Plan Sponsor Corner
Deadline For Funding 401(k) Deferrals!
Many employers think the deadline for depositing a 401(k) contribution is the 15th business day of the month after they withheld the contribution from an employee’s wages.
That is not correct, though. Employers who wait until the 15th day of the following month to deposit deferrals might find out that they owe a penalty, among other unpleasant consequences. Read More »
Can You Help Employees Save (Or Save More)?
How realistic are employees about the true state of their retirement savings? While many among the three primary generations that make up today’s workforce are feeling pretty good about the future, all three are definitely seeing things a little too optimistically.
However, there are things employers can do that may make a difference in retirement savings for Millennials, Generation Xers, and Baby Boomers alike.
Read on to learn what they’re thinking, and how you may be able to encourage employees to save more.
Retirement Plan Record Retention
A question we often hear from our clients is, “How long should we keep records for our company’s retirement plan?”
The answer is…it depends! Read on to get information about what to keep for how long, and whether you can store things digitally or only via paper copies.
If you have any questions or would like further guidance on this topic, please don’t hesitate to contact us.
Pension Plan Limitations for 2019
Chart: Pension Plan Limitations for 2019
January 1st Enrollment Reminder!
January 1st, 2019 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 along with 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.
Plan Sponsors Ask…
Q. We’d like to bolster our 401(k) plan participation and contribution numbers. What are some of the reasons people don’t participate or don’t contribute enough?
A. That has been the subject of recent research by the Pew Charitable Trusts. They looked at employer and employee perspectives on saving, and made some interesting findings. Read More »
