February 7, 2019—Plan sponsors: Do you know whether your organization’s 401(k) is as good as it could be?
- Does it include the best possible funds, and are your employees offered professional investment management to help them meet their retirement goals?
- Is your plan designed with the features that make 401(k) plans most valuable both to employees and organizations?
- Have you taken advantage of ERISA safe harbors to reduce your fiduciary risk?
- Is your plan easy to administer and do you understand ERISA’s regulations?
- Are you aware all plan fees and know they are reasonable?
Retirement sponsors know it: while others are ringing in the new year, January is a time for 401(k) plan administrators to assemble, scrutinize and validate prior-year data for plans with a December 31 year-end date. Diligent information scrubbing is important. “Clean” data will result in accurate testing and tax filing. A lack of attention to detail can result in tax-filing errors, the need for voluntary corrections, regulatory audits, and – worst-case – plan repayments, fines and penalties.
December 6, 2018 - There are good times and bad times to be noticed. Most 401(k) plan sponsors don’t want to be noticed (and then investigated) by the U.S. Department of Labor.But employers need to provide notices to employees as they become eligible to join a 401(k) plan . . . or face potential employee complaints and DOL investigation.