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Who Signs Our Form 5500?

DWC 06/2/20
Facts The person in our office who handles many of our administrative functions, including those related to our 401(k) plan, will be retiring soon, so we’re reviewing many of our internal processes in anticipation of training someone new to take on those functions.  We know that our Form 5500 must be filed by the end of July, so that particular ...
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What Retirement Plan Filings and Records Must We Keep?

DWC 05/5/20
Facts We’ve sponsored a 401(k) plan since 2002 and the amount of paperwork and related records we’ve accumulated is incredible.  Cleaning up these records has always been on my to-do list for a while, but it’s not the most exciting task.  As much as I would like to I know I can’t just throw it all away, but it seems like the mountains of old ...
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Is It Possible to Avoid an Audit for the First (Short) Year of Our Plan?

DWC 10/1/19
Facts Our company has about 200 employees, and we launched a new 401(k) plan on October of last year.  We were eager for all of our existing employees to get excited about this new benefit, so we waived the waiting period to join so that everyone would be eligible on day one.  The good news is that it worked, and we had a lot of our employees sign ...
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Meet the MEPs: Grab Bag

DWC 09/11/19
The Department of Labor’s new regulations that expand the availability of multiple employer plans cover quite a bit of ground.  In previous posts, we’ve explored Association MEPs, PEO MEPs, Corporate MEPs, and working owners. Though not technically part of the regulations themselves, the Department of Labor also addresses a grab bag of questions ...
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Are We Required to Force Former Employees to Take Their Money Out of Our Plan?

DWC 04/23/19
Facts We just received our year end testing and it mentioned that we have several terminated participants with small balances that we are required to distribute from the plan.  I remember seeing something in one of our documents that mentioned distributions for account balances below $5,000, but I’m not entirely sure what that means or how I’m ...
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What is the Form 8955-SSA and What Does It Do?

DWC 04/2/19
Facts Our company has been very fortunate to have low turnover over the years.  Those that have left either were not eligible for our 401(k) plan, or they had very small balances and had their accounts forced out when they terminated.  We recently did have one longer-term employee leave us.  She was an active participant in our plan and has a ...
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How (and for How Long) Can I Extend the Deadline to File our Form 5500?

DWC 03/26/19
Facts We’ve had our retirement plan for a couple of years now and feel that we are finally getting the hang of the various deadlines for our plan.  There is just one deadline that I always have trouble remembering: the extended deadline for filing our Form 5500 with the DOL.  I’ve heard that if we extend our corporate taxes, it is the due date of ...
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Decoding the Alphabet Soup: What's With All the Acronyms? | Part 3

DWC 09/11/18
Facts People in the retirement plan business sure do like their acronyms.  All these letters get thrown around, and I do not know what half of them mean.
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What Is The Difference Between Fiduciary Liability Insurance and a Fidelity Bond?

DWC 04/10/18
Facts My company sponsors a 401(k) plan. With everything that has been in the news about retirement plan fiduciaries and some of the lawsuits against them, we are trying to decide whether or not we should get fiduciary liability insurance for ourselves. Then I looked at our Form 5500 and it shows that we already have plan-related insurance.
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Should We Split Our 401(k) Plan to Avoid the Annual Audit?

DWC 02/6/18
Facts Our company has been growing over the last couple of years, which is a good thing. However, after seeing your last two Questions of the Week (here and here), I am concerned about the need to have our 401(k) plan audited. We are committed to keeping the plan in compliance, but I cringe at the thought of searching for an auditor and dealing ...
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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.