401(k) Q&A | Plan & Industry Content From DWC - The 401(k) Experts

How Can We Create More Flexibility in our Cash Balance Plan Contributions?

DWC 03/17/20

Facts We are considering adopting a new cash balance plan. We really like the higher contribution amounts, but we keep hearing that the contributions are fairly rigid and inflexible.

When the Grass Isn't Greener with More Plans, There's a Fix for That!

DWC 03/13/20

In our last Correction of the Quarter, we looked at related companies setting up different types of plans for their respective employees and noted that this sort of structure isn’t “necessarily” a problem when it comes to 401(k) plans. Well, as usual, the devil’s in the details, so we thought it was worth diving into what happens when this is a ...

Have the Rules for Safe Harbor 401(k) Notices Changed?

DWC 03/3/20

Have the Rules for Safe Harbor Notices Changed? | DWC 401(k) Q&A Question of the Week

Facts My company sponsors a safe harbor 401(k) plan and every year my TPA sends me a reminder to distribute a notice to participants. It’s not the biggest hassle but I’ve wondered if it’s really necessary that this same information be provided to participants each and every year.

What New Tax Credits are Available for Adding an Automatic Enrollment Feature to our Plan?

DWC 02/4/20

Facts Our business currently has a retirement plan and we are considering adding automatic enrollment. We have heard that there are new tax credits available to employers who include automatic enrollment features in their plans.

Am I Now Required to Include Part-Time Employees in my 401(k) Plan?

DWC 01/28/20

Facts As the owner of a beachside hotel, I sponsor a calendar year 401(k) plan for my employees. In the summer we hire many part-time employees to assist with the uptick in guests and activities. Our plan has always required employees to reach age 21 and complete a year of service before becoming eligible. Traditionally, this has meant that these ...

Is It Too Late to Set Up a Retirement Plan to Get a Tax Deduction for Last Year?

DWC 01/21/20

Facts Although my New Year’s resolutions include less procrastination it’s likely that by the time Valentine’s Day gets here that good intention will long be in my rear view. As I draft these 2020 resolutions, my CPA reminds me once again of all the tax benefits, personal and corporate, that a qualified retirement plan can offer. Finding incentive ...

What Tax Credits are Available for Setting Up a New Retirement Plan?

DWC 01/14/20

Facts Our business is thinking of setting up a retirement plan. We’ve heard that there are new tax credits offered under the SECURE Act available to employers who set up new plans.

What is the Simplest Way to Add Automatic Enrollment to our Plan?

DWC 01/7/20

Facts We are considering adding automatic enrollment to our 401(k) plan. We’ve read some of the other posts on your website about EACAs and QACAs, but that all seems like a lot of extra complexity that we don’t really need. We’re really just looking for the basics; we want employees who don’t take any action to be automatically in rather than ...

Are Rehires Immediately Eligible for our 401(k) Plan?

DWC 11/19/19

Facts We just rehired an employee that used to work for us but who terminated almost 4 years ago. She was eligible for our 401(k) plan during her previous tenure but took a distribution of her account shortly after she left.

What is a Short Plan Year and What Does It Mean for My Deferrals?

DWC 11/12/19

Facts Our company operates on a calendar tax year, but our 401(k) plan runs on a fiscal year ending each June 30th. It is a real hassle to manage two different year-ends, so we asked our TPA about aligning the two. They said we could amend the plan to make that happen, but there is also something about it creating a short year which would require ...

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