Posts Tagged ‘taxes’

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.

(more…)

December Checklist

Friday, November 30th, 2018

FMI December financial checklist

  • Prepare to send year-end payroll and updated census data to the plan’s recordkeeper in January for year-end compliance testing (calendar-year plans).
  • Verify that participants who terminated during the second half of the year selected a distribution option for their account balance and returned the necessary
  • Review plan operations to determine if any ERISA or tax- qualification violations occurred during the year and if using an IRS or DOL self-correction program would be

Consult your plan’s financial, legal or tax advisor regarding these and other items that may apply to your plan.