It’s four o’clock on Friday afternoon and there’s a knock on the door of the Human Resource Manager’s office. It’s Zachary, a fairly new employee who entered the company’s 401(k) plan last month. He’s been deferring $40 a week into the plan, which means he has accumulated $160 by now. But last night his cable TV was shut off because he couldn’t afford to pay the bill and from his 23-year-old point of view, retirement seems like a long way off.

While they don’t have a book called Retirement Plan Sponsorship for Dummies, they should. So in the interim, here is a checklist that plan sponsors should review that can help them develop good practices and avoid unnecessary liability in their stewardship of retirement plans for their employees.

June 2014 Newsletter Ready or Not, Here it Comes…the PPA Plan Restatement June 2014 Newsletter Introduction Background Types of Plan Documents Restatement Cycles IRS Letters Protected Benefits Restatement Process Same Gender Marriage Interim Amendments Conclusion It’s time again to participate in that never ending ritual of qualified retirement plan restatements. As legislation affecting retirement plans…Read More

April 2014 Newsletter The Continuing Evolution of the Safe Harbor 401(k) Plan April 2014 Newsletter Introduction Background Tried it but didn’t like it Tried it, like it, but want to make a few changes Forfeitures…be careful when and how you use them Oops! Forgot to provide the safe harbor notice! Conclusion The safe harbor 401(k)…Read More

February 2014 Newsletter Boomerang Employees: Rehires and Retirement Plans February 2014 Benefit Insights® Newsletter Introduction First Things First    Leave of Absence    Inconsistent Work Schedule    Transfers Rules of the Road    Rule of Parity       Breaks in Service     One-Year Holdout Rule Putting the Rules into Play    Eligibility    Vesting Conclusion A boomerang…Read More

December 2013 Newsletter Down with DOMA December 2013 In this issue of Benefit Insights®: Introduction and Background The Big Decision Practical Impact on Plan Operations    Highly Compensated and Key Employees    Beneficiary Designations and Spousal Consent    Qualified Domestic Relations Orders (QDRO) A Different Type of Discrimination Conclusion IRS and Social Security Annual Limits…Read More

October 2013 Newsletter How Do You Spell Relief? E-P-C-R-S October 2013 Benefit Insights® Newsletter Introduction A Brief History Overview of EPCRS General Principles Types of Failures Self Correction Program Voluntary Correction Program Sample Corrections for Common Failures    Exclusion of Eligible Employee from making 401(k) Contributions    Failure to Timely Update Plan Document for Law…Read More

August 2013 Newsletter Benefit Insights® August 2013 Newsletter Cross-Testing: The Right Tool for Many Jobs In this issue: Introduction Background The General Concept The Ground Rules Contribution Groups Contribution Gateway Average Benefits Test Practical Uses for Cross-Testing Rewarding Employees Reimbursing Surrender Charges or Market Value Adjustments Conclusion As the national economy continues its recovery, more…Read More

June 2013 Newsletter Benefit Insights® June 2013 Newsletter Under Control or Out of Control In this issue: Introduction Background Affiliated Service Group Example #1 Example #2 Controlled Group Parent/Subsidiary Controlled Group Brother/Sister Controlled Group Attribution of Ownership Attribution from Company to Individual Attribution Among Family Members Putting it Together Case Study #1 Case Study #2…Read More

April 2013 Newsletter Benefit Insights® April 2013 Newsletter When Good Loans Go Bad In this issue: Introduction Background Going to the Dark Side Default Cure Period Deemed Distribution Offset Examples of Good Loans Gone Bad Loans Not Permitted Refinancing Not Permitted Loan Term Too Long Payments Never Started Payments Voluntarily Suspended or Discontinued Coming Back…Read More