its “a go!” for this year. Since we are still in a more relaxed summer vacation mode, we’d like to wait until sometime this fall to really get rolling on implementation.

Cash Balance Contributions: Definitely Not "Money for Nothing"

DWC 08/6/20

In our last installment, we took a look at the different ways to define the contribution credits in a cash balance plan. For Robert Smith, the owner and only employee of Robert Smith, Inc., the contribution credit is set at $100,000 or 66.67% of W-2 pay, if lower. Now it’s time to start learning about the actual contribution amounts. As a ...

Can We Offer Additional Matching Contributions Without Losing our Safe Harbor Status?

DWC 08/4/20

Facts We currently sponsor a 401(k) plan for our company. While we certainly want to be able to provide meaningful benefits to the owners, our goal is to encourage all our employees to save more for their retirement, and to reward those who do. We were failing our annual testing, so we implemented a safe harbor provision to provide a matching ...

Jacki Betz Joins DWC as Director of Business Development

DWC 07/30/20

DWC - The 401(k) Experts Hires Jacki Betz as Director of Business Development

MIAMI, FL. – July 30, 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, has hired Jacki Betz to lead the Southeast sales region as the Director of Business Development.

Can We Offer Higher Profit Sharing Contributions to Employees Based on Performance?

DWC 07/28/20

Facts We’ve had a 401(k) plan for years, but we are now looking at ways to make it a more strategic part of our overall compensation package. In one of your previous Questions of the Week, you mentioned that we cannot really give employees the choice between higher pay or a profit sharing contribution, but we would like to explore ways to use ...

Just Can't Get Enough...Savings from your 401(k) Plan

DWC 07/23/20

Now that we know the basics, we can apply our knowledge to (almost) real life scenarios. We will follow our fictitious company: Robert Smith, Inc., an S-corporation with no employees other than the owner. Robert is an accomplished song writer who is currently living off royalties from his hits. Robert sponsored a SEP for many years, then at the ...

Can We Increase Profit Sharing Contributions and Decrease Salaries to Improve Testing and Save Money?

DWC 07/21/20

Facts We want to make job offers to some new employees and are looking strategically at our overall compensation package. Some of these candidates are seeking upwards of $130,000 which will make them highly compensated employees (HCEs) in 2021. We are thinking about negotiating a lower salary of $100,000 with a promise of $30,000 in profit sharing ...

Must I Complete the Upcoming Mandatory Plan Document Restatement Before Terminating My Plan?

DWC 07/14/20

Facts I currently sponsor a 401(k) plan for my employees. As I start to consider retirement myself and eventual dissolution of the business, I’m compiling a list of all the things I need to do to wind down. One of those to-do items is to terminate the 401(k) plan.

Defined Benefit vs. Defined Contribution: A Cash Balance Plan Primer

DWC 07/9/20

Welcome to Cash Balance Corner! We've created this bi-monthly column to teach you everything you need to know about defined benefit and cash balance plans in order to help you make the best possible decisions about your company retirement plan. Because a cash balance plan is a type of defined benefit (DB) plan, we'll start with a primer on the ...

DWC News Update | eDisclosures: Initial Notice and Notice of Internet Availability

DWC 06/29/20

Welcome to the exciting conclusion of our foray into the brave new world of eDisclosures. Today, in our final look at the DOL’s new eDisclosure ruling, we will breakdown the Initial Notice and the Notice of Internet Availability (NOIA – because we need a new acronym).

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