Posts Tagged ‘employee’

January Plan Sponsor Checklist

Tuesday, December 18th, 2018

January Plan Sponsor Checklist

JANUARY PLAN SPONSOR CHECKLIST:

• Send payroll and employee census data to the plan’s recordkeeper for plan-year-end compliance testing (calendar-year plans).

• Audit fourth quarter payroll and plan deposit dates to ensure compliance with the Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments.

• Verify that employees who became eligible for the plan between October 1 and December 31 received and returned an enrollment form. Follow up for forms that were not returned.

When Plan Participants Leave Your Company

Tuesday, December 11th, 2018

FMI: When Plan Participants Leave Your Company

What happens when plan participants leave your company?

There is a provision in the Tax Cuts and Jobs Act passed December 22, 2017, that affects plan participants who terminate employment with an outstanding loan. Before passage of the law, the loan would have been due immediately.

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2017: A Good Year For Participants

Tuesday, December 4th, 2018

FMI 2017: A Good Year for Participants

Auto Features Contributing to Participation, Average Balance Increases

It was a good year for individual account plans, including 401(k)s and 457s. In fact, 2017 may go in the record books as the first year the number of plans with an average auto-enrollment deferral rate of 6% exceeded the number of plans with a default deferral rate of 3%, as it has commonly been.

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Open Enrollment Season

Tuesday, November 13th, 2018

FMI Open Enrollment November

This is a quarterly reminder to take advantage of Open Enrollment at your company, which usually happens in November. This is a good time to make sure you are maximizing your retirement account contributions, adjusting tax withholdings for the upcoming years, and checking your overall benefits such as life insurance, health savings accounts (HSAs) or flexible spending accounts (FSAs).

Helping Employees Stay on the Right Side of Their Duties as Fiduciaries

Tuesday, November 6th, 2018

FMI Helping Employees Stay on the Right Side of Their Duties as fiduciaries

Fiduciary training can help protect individual fiduciaries, the plan as a whole — and, of course, the participants.

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