Yes, there’s: “Good news, everyone!” (Or, almost everyone). The Treasury Department has raised 401(k) annual contribution limits for 2020. That means lots of people now have the opportunity to save even more for their retirement - something we love. Here are the highlights from the Treasury Department announcement:
401(k) administrators play many roles — including, often somewhat reluctantly, banker. In addition to all other duties, plan administrators are responsible for the administration of 401(k) retirement plan loans. This includes… Making sure that loans taken from the plan comply with the plan documents & IRS rules Setting up
ERISA record retention requirements. Say that five times fast. All joking aside, this is actually pretty serious business. The Employee Retirement Income Security Act of 1974 requires that you retain important plan documentation. Failing to do so can get you into really hot water in the event of an audit.
Is your third-party provider pestering you for your plan’s census? The census is a 401(k) administration document chock full of detailed employee information. Your provider uses the information for annual non-discrimination testing. These tests measure how broadly your 401(k)’s benefits are spread among company employees. The
If you are a new member of the human resources department – or if you are the HR department – you have a lot on your plate. Between payroll, medical benefits, recruiting, reviewing employee performance, evaluating office policies, or building employee handbooks, you’re probably swamped. If your company offers a 401(
Increasing employee deferral rates is an excellent way to get more benefit from your company’s 401(k). Not only do higher saving rates help your employees build their retirement nest egg, but they also make it much easier for your plan to pass non-discrimination testing. The problem? Getting employees