Articles
Retirement Planning is a Team Sport
Some would say that retirement plan administration is a team sport! Putting together technical and compliance competence with ongoing investment and fiduciary expertise is key to keeping your plan healthy and participants happy. So, what roles and responsibilities...
Congratulations! It’s a Retirement Plan!
So, you’ve sold your business and now you’re asking the question “What happens to the retirement plan?” You are not alone. In the world of mergers and acquisitions, it is not uncommon for retirement plans to be overlooked in the process. The options available depend...
Department of Labor Issues Cybersecurity Guidance
On April 14, 2021, the DOL’s Employee Benefits Security Administration (EBSA) issued long-awaited guidance designed to protect participants from both internal and external cybersecurity threats. The guidance is far-reaching and is directed at plan sponsors, plan...
KTRADE Successfully Completes SSAE 16 (SOC1) Audit
Plymouth, IN January 20, 2020 – North American KTRADE Alliance, LLC, a provider of open architecture recordkeeping services to the retirement industry, today announced that they have successfully completed a System and Organization Controls (SOC) 1® Type II Audit...
Terminated Employees? Important Relief is Here.
On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law. The Act combines the $1.4 trillion omnibus federal spending package for the 2021 fiscal year and a $900 billion COVID-19 stimulus package that enhances and expands certain provisions...
Is there Pandemic Relief for Late Deposits?
Proper handling of employee 401(k) deferral contributions and loan repayments is one of the most important responsibilities a plan sponsor undertakes. Failure to timely deposit employee deferrals and participant loan repayments is considered by many service providers...
Cost of Living Adjustments for 2021
On October 26, 2020, the IRS announced the Cost of Living Adjustments affecting the dollar limitations for retirement plans. Contribution and benefit increases are intended to allow participant contributions and benefits to keep up with the “cost of living” from year...
Cycle 3 Plan Document Restatements
Approximately every six years, the IRS requires that pre-approved qualified retirement plans update (or restate) their plan document to reflect recent legislative and regulatory changes. Plan restatements are divided into staggered six-year cycles depending on the...
Required Year-End Participant Notices
As the end of the year approaches, our to-do lists become longer but our bandwidth becomes condensed. To compound matters, when you sponsor a retirement plan, you know you will be in close contact with your TPA firm about the various year-end notices that must be...
Upcoming Compliance Deadlines for Calendar-Year Plans
1st December 2020 Participant Notices – Annual notices due for safe harbor elections, Qualified Default Investment Alternatives (QDIA), and Automatic Contribution Arrangements (EACA or QACA). 31st ADP/ACP Corrections – Deadline for a plan to make ADP/ACP corrective...
