Author Archives: admin

401(k) plans didn’t kill DB plans

Recently, an economist blamed 401(k) plans for the retirement crisis in this country and I’ve heard the arguments on how 401(k) plans killed defined benefit plans. 401(k) plans are merely a scapegoat. A scapegoat for employers who wanted to save … Continue reading

Posted in Retirement Plans | Leave a comment

Go where the audience is

That 401(k) Conference returns this year at Globe Life Field in Arlington, Texas, on May 3rd, and Yankee Stadium in Bronx, New York on June 7th. The events took a sabbatical in 2022 because of me. I initially announced events … Continue reading

Posted in Retirement Plans | Leave a comment

Those incompetent, in control, won’t quit

There is a “nebbish” who has been on the local school board for 12 years. Both of his daughters are in college. Yet, he is running for re-election. More importantly, in his re-election announcement, he announced no accomplishments in 12 … Continue reading

Posted in Retirement Plans | Leave a comment

IRS pushes back on amendment deadlines

The IRS announced that the amendment deadline for most qualified retirement plans, including 401(k) plans, for several recent pieces of federal legislation generally has been extended by up to one year. The Notice, generally applies to plan amendments that are … Continue reading

Posted in Retirement Plans | Leave a comment

Bitcoin in 401(k) plans is eventually going to happen

Timing is everything in life. When plan providers were trying to push Crypto in 401(k) plans, it took months for them to come to the market and the market crashed. I had Bitcoin at $69k with a $45k basis and … Continue reading

Posted in Retirement Plans | Leave a comment

DOL sues over forfeitures

While there have been a few lawsuits over the use of forfeitures in retirement plans, it’s important to follow what the plan document says. The Department of Labor (DOL) filed a complaint in the Federal District Court, Western District of … Continue reading

Posted in Retirement Plans | Leave a comment

Some PEPs go bye-bye

Pooled Employer Plans (PEPs) are an attractive opportunity for small plans to mitigate the liability and hassle of a plan of their own. Many PEPs, including some that I run, were budgeted as if there would be no required audit … Continue reading

Posted in Retirement Plans | Leave a comment

The things about awards

Automatic enrollment is one of the best features of a 401(k) plan especially when it was finally codified into law in 2006. I think it helps participants save for retirement and helps increase participation, which can help with discrimination testing. … Continue reading

Posted in Retirement Plans | Leave a comment

The thing about awards

You will hear about how certain retirement plan providers have won awards. Awards are impressive, but sometimes they’re not. You have to be wary as to who gave the award and what the award really means, You also shouldn’t just … Continue reading

Posted in Retirement Plans | Leave a comment

Hand it over and print it up

I have been doing government audits of retirement plans for over 25 years. The technology has changed, and you can fax or email what the agent has requested. The problem that I’ve found with that, is that they’re always losing … Continue reading

Posted in Retirement Plans | Leave a comment