Compensation and Compliance Resources

It is estimated that uncashed checks account for billions of dollars, representing a fortune of uncollected funds belonging to plan participants or beneficiaries that they are not able to use and also represent serious issues for fiduciaries. Uncashed distribution checks occur when retirement plan participants fail to cash or deposit a distribution check from their

Written by: Erik Mitchell, CPC, QPA, QKA, ERPA – Client Manger I attended the Department of Labor’s program “Getting It Right- Know Your Fiduciary Responsibilities” on August 18 in Newark, New Jersey.  This seminar is part of the Employee Benefits Security Administration’s (EBSA) Fiduciary Education Campaign designed to improve workers retirement security by educating employers

When it comes to operating your retirement plan, determining the compensation that should be used for each participant can be really confusing. It seems like it should be simple, but the reality is quite different. In fact, the rules can be so confusing that using an incorrect definition of compensation is on the top ten

Let’s face it. Finding out that the IRS wants to poke around is not going to be the highlight of anyone’s day. Voluntarily admitting a mistake to the IRS and asking for forgiveness is probably even lower on the wish list! So hearing about new voluntary corrections from our friends at the Service might seem

By: Lawrence Jenab, Spencer Fane Most sponsors of defined contribution plans rely on a third-party administrator (a “TPA”) to handle participant loans and hardship withdrawals—typically through the TPA’s website. However, in guidance issued last week, the IRS cautions that the sponsor—not the TPA or the participant—is responsible for maintaining documents proving that those transactions comply

By: Ary Rosenbaum, Esq. In his inauguration speech, Franklin Delano Roosevelt said that “the only thing we have to fear is fear itself.” Retirement plan sponsors have more to fear than fear itself except the problem is that they’re unaware that they have anything to fear. If you think you have nothing to fear and

The end of the calendar year is fast approaching which means the plan year end for many qualified plans. It will be time for plan sponsors to collect complete employee data to enable their service providers to perform the numerous compliance tests required to retain the plans tax qualified status. This article provides a brief

The IRS is responsible for determining the annual dollar limits for defined contribution and defined benefit retirement plans.  Click here for a chart detailing the current limits.

A Welfare Plan includes employee benefits (other than retirement) such as health, disability, life, dental and/or vision benefits.  Benefits may be covered by insurance, self-insured by the employer, or a combination. An annual 5500 must be filed to report insured welfare benefits if the number of participants at the beginning of the Plan Year is

One of the more complicated and confusing parts of qualified plan design and administration is determining the proper definition of compensation. It’s complicated for a number of reasons. First, the term is used in many contexts. For example, it is used to determine: The maximum contribution for each participant; The employer’s maximum deductible contribution; The