Many defined contribution plans include provisions for a participant to take a loan from their account balance. The loan is generally limited to $50,000 or 50% of the participant’s vested account balance, whichever is less and may also be subject to a minimum. Loans are typically repaid through payroll deduction over a period of 5[ … ]
Tag: employee benefit plans
Audit Quality – It’s Our Priority
The Department of Labor recently issued a report on its study of the quality of employee benefit plan audits. The study focused on 400 plan audits attached to 2011 Form 5500 filings. The results were less than impressive. The study found the following: 39% of audits contained major deficiencies in terms of compliance with U.S.[ … ]
