Author Archives: admin

How A 401(k) Plan Sponsor Can Avoid Getting Ripped Off By Their Plan Providers

My latest article on JDSupra.com can be found here.

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Watch out for excessive termination fees

It’s pretty simple as a 401(k) plan sponsor, you have a fiduciary duty to only pay reasonable plan expenses. When terminating your third-party administrator (TPA), you need to identify the costs of de-converting the plan to the next TPA. Hopefully, … Continue reading

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The problem with DFVCP

When a plan sponsor has a late Form 5500 to file, one of the great things out there is the Delinquent Filer Voluntary Compliance Program (DFVCP). It gives the plan sponsor the opportunity to pay reduced civil penalties for voluntarily … Continue reading

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Change is inevitable with a purchase

People tend to hate change especially when things are good. The problem with a change in the retirement plan business that I find is when a plan provider you’re working with, gets purchased. The people who have led this plan … Continue reading

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Where to sell PEPs? Start with states that force employers to have plans

Where to sell Pooled Employer Plans? A good start is the states where employers have to offer retirement plans. 12 states and one city have enacted laws that, generally, require certain employers without their retirement plans to make the state-sponsored … Continue reading

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New law provides disaster distribution relief

The Consolidated Appropriations Act, 2021 signed into law by President Trump, also provided relief to distributions from a retirement plan as a result of a declared disaster. The Act provides that the 10% early withdrawal penalty doesn’t apply to qualified … Continue reading

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Money purchase plan distributions available for COVID relief

The Consolidated Appropriations Act, 2021, signed into law by President Donald Trump on December 27, 2020, provided COVID-19 relief, including some retirement plan law changes. The COVID-Related Tax Relief Act of 2020, which is Subtitle B of the Act, amends … Continue reading

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Relief provided for partial terminations

The Consolidated Appropriations Act, 2021, signed into law by President Donald Trump on December 27, 2020, provided COVID-19 relief, including some retirement plan law changes. Section 411(d)(3) of the Internal Revenue Code requires retirement plans to provide for 100% vesting … Continue reading

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When You Have To Tailor Your 401(k) Plan

My latest article for JDSupra.com can be found here.

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What you need to do about missing participants

As a 401(k) plan sponsor, it’s not hard to lose touch with former employees who still have an account balance in your Plan. The problem is that as a plan fiduciary, you just can’t let that money sit without trying … Continue reading

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