The IRS has released the 2019 contribution limits! Since not everyone was awaiting them quite as eagerly as we were, here is a quick summary.
Topic Archive: Plan Sponsor Requirements
DWC stays on top of what's trending, and our self-proclaimed pension geeks often offer their insights in industry publications. As we transition into the fourth quarter the theme has been, "What Plan Sponsors Need to Know." Get caught up with this month's round up:
It seems like 401(k) plans require a lot of different notices and disclosures be provided to participants each year. We have safe harbor and default investment notices at the end of the year, fee disclosure notices and participant statements each quarter, and the summary annual report (SAR) when we file our Form 5500—and those are just the ones I can think of off the top of my head.
We are a small business that has been growing quite a bit in the last couple of years and are now up to about 100 employees. Our company has a 401(k) plan and most of the employees who are eligible for it are contributing. We have been told that because of the size of our plan, we might need to have it audited each year by an outside accounting firm.
Our company sponsors two separate 401(k) plans, each of which covers a different group of our employees. Due to some internal changes, we now want to merge those plans so that we only have a single plan, covering all of our employees.
The IRS has released the 2018 contribution limits! Since not everyone was awaiting them quite as eagerly as we were, here is a quick summary.
Our first piece of advice for audited plan sponsors? Don't panic.
We have considered automatic enrollment for our 401(k) plan but have, thus far, decided not to implement it. However, for our employees that do sign up to defer, we would like to offer them a way to elect automatic deferral increases at set intervals throughout the year.