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Are There Plan Design Options We Should Consider as Part of the Mandatory Cycle 3 Plan Document Restatement?

DWC 11/10/20
DWC 401(k) Q&A Question of the Week: Plan Design Options to Consider as Part of the Mandatory Cycle 3 Plan Document Restatement
Facts We’ve been following your recent posts about how making even small changes to certain plan provisions can make managing the plan easier without sacrificing our objectives. Making life easier, while minimizing chances for errors…you’ve really been speaking our language.
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Does Counting Hours of Service for Plan Eligibility Have to be a Nightmare?

DWC 11/3/20
DWC 401(k) Q&A: Counting Hours of Service for Retirement Plan Eligibility
Facts We’ve been following along with the last few Questions of the Week and think we’re pretty comfortable with how we want to set up eligibility for our 401(k) plan. We’re definitely looking to implement a one year of service requirement (with 1,000 hours during that year) and quarterly entry dates. We understand that this design may result in ...
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What's the Simplest Way to Set Up a One Year Eligibility Waiting Period for our 401(k)?

DWC 10/27/20
DWC 401(k) Q&A Question of the Week: One-Year Eligibility
Facts We are looking to set up a 401(k) plan for our company. Our workforce includes both hourly and salaried employees as well as full-time, part-time, and seasonal workers. For now, we really want to focus on our full-timers. It is our understanding that the maximum timeframe we can have employees wait before becoming eligible is one year. With ...
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How Can We Tweak Our Plan's Eligibility Requirements to Make Administration Easier?

DWC 10/20/20
DWC 401(k) Q&A: Simplifying Plan Eligibility Determinations
Facts We’ve sponsored our 401(k) plan for several years now, and it’s been very well-received by our employees. Believe it or not, though, one of the biggest challenges we have had is around when employees become eligible. Some of our staff are salaried, while others are hourly. We have both part-time and full-time employees, and we are also ...
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How Can We Add More Flexibility to our Standard Profit Sharing Contributions?

DWC 10/13/20
DWC 401(k) Q&A: Adding Flexibility to Profit Sharing Contributions
Facts We have made profit sharing contributions each year, and we plan to continue to do so every year that our financial situation allows. Historically, we have contributed the same percentage of pay for each person, but your previous Question of the Week about using the profit sharing feature to reward certain key performers piqued our interest.
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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.

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