401(k) plan Archives - RPG Consultants

Upcoming Compliance Deadlines for Calendar-Year Plans

Upcoming Compliance Deadlines: Participant notices, ADP/ACP Corrections, Discretionary Amendments, Defined Benefit Funding, IRS Form 945, IRS Form 1099-R, IRS Form W-2

Marketing2020-11-13T11:26:40-05:00November 13th, 2020|Categories: Newsletters/Bulletins|Tags: Defined Benefit Funding, IRS Form 945, IRS Form 1099-R, IRS Form W-2, Compliance Deadlines, 401(k) plan, Participant notices, ADP/ACP Corrections, Discretionary Amendments|Comments Off

Required Year-End Participant Notices

As the end of the year approaches, our to-do lists become longer but our bandwidth becomes condensed. To compound matters, when you sponsor a retirement plan, you know you will be in close contact with your TPA firm about the various year-end notices that must be distributed to plan participants.

Marketing2020-11-13T11:23:56-05:00November 13th, 2020|Categories: Newsletters/Bulletins|Tags: 401(k) plan, ACA, Qualified Default Investment Alternative (QDIA), Automatic Contribution Arrangement (ACA), Qualified Default Investment Alternatives (QDIA) Notice, Safe Harbor Notice, Automatic Contribution Arrangement, Fee Disclosure Notice|Comments Off

The Final Rule on Hardship Distributions

The IRS published the final rule regarding participant hardship distributions from defined contribution plans. Hardships get a little easier with expanded qualification rules and streamlined review process. Some of these changes are mandatory, requiring employers to make the changes by Jan. 1, 2020, while others are optional. Though the IRS had issued the proposed regulations in 2018, the final regulations clarify a few key provisions.

Marketing2020-02-05T10:09:50-05:00November 16th, 2019|Categories: Newsletters/Bulletins|Tags: 401(k), Hardships, Hardship Distributions, Hardship Withdrawals, Defined Contribution Plans, 401(k) plan|Comments Off

A Simple Guide to 401(k) Participant Disclosures

When it comes to 401(k) plans, plan sponsors have a fiduciary responsibility to distribute a variety of documents and disclosure notices. Imposing this responsibility on plan sponsors helps ensure that participants have the necessary information about the plan provisions and investment options in order to make informed and timely decisions for their personal financial wellness.

Marketing2019-09-16T14:20:23-05:00August 7th, 2019|Categories: 401k Resources|Tags: 401(k) disclosures, 401(k) notices, 3(16) fiduciary services, 401(k) administration, Annual Fee Disclosure Notice, Automatic Contribution Arrangement (ACA), Qualified Automatic Contribution Arrangement (QACA), Eligible Automatic Contribution Arrangement (EACA), Safe Harbor Notice, Summary Plan Description (SPD), 401(k) plan, Summary Annual Report (SAR), Qualified Default Investment Alternative (QDIA)|Comments Off

The 401(k) Turns 40

In 2018, the 401(k) plan celebrated its 40th birthday! Though extremely popular today, 401(k) plans came about almost by accident. IRC Section 401(k) was passed into law as part of the Revenue Act of 1978 and was included to limit executive compensation. However, in 1980, Ted Benna of the Johnson Companies used the provision to create and get IRS approval of the first 401(k) plan for his company. For this he is often referred to as the father of the 401(k).

Marketing2019-02-06T13:42:24-05:00February 6th, 2019|Categories: Newsletters/Bulletins|Tags: 401(k), 401k Retirement Plans, Retirement Plans, Qualified Retirement Plan, 401(k) plan, PSCA, Economic Growth and Tax Relief Reconciliation Act|Comments Off

Know Your Options

401(k) plans offer many advantages to participants; the ability for accounts to grow on a tax-deferred basis, the chance of receiving employer contributions in the form of a match or non-elective contribution, the ability to contribute even after attaining age 70 ½, and protections from bankruptcy. These benefits are consistent whether a participant chooses traditional or Roth contributions, or even both! So, what makes Roth and traditional routes different and what are the advantages and disadvantages of each?

Marketing2019-02-06T13:43:01-05:00February 6th, 2019|Categories: Newsletters/Bulletins|Tags: Roth 401(k), 401(k) plan, Roth contributions, pre-tax contributions, 401(k) contributions|Comments Off