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What is the Deadline to Implement a Retirement Plan for the Current Year?

DWC 08/13/19
UPDATE | This QOTW has been updated to reflect changes included in the SECURE Act, signed into law on December 20, 2019. The updated article is available here. Facts Returning from sunny days at the beach, I’ve begun discussing my company’s year-end financial projections with my accountant.  Those conversations have been about as fun as a sunburn; ...
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Is It Possible to Convert a Pre-Tax 401(k) Account to a Roth Account?

DWC 08/6/19
Facts We recently had one of the participants in our 401(k) plan ask if it is possible to convert her balance from pre-tax to Roth.  She has been a participant in our plan for many years and has both her own deferrals as well as company contributions (both match and profit sharing). Based on her current financial situation, she believes it would ...
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Can We Require Employees to be Employed at Year-End to Receive a Safe Harbor Contribution?

DWC 07/30/19
Facts Our company sponsors a safe harbor 401(k) plan.  Each participant receives a safe harbor nonelective contribution equal to 3% of his or her annual pay.  Our TPA calculates the safe harbor contribution for us after the close of each year, and we deposit it sometime before we file our company tax return for that year.  Each year, we have a ...
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How Does a Participant's Divorce Affect our 401(k) Plan?

DWC 07/23/19
Facts One of the participants in our 401(k) plan is going through a divorce, and we just received a court order directing us to provide a portion of his account to his ex-spouse.  I thought that retirement plan accounts had special protection against legal judgments.
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What Do We Need to Consider When Switching from a SIMPLE IRA to a 401(k)?

DWC 07/9/19
Facts We’ve sponsored a SIMPLE IRA for our employees for years and while it’s served its purpose, we are beginning to feel the limitations inherent in the plan.  As we begin to grow, we’d love to be able to add provisions for eligibility and to be able to reward our key performers.  I’m hesitant about making a change from this “known” commodity to ...
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The 2019 Retirement Plan Contribution Limits

DWC 11/1/18
The IRS has released the 2019 contribution limits! Since not everyone was awaiting them quite as eagerly as we were, here is a quick summary.
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Plan Sponsors & Fiduciaries: Here's What You Should Be Watching

DWC 10/11/18
DWC stays on top of what's trending, and our self-proclaimed pension geeks often offer their insights in industry publications. As we transition into the fourth quarter the theme has been, "What Plan Sponsors Need to Know." Get caught up with this month's round up:
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Delinquent Deposits of Employee Deferrals? There's a Fix for That!

DWC 09/27/18
While it might not seem like that big of a deal if 401(k) deposits are made a couple days or weeks late, the Department of Labor (DOL) considers those payroll withholdings to be plan money on the deposit deadlines regardless of where the money is physically located.  To the extent those monies are still in the plan sponsor’s control, the delayed ...
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Breaking News: The IRS PLR on Student Loan Benefits in 401(k) Plans is Much Ado About Not Much

DWC 08/21/18
We interrupt your regularly scheduled programming to highlight the IRS’ not-so-ground-breaking entrance into the world of student loan benefits in 401(k) plans.
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Retirement Planning & Regulatory Trends You Should Be Watching

DWC 08/16/18
Feeling out of the loop on industry happenings this summer? DWC stays on top of what's trending, and our self-proclaimed pension geeks often offer their insights in industry publications. Get caught up with this month's round-up: 
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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.