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

DWC Continues Expansion, Adds Ali Bechtel as Marketing Director

DWC 07/3/18

RALEIGH, NC - June 18, 2018 - 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 continued its expansion by hiring Ali Bechtel to the firm’s newly created marketing director position.

Correcting a Failure to Withhold Deferrals from Eligible Compensation

DWC 06/28/18

Facts ABC Company maintains a 401(k) plan that includes the following provisions: It operates on a calendar year. Compensation is defined as W2 wages with pre-tax deferrals added back and no exclusions. Eligible participants can defer up to the IRS limit $18,500 + $6,000 for those age 50 or older (2018 limits, indexed for inflation) The company ...

What Compensation Should We Use to Calculate Company Contributions to our 401(k) Plan?

DWC 06/26/18

Facts Our company has a safe harbor 401(k) plan. In addition to employees making deferrals, we make a company contribution equal to 3% of each person’s compensation. We deposit both types of contributions each pay period, so in theory at least, we should be all set by the end of each year. However, it seems that each year, our TPA comes back to us ...

After-Tax vs. Roth Contributions: What's the Difference?

DWC 06/19/18

QOTW - 6.19.2018 - After Tax v Roth Contributions - Retirement Plan Design

Facts Our company has a 401(k) plan that provides a matching contribution equal to 100% of the first 4% that each employee contributes. We set it up that way to ensure that our highly compensated employees (HCEs) can maximize their salary deferrals at the limit (for 2018 the limit is $18,500 for those under age 50 and $24,500 for those age 50 or ...

When Will Bitcoin Make Its Way to 401(k) Plans?

DWC 06/14/18

For more than a year bitcoin and other cryptocurrencies have been making headlines, and its skyrocketing value has investors asking when it will become an investment menu option for their 401(k) or other retirement savings plans. DWC Managing Partner Keith Clark answers that question in a article published on the Kiplinger website.

Is Bitcoin a Realistic 401(k) Investment Option?

DWC 06/12/18

QOTW - 6.12.2018 - Is Bitcoin a Realistic Investment Option - Retirement Plan Design

Facts Someone would have to be living under a rock for the last year or so not to have noticed all the talk about Bitcoin and other cryptocurrency. The values have fluctuated quite a bit, but all the press makes it sound like cryptocurrencies are a great investment that can generate significant returns.

Can We Exclude Seasonal Employees From Our 401(k) Plan?

DWC 06/5/18

Facts Our company’s workload fluctuates throughout the year with big spikes during the summer. As a result, we often hire seasonal workers who help us out during the busy times, but do not work during the regular workload months.

Can You Make Extra Payments on a 401(k) Loan to Pay It off Faster?

DWC 05/29/18

Facts A participant in our 401(k) plan took out a loan a couple years ago. She could only afford to make the bare minimum payments at the time, but is now in a financial position to pay down the loan more quickly.

Can a Company Freeze a 401(K) Account if an Employee Is Suspected of Stealing From the Company?

DWC 05/22/18

QOTW - 5.22.2018 - Can a Company Freeze a 401k Account if an Employee is Suspected of Stealing - Plan Distributions

Facts We just discovered that one of our employees has been stealing money from the company for quite some time. We fired him as soon as we discovered the theft, and we are working with the police and our attorney to determine what recourse we have. The employee has enough in his 401(k) account with us to cover most of what he stole, but he has ...

401(k) Notice Distribution: Hard Copy vs. Electronic Delivery

DWC 05/15/18

Facts It seems like 401(k) plans require a lot of different notices and disclosures be provided to participants each year. We have safe harbor and default investment notices at the end of the year, fee disclosure notices and participant statements each quarter, and the summary annual report (SAR) when we file our Form 5500—and those are just the ...

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