Companies both Large and small usually offer 401(k) plans as an added benefit for their employees. Benefits like these are a great way to not only attract top talent but retain them as well. Many small business owners who are mapping out their future and planning for retirement participate in this plan. This allows them […]
Do you know who the fiduciaries are on your 401(k) plan and what they’re responsible for? If you’re a business owner sponsoring a company retirement plan, the answer to this question had better be yes. That’s because you’re ultimately liable for ensuring that all aspects of your plan are administered appropriately.
Here’s a look at three primary service providers that you might have on your plan, and the role each should be expected to play.
By now, most business owners understand that offering a company retirement plan creates some liability, but are you really clear on exactly what you’re responsible for? The defendants involved in the fiduciary lawsuits of Tibble v. Edison International and Sacerdote v. New York University found out the hard way. A close look at the details […]
Financial services giant Fidelity Investments, Inc. is in the news again, this time for allegedly mismanaging its company 401(k) plan. The Fidelity 401k lawsuit, filed on October 10th, 2018, alleges that the company engaged in self-dealing by loading its 401k fund line-up with proprietary products. The suit claims that these actions created a profit for […]
As an employer sponsoring a 401(k) plan, you’re tasked with a great amount of responsibility. When it comes to requirements like choosing proper investment options, understanding distribution regulations, and properly filing government reports, many business owners are pushed out of their comfort zones. Luckily, no one expects you to know how to do it all. […]
Many business owners who sponsor 401(k) plans are unintentionally failing to meet their fiduciary duties. Learn how this creates a serious liability, and what you can do about it.
The IRS has released the Cost of Living Adjustments (COLA) affecting dollar limitations for contributions to retirement plans in the 2018 tax year. Here’s what you need to know.
2018 is upon us. It’s the time for New Year’s resolutions, new gym memberships, and the desire to start the year with a clean slate. For 401(k) plan sponsors, this can mean cleaning up those small outstanding items that have lingered throughout 2017. Here’s a checklist of items to help you get started.
Many individuals and families are feeling the personal and financial impacts of hurricanes Harvey and Irma. In an effort to provide some relief, the IRS recently announced a ruling that will allow taxpayers in affected areas to access their 401(k) assets for hardships caused by hurricane damage.
By Mike Murphy, FiduciaryShield – “When is the deadline for depositing employee salary deferrals into my 401(k) plan?” This is a question I frequently hear from 401(k) plan sponsors. The confusion often stems from 2 factors: 1.The timing rules for depositing employee elective deferrals differ from the rules related to company contributions such as matching, profit-sharing contributions, or […]