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

Finding Balance with Form 5500

It’s rare that updates to the Form 5500 warrant little more than a yawn, if anyone other than those who prepare the forms even notice. That is NOT the case with changes issued by the Department of Labor today. In nearly 250 pages of new regulations, revised instructions and sample forms, the DOL announced some changes for the 2023 plan year that ...

Secure 2.0 - Don't Count Your Chickens Before They Hatch

Adam C. Pozek 03/31/22

Earlier this week, the House of Representatives passed SECURE 2.0. The bill (actual name is Securing a Strong Retirement Act of 2022) passed by the nearly unanimous margin of 414 to 5. It doesn’t get much more bipartisan than that!

When Is the Best Time to Set Up a Safe Harbor 401(K) Plan?

DWC 06/17/21

Facts We have been thinking about setting a safe harbor 401(k) plan and have heard that there are some pretty stringent timing requirements depending on some of the provisions we select.

2020 Retirement Plan Tax Deductions - It's Not Too Late

DWC 04/15/21

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 ...

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

DWC 08/18/20

DWC 401(k) Q&A Question of the Week: Which Common Plan Fees Can (& Should) We Pay from Plan Assets?

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 ...

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.

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.

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 ...

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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