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Which Common Plan Fees Can (and Should) We Pay from Plan Assets?

DWC 08/18/20
Facts We are reviewing our company expense budget to identify any that we can eliminate or reduce. We’ve read that it is possible to pay expenses related to maintaining company retirement plans out of plan assets. We sponsor both a 401(k) plan and cash balance plan for our employees, so shifting some of those fees from the company to the plan ...
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What Are My Options (and Deadlines) for Implementing a Retirement Plan This Year?

DWC 08/11/20
Facts We’ve been debating implementing a 401(k) plan for 2020. After much back and forth, we’ve decided its “a go!” for this year. Since we are still in a more relaxed summer vacation mode, we’d like to wait until sometime this fall to really get rolling on implementation.
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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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Do We Have to Provide New Paperwork When a Participant Requests a Second Distribution?

DWC 06/16/20
Facts When a participant requests a distribution from our plan, I provide them with a with a package that includes an election form and a bunch of other information.  A participant who terminated and took a distribution last year received an additional company contribution and, as a result, has additional money in her account and is asking for a ...
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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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Have the Rules for Safe Harbor 401(k) Notices Changed?

DWC 03/3/20
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.
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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.
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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 ...
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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.
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DWC News Update | The SECURE Act Has Snuck Through

DWC 12/17/19
(Updated 12/23/2019) Late Friday evening (aboard Air Force One leaving DC for his holiday retreat), President Trump signed the spending bill that included the SECURE Act. In a bit of last-minute maneuvering in Washington, DC, the House of Representatives added the provisions from the SECURE Act to the spending bill that had to be passed by Friday ...
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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.