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IRS 401(k) Compliance Check Results

by Admin on May 31st, 2013 · No Comments

by Stacey L. Spencer, QKA and Tim Ayler, CPA | Team Members of the Employee Benefit Services 401(k) plans are now the most popular type of retirement plan in the US. Currently, there are over 500,000 401(k) plans which cover about 60 million people with an average account balance of $58,000. However, many 401(k) plans do not comply with current ...

2013 COLA Update

by Admin on Nov 16th, 2012 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group and Tim Ayler, CPA | Partner, Audit & Other Assurance Services The Social Security Administration (SSA) recently announced cost-of-living adjustments (COLAs) for 2013. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income ...

Hardship Distributions – Correcting Failure to Suspend Deferrals

by Admin on Sep 12th, 2012 · No Comments

By Stacey L. Spencer, QKA, Manager, Employee Benefit Services | Tim Ayler, CPA, Partner, Director Employee Benefit Services Group Continuing the discussion of hardship distributions, one of the requirements of a hardship distribution is that upon receipt of a hardship distribution from a 401(k) plan (or 403(b) or 457(b) plan), the employee is prohibited ...

The Pros and Cons of Hardship Distributions to Participants

by Admin on Jul 26th, 2012 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group In my last article, I discussed the burden of proof on the plan sponsor to assure a hardship request meets the IRS criteria. In this piece, we will look at the pros and cons of taking hardship distribution from the participant’s perspective. As a reminder, a hardship distribution ...

Hardship Distributions Burden of Proof

by Admin on Jun 13th, 2012 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group A hardship withdrawal allows emergency access to one’s 401(k) account balance. The key here is emergency access. Hardship withdrawals are only allowed for an immediate, pressing need, and only when all other means of obtaining funds have been exhausted. If the 401(k) plan also allows ...

Retirement Plan Vesting Schedules – What is Vesting?

by Admin on Mar 2nd, 2012 · No Comments

by Stacey Spencer, QKA | Manager, Employee Benefit Services Group Vesting is the non-forfeitable interest in the employer portion of your account. Your vested percent determines how much of the employer contributions you get to keep when you leave the company. It does not matter whether you terminated employment voluntarily, if you are fired or laid ...

COLA 2012 Updates

by Admin on Dec 8th, 2011 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group The Social Security Administration (SSA) recently announced cost-of-living adjustments (COLAs) for 2012. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not drained by inflation. It is based ...

Beneficiary Designations – Are Yours Current?

by Admin on Sep 29th, 2011 · No Comments

Most adults have completed a beneficiary designation at some point. We complete the forms when we are hired or become eligible for the company 401(k) Plan and then we forget about them. But your beneficiary designation for your retirement plan is a critical part of your tax and estate planning. While many of us make sure that other important documents ...

Planning to Deal Correctly With Required Minimum Distribution Requirements Can Save Taxes

by Admin on Jul 31st, 2011 · No Comments

by Melissa Merrick and Marie Jett, CPA | Team Members of the Tax Services Group When it comes to taxes, reaching age 70 ½ is an important milestone. That’s because you have to start taking minimum annual distributions from most retirement plans when you reach age 70 ½. And if you’ve already retired from your company, at 70 ½ you must ...

401(k) Plan Fees – There’s No Such Thing as a Free Ride

by Admin on May 11th, 2011 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group The retirement plan industry is overloaded with hidden fees and as a result, employers often think they are getting 401(k) administration for free. But in reality, the administration fees are concealed in the insurance contracts or mutual funds. This is a result of companies ...

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