Plan Sponsor Corner
Missing Participants: What To Do
All too often, retirement plan administrators encounter situations with missing participants or uncashed checks which can lead to significant exasperation. It’s hard to believe that trying to deliver money to someone could yield such frustration, but it happens all too frequently. In an attempt to alleviate some of these woes, and to help ensure that participants and their beneficiaries receive the retirement benefits due to them, the Department of Labor’s (DOL) Employee Benefit Security Administration (EBSA) came out with guidance on on this matter earlier this year. You can read and download their guidance here.
How Is Covid Affecting 401(K) Participants?
According to this Schwab survey, COVID-19 has exacerbated anxiety about and increased the amount 401(k) participants said they’d need for retirement savings. Read more.
New Updated Deadlines for All Business Entities
As you know, all Florida business entities are responsible for filing Annual Reports regardless of whether or not you received a notice by email. Please note that Pursuant to Executive Order No. 20-52 and Department of State Emergency Order 2020-01 signed March 27, 2020, the filing deadlines for business entities to file annual reports have been extended to June 30, 2020. Read More »
Congress Enacted Major Retirement Plan Legislation – Here’s What You Need To Know About the SECURE Act
The SECURE Act is the most significant retirement plan legislation in 13 years, and many of its provsions are effective in 2020. It affects employers who currently sponsor retirement plans, and encourages those without plans to set them up. It also impacts plan participants, IRA holders and their beneficiaries, and expands the uses of 529 college savings plans. Read More »
Think Virtual Reality Is Just For Kids?
Not so fast…some companies are using it to help plan retirement! VR and online visual aids are giving workers a better idea of how much they need to save; read more about how.
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 »
