Plan Sponsor Corner
January 1st Enrollment Reminder!
It’s already that time of year?!
January 1, 2023 enrollment is around the corner. That means that now is the time to review your employee payroll records to determine which employees will be eligible as of that date. Each newly-eligible employee must be given an enrollment package, summary plan descriptions, and the required 404a-5, safe harbor, default investment notices as applicable. PLEASE NOTE: even if an eligible employee has decided not to participate in the plan, the employee must still complete an enrollment form reflecting this decision.
Our office is always here to assist you in the enrollment process. Please contact us if you need any enrollment materials, guidance as to who is eligible, or if you would like us to meet with your employees.
Why Small Businesses Should Always Have A Current Valuation
Most small business owners don’t do the math on their most valuable asset, a decision which could prove costly. Here’s why, via Cheryl Winokur Munk.
Who Is a Long-Term, Part-Time Employee?
Business Owners With 401(k) Plans Will Need to Know
Historically, 401(k) plans could exclude individuals who worked less than 1,000 hours in the plan year. However, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, in its effort to expand access to employer retirement plans, introduced the concept of a “long-term, part-time employee.” Starting in 2021, plans need to consider these employees for eligibility and vesting purposes. Read More »
Self-Employed? Watch Out for These IRS Audit Red Flags
Being self-employed gives you a lot of latitude, and might also put an audit target on your back. Here are some tips to try to avoid that, via Joy Taylor at Kiplinger.
Employees Say Retirement Benefits Contribute To Their Feeling Financially Secure
You’re Making A Positive Contribution – Literally and Figuratively!
According to EBRI’s 2021 Workplace Wellness Survey, 60% percent of employees say their employer-sponsored retirement plan contributes significantly to their feeling financially secure, which is a 5% increase over 2020. Of those with an employer-sponsored retirement plan, 70% report that they understand their benefits extremely or very well. Sixty percent say they are satisfied with their plan. Of those without an employer-sponsored plan, 60% are interested in one. So whatever you’re doing, keep up the great work – it’s very much appreciated by your employees! Read More »
January 1st Enrollment Reminder!
It’s already that time of year?!
January 1, 2022 enrollment is around the corner. That means that now is the time to review your employee payroll records to determine which employees will be eligible as of that date. Each newly-eligible employee must be given an enrollment package, summary plan descriptions, and the required 404a-5, safe harbor, default investment notices as applicable. PLEASE NOTE: even if an eligible employee has decided not to participate in the plan, the employee must still complete an enrollment form reflecting this decision. Read More »
