Archive for the ‘Employee Benefits’ Category
by Stacey L. Spencer, QKA, Manager, Employee Benefit Services Group
Every year it is important that you review the requirements for operating your 401(k) retirement plan. The Internal Revenue Service (IRS) has released a list of the 10 most common mistakes made in the administration of 401(k) Plans. This checklist offers a starting point for developing internal controls regarding plan compliance procedures. If you would like assistance in establishing or reviewing your company’s internal controls, please contact us to schedule a free review.
by Stacey L. Spencer, QKA, Manager, Employee Benefits Services Group
Effective January 14, 2010, the Department of Labor (DOL) has established a final safe harbor rule as to what constitutes a timely deposit of participant contributions to small employee benefit plans (those with fewer than 100 participants). To be considered timely, employee contributions, including plan loan repayments, must be made to the plan by no later than the seventh (7th) business day following the time the employee could have otherwise received cash. Read the rest of this entry »
Looking for a way to increase participation in your 401(k) plan? The Automatic Enrollment feature is one way to accomplish this. A typical 401(k) plan allows employees to decide whether or not to enroll in the plan, if so at what percentage and which funds to invest in. A 401(k) plan with the automatic enrollment feature enrolls the employee at their initial date of eligibility, at a default percentage and default investment (if no participant direction is provided). The employee is given the chance to opt out completely or change the amount withheld.