Topic Archive: DWC

DOL and IRS Audits: How DWC's Annual ERISA Compliance Review Helps Plan Sponsors

DWC | 10/19/17

Our first piece of advice for audited plan sponsors? Don't panic. 

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What Are 401(k) Plan Forfeitures and How Can They Be Used?

DWC | 10/17/17

Facts

We have a 401(k) plan that includes several different types of contributions—employee deferrals, a company-provided safe harbor match, and a profit sharing contribution. The plan has a 6-year graded vesting schedule.

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When Can We Change Our ADP/ACP Testing Method?

DWC | 10/10/17

Facts

We have a 401(k) plan that allows for both employee deferrals and a company match. Our annual testing each year is based on the amounts contributed in the previous year. That has allowed us to notify our highly compensated employees of the maximum they can contribute each year to ensure we pass testing.

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Why Compliance Services Are Important for a Plan Sponsor

DWC | 10/9/17

Retirement plan compliance is a big deal to the IRS.  After all, the tax deductions that both plan sponsors and participants receive each year for contributions to retirement plans surpass deductions taken for charitable donations and health insurance premiums.  With so much at stake, the IRS wants to be sure everyone is playing by the rules.

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10 Common Retirement Plan Compliance Failures Found by the IRS

DWC | 10/2/17

Contrary to what some people may think while writing out checks for penalty fees, the IRS  doesn't actually want to find compliance issues in retirement plans.

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Retirement Plan Termination: Are There Special Rules for Paying Out Account Balances?

DWC | 09/26/17

Facts

The owner of our company is retiring next year, and the business will close as a result. We sponsor a 401(k) plan that we know we need to terminate, and we want to get started right away so that we have plenty of time to wrap things up before the company is dissolved next year. There are several former employees who still have balances in the plan, but most of the plan accounts are for employees who will continue working for the company right until the very end.

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Is There a Specific Format or Required Content for a Beneficiary Designation Form?

DWC | 09/19/17

Facts

A participant in our retirement plan just passed away. When we were reviewing our files, we were glad to see that he had completed a beneficiary designation form. On closer review, however, we noticed that the form does not have the name of the plan listed. It has his name, details about his intended beneficiaries and even a stamp showing the date we received it from him, but the plan name is missing.

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DWC Merges With Hawkins Retirement – A Message From the Hawkins Perspective

Lori Reay | 09/12/17

It's official: DWC is uniting with Hawkins Retirement, a Utah-based firm that provides comparable 401(k) plan compliancedefined benefit services, and consulting services (third-party plan administration), under the DWC brand. 

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Can a Company Owner Withdraw More Than the Required Minimum Distribution After Age 70 1/2?

DWC | 09/5/17

Facts

One of the owners of our company is 73 years old. She remains actively employed by the company and does not show any signs of cutting back or quitting any time soon. She has accumulated a significant account balance in the 401(k) plan and has been taking her required minimum distributions (RMDs) each year since she reached age 70 ½.

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Do 401(k) Plan Eligibility Rules Apply to Part-Time Employees?

DWC | 08/29/17

Facts

Our 401(k) plan requires employees to work for us for six months before they become eligible to join. Pretty much all of our employees have been full time and have worked continuous, nine-to-five-type schedules.

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