Topic Archive: 401(k)

Can I Add a Personal SEP IRA to My Company's 401(k) Plan?

DWC | 07/24/17

Facts

Our firm sponsors a 401(k) plan that includes a 3% of pay safe harbor contribution. The plan also includes a profit sharing provision, but the only company contribution we usually make is the safe harbor.

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What's Old Is New Again

Adam C. Pozek | 11/14/14

Whether we’re talking fashion or music or architecture or barber shops, it seems things that have faded from existence eventually come back around.  See if this cycle looks familiar:  cutting edge becomes status quo becomes so last week becomes so [insert decade] becomes retro becomes vintage.

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SchoolHouse Rock Meets The 401(k) Plan

Adam C. Pozek | 04/22/13

When I was kid, I used to love Schoolhouse Rock during the commercial breaks of Saturday morning cartoons.  Even now, I have them all on DVD as well as a CD of covers by various rock musicians, and I still sing along with all of them word-for-word!

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Accidents Will Happen

Adam C. Pozek | 02/24/13

If you’ve spent any time working with retirement plans, you know how complicated they can be.  It seems like every rule has an exception and an exception to that exception.  It is no wonder that accidents occasionally happen despite everyone’s best efforts to follow the rules.

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What You Thought You Knew About Revenue Sharing

Adam C. Pozek | 06/26/12

Ever see the movie Men In Black?  One of my favorite lines is when Tommy Lee Jones says to Will Smith, “Fifteen hundred years ago, everybody knew the Earth was the center of the universe.  Five hundred years ago, everybody knew the Earth was flat; and fifteen minutes ago, you knew that humans were alone on this planet. Imagine what you'll know tomorrow.”

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Happy MEP-morial Day From The DOL

Adam C. Pozek | 05/29/12

Back in March, Assistant Secretary of Labor Phyllis Borzi testified before a Senate committee, expressing concern about whether open MEPs can be treated as single plans under ERISA since there is no commonality among adopters.  A recording of her testimony is here, with the MEP comments beginning around the 36th and 43rd minutes.  Some commentators thought the testimony was a sign of what DOL’s official position would be, while others suggested it gave no cause for concern, because the Internal Revenue Code does not require the commonality that Asst. Sec. Borzi described.

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Donald Trump, Elves and 401(k) Plans – Part 1

Adam C. Pozek | 04/25/11

“Real estate doesn't interest me. It's no doubt a great flaw in my personality, but I can't think in terms of boundaries. Those imaginary lines are as unreal to me as elves and pixies.”  -- Kurt Vonnegut, Jr.

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Are You Kidding? The Fall Will Probably Kill You!

Adam C. Pozek | 03/25/11

My good friend and benefits attorney Ilene Ferenczy sends out an e-newsletter from time-to-time.  The Ferenczy Flash always includes timely, practical information for plan sponsors and service providers.  The edition she sent earlier this week highlights a very important point that often gets lost in the 401(k) shuffle - while all of the fiduciary rules are important, it is failing to comply with the Tax Code that is more likely to land most plan sponsors in hot water.

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Werewolves of Pension

Adam C. Pozek | 03/17/11

I was recently asked to write an article on ERISA Section 404(c).  As I contemplated how to approach the article, I recalled many situations in which I have heard 404(c) pitched as the mythical silver bullet to save plan fiduciaries from the specter of liability associated with participant-directed investments.

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Reasonableness Requirement Is Not New

Adam C. Pozek | 02/24/11

An article appeared yesterday on CFO.com entitled “New 401(k) Obligations Heaped on CFOs” and it carried a tagline stating “New disclosure rules abound, but pay close attention or you could be sued by plan participants.”

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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.