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Must I Complete the Upcoming Mandatory Plan Document Restatement Before Terminating My Plan?

DWC 07/14/20
Facts I currently sponsor a 401(k) plan for my employees. As I start to consider retirement myself and eventual dissolution of the business, I’m compiling a list of all the things I need to do to wind down. One of those to-do items is to terminate the 401(k) plan.
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Should We Include Government-Mandated Coronavirus PTO When Calculating Company Contributions?

DWC 04/21/20
Facts We have several employees who have had to take time off from work either because of a loss of childcare or to care for affected family members due to the coronavirus.  As a result of recent legislation, they qualify to receive compensation during their leave from work.
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DWC News Update | The CARES Act: Federal Coronavirus Relief

DWC 03/30/20
On Friday afternoon, March 27th, Congress passed, and the President signed, the Coronavirus Aid, Relief, and Economic Security (CARES) Act - sweeping legislation intended to provide much-needed relief due to the coronavirus public health emergency.  At nearly 1,000 pages in total, the legislation covers a lot of ground in a many areas.  With ...
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How Do We Stop Our Discretionary Matching Contribution?

DWC 03/26/20
Facts My company sponsors a 401(k) plan that provides for a discretionary matching contribution, which we deposit each pay period along with employee deferrals.  Given the economic uncertainty, I’m focused on doing what I can to ensure adequate cash flow to maintain operations, including making payroll.  That might mean we make the decision to ...
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Can We Suspend our Safe Harbor Contribution Mid-Plan Year?

DWC 03/24/20
Facts Given the current uncertainty in the world economy and the unknown ongoing affects of coronavirus, I’m looking at all financial obligations for our company, and for opportunities to reduce risk.  We currently sponsor a 401(k) plan for our employees and provide a safe harbor contribution equal to 3% of employee compensation.
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We Can't Find our Signed Plan Document, Now What?

DWC 03/10/20
Facts We have a new TPA for our 401(k) plan and they’ve asked for our current plan document that was effective January 1, 2017.  We know the document was signed back when it was prepared, but we can’t locate the signed copy.
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Pension Pontifications | Q3 2019

DWC 09/12/19
All of us here at DWC thrive on the really geeky stuff, and some of the best discussions start with our pontifications about how different topics impact our clients and our industry.  We decided to bring the best of those conversations to you, still with a touch of geekiness but also distilled into easily digested, bite-sized pieces. What are some ...
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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 ...
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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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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.