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Will Moving My Company Ownership Into a Trust Impact Our 401(K) Plan?

DWC 03/25/21
Facts I’ve been working with my personal attorney and financial advisor on some estate planning. and one item I’m considering is placing some of my assets, including my company ownership, in a trust. While this is all for personal estate planning purposes, I’ve been told that anything that changes company ownership could also have an impact on how ...
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Interesting Compliance Scenarios - 2021 Edition

DWC 03/18/21
 
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Can I Convert a Coronavirus-Related Distribution to a Roth IRA?

DWC 02/25/21
Facts We added Coronavirus-Related Distributions (CRDs) to our 401(k) plan in 2020, and a number of our participants availed themselves of the new feature. I know they have the option to pay any applicable taxes all at once or spread them over three years, and I also understand they have up to three years to roll the money over to avoid taxes ...
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Why Does My Year-End Census Require Ownership and Family Information?

DWC 02/2/21
Facts We’ve compiled our year end census information, and we are now turning out attention to the accompanying questionnaire. I’m being asked for additional information such as ownership percentages, family relationships, ownership in other businesses and more.
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Which Financial Details Do I Have to Include on my Year-End Census?

DWC 01/19/21
Facts Last week, you explained some the demographic data points that get reported on the annual census. Now, I’ve got some questions on the financial information I’ve been asked to provide to my TPA. Some of it seems obvious until I start to dig into it.
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Which Employees Do I Have to Report on my Year-End Census Report?

DWC 01/12/21
Facts As for so many companies, the end of one year and the start of the next are especially busy times. And, without fail, we’ve already received the request for our annual census data from our retirement plan consultant. I know this information is important and these deadlines approach quickly, so I get nervous every year about making sure I ...
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DWC's "How Do You Holiday?" Survey

DWC 12/15/20
Facts We're getting in the holiday spirit here at DWC, but we've noticed that there are a lot of differing opinions on how to holiday around here. We've settled some important debates with past surveys - like determining that Christmas Vacation is the best holiday movie - but now we want to take a closer look.
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CARES Act Relief for Retirement Plan Loan Payments is Ending, Now What?

DWC 12/8/20
Facts Earlier this year, we implemented the coronavirus relief provisions that allowed our participants to suspend loan payments for the remainder of 2020. As a result of reduced hours and other financial hardships, we had a number of plan participants take advantage of this relief.
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Overtime Is Up and Bonuses Are Down: Will This Year's Irregular Compensation Impact our Retirement Plan?

DWC 12/1/20
Facts We sponsor a 401(k) plan for our employees and provide a company matching contribution to those who defer. Our plan specifies that in calculating that match, we only consider employee base pay and exclude “irregular” forms of pay (specifically bonuses and overtime). This allows us to be more precise when we are building the expected cost of ...
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DWC's Thanksgiving Dinner Prep Playlist

DWC 11/24/20
Facts All year long we've been leaving little rock 'n' roll Easter eggs in our Cash Balance Corner feed. ICYMI: Each post title incorporates one of our favorite songs. And for our 20th century rock music fans, our  retirement plan-savvy business owner, Robert Smith's name should ring some bells. (Hint: His music has the cure for what ails you.)
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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.