Topic Archive: Plan Amendment

Feeling Defeated in the Battle of Participant Loans? We've Got a Fix for That.

DWC | 05/30/19

While not quite as ominous as a battle with the Night King, dealing with participant loans in retirement plans can be a daunting challenge for plan sponsors.  Because of Congress’ concerns about protecting plan assets from improper use by participants and plan sponsors alike, the loan rules are strict and unforgiving. 

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DWC News Update: The IRS Helps Those Who Help Themselves

DWC | 04/22/19

The IRS did its part to make Friday, April 19th a really good Friday for those who sponsor qualified retirement plans.  After not making many friends when it jacked up the user fees for the Voluntary Correction Program (VCP) a year or so ago, the IRS has responded to industry requests (that DWC representatives helped draft) by now allowing plan sponsors to self-correct a number of more common missteps without the need to submit anything to the IRS at all.

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Forgot to (Timely) Execute a Document Restatement? There's a Fix for That!

DWC | 12/20/18

You probably know that establishing a qualified retirement plan requires the formal adoption of a written, legal plan document.  And, if you’ve had a plan in place for any amount of time, you’ve most likely also been required to adopt a handful of mandatory amendments along the way. 

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An Employee Joined the Plan Too Soon:  No Harm, No Foul or Failure In Need of a Fix?

DWC | 07/17/18

Facts

In order to be eligible for our company’s 401(k) plan, employees must have worked for us for at least a year and be a minimum of 21 years old.  They can join the plan on the next January 1st or July 1st following the date they meet those requirements.  Recently, we discovered that we allowed an employee to start contributing to the plan before he met those requirements.  He also received company matching contributions.

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