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What Does Safe Harbor Mean, Exactly?

DWC 05/28/19
QOTW - 5.28.2019 - What Does Safe Habor Mean Exactly - Plan Compliance
Facts When we set up our new 401(k) plan last year, we decided not to add a safe harbor provision because we were not in a position to commit to the required contribution.  Then we heard our TPA say something about our deferral deposits fitting within the safe harbor deadline.  Now I’m just confused.
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Are Missed Deferrals and Late Deferral Deposits the Same Thing?

DWC 05/14/19
QOTW - 5.14.2019 - Are Missed Deferrals and Late Deferral Deposits the Same Thing - Plan Corrections_v2
Facts Our company sponsors a 401(k) plan.  One of our newer employees, Jane Smith, met the eligibility requirements and should have joined the plan on January 1st.  Due to an oversight, we forgot to enroll Jane in the plan until she asked about it a couple months later.  We assume that we need to make some sort of correction, and we’ve done some ...
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Delinquent Deposits of Employee Deferrals? There's a Fix for That!

DWC 09/27/18
Q3 COTQ Blog Header Image
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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Decoding the Alphabet Soup: What's With All the Acronyms? | Part 3

DWC 09/11/18
QOTW - 9.11.2018
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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