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Pension Pontifications | Q1 2019

DWC 03/14/19

Q1 Retirement Pension Pontifications Blog Header Image

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. This is our ...

We Failed the ADP Test! What Did We Do Wrong and How Do We Fix It?

DWC 02/26/19

Facts Our TPA just sent us our annual compliance report, and it says we failed testing! This is the first year we’ve failed anything, and now we’re being told that we need to take money out of the plan in order to remedy the failure. I don’t understand why this is happening.

Can Higher Than Normal Turnover Affect my 401(k) Plan? | Part 3 of 3: The Results

DWC 02/19/19

QOTW - 2.19.2019 - Can Higher Than Normal Turnover Affect My 401k Plan - 2 of 3 - Plan Compliance

Facts In last week’s QOTW, you provided some tools we could use to identify which participants were affected by our decision to close one of our locations, and to calculate our actual turnover rate for purposes of determining whether a partial plan termination has occurred. We’ve performed the review, and our minimum turnover rate will exceed 20%. ...

Can Higher Than Normal Turnover Affect my 401(k) Plan? | Part 2 of 3: Doing the Math

DWC 02/12/19

QOTW - 2.12.2019 - Can Higher Than Normal Turnover Affect My 401k Plan - 2 of 3 - Plan Compliance

Facts Last week, we asked whether the turnover we are expecting as a result of closing a facility would have any impact on our 401(k) plan, and you mentioned a partial plan termination. We have some follow-up questions. As a quick recap, we are in the process of closing one of our manufacturing facilities. Some of those working at that location ...

Can Higher Than Normal Turnover Affect my 401(k) Plan? | Part 1 of 3: Overview

DWC 02/5/19

QOTW - 2.5.2019 - Can Higher Than Normal Turnover Affect My 401k Plan - 1 of 3 - Plan Compliance

Facts Our company designs and manufactures boats. Due to some advancements in technology, we will be closing one of our older facilities. While we offered those workers the option to relocate to one of our other facilities, many have elected not to do so and will be terminating employment. That group comprises roughly 20% of our total workforce.

How Can We Pass Nondiscrimination Testing with Low Non-HCE Participation?

DWC 01/22/19

Facts I am fed up with sponsoring my current retirement plan. My wife and I contribute the maximum amount we can in deferrals each year. Due to low participation by our employees, we fail ADP testing every year and have to take refunds.

Can We Reduce the Number of HCEs in our Plan?

DWC 01/15/19

Facts We set up our company 401(k) plan soon after we started our business. At the time, we were a small tech company with only a couple of employees. Over the years the company has grown exponentially, and business has been good to us…really good. Because of this, the demographics of our company have changed completely. We have too many of our ...

What is the Deadline to Deposit our Safe Harbor Matching Contribution?

DWC 12/4/18

Facts Our company sponsors a safe harbor 401(k) plan that provides a matching contribution equal to 100% of the first 4% each participant defers. I had always thought that the deadline for us to deposit the match is the due date of our company tax return (with extensions), but my TPA mentioned something about a quarterly deposit requirement.

Can Participants Invest Their 401(k) Accounts in Real Estate?

DWC 10/16/18

Facts I am the 100% owner of my company, and we have a 401(k) plan that allows all our employees to direct the investment of their own accounts from a menu of mutual fund options via our recordkeeper’s website. The plan has been in place for a while. Not only have total plan assets grown quite a bit, but I have personally accumulated a significant ...

Why Does Your TPA Need Personal & Ownership Details from Company Owners?

DWC 10/2/18

QOTW - 10.2.2018 - Why Does your TPA Need Personal and Ownership Details - Plan Compliance

Facts Our company sponsors a 401(k) plan for our employees. The owners of the company have always been somewhat secretive in terms of sharing detailed information about themselves and their families. The current environment of selling information for marketing use and identity theft has only intensified that.

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