Finally, Some Good News for Plan Sponsors!

Typically this time of year no one is praising the IRS. Many of us are still searching for those last few donation receipts or the 1099 we put somewhere we wouldn’t forget it, or scrambling to find the funds to pay a balance due. But April 2015 will be remembered by employers who sponsor retirement[…]

Saving Money on Plan Administration Costs

While the economy may be improving, everyone we know is still attempting to cut costs where they can. As you do this within your own company, we would like to share with you an idea for reducing the amount of fees paid for plan administration…allocate an annual administration fee to terminated participants. As retirement plans[…]

Internal Controls for Employee Benefit Plans

When an employee benefit plan is implemented, it is important for the plan sponsor (or employer) to communicate the roles and responsibilities of the affected departments, typically human resources, payroll and accounting. The human resource department communicates information about the benefit plan to employees as part of the orientation process, as well as monitors eligibility[…]

10 Common Mistakes that Occur in Retirement Plans

There are a lot of combos that bring a smile to your face when you hear them: Peanut butter & Chocolate Laverne & Shirley (or for the younger set… Beavis & Butt-Head) Joe Montana & Jerry Rice Bacon & … anything Audit & Department of Labor I doubt that last one is on your list. […]

Amendment & Restatement: Is your plan included?

Most retirement plans have adopted a pre-approved plan published by a third party. If your plan is included, you may see the term “prototype” or “volume submitter” in the plan document or on its cover page. You can also refer to the “Federal income tax status” footnote of your plan’s audited financial statements to see[…]