Waiver of 60-Day Rollover Requirement

The Internal Revenue Service (IRS) allows distributions to be excluded from income if they are rolled over to an eligible retirement plan or Individual Retirement Account (IRA) within 60 days. Revenue Procedure 2016-47 offers additional guidance, as well as a self-certification process that details how a taxpayer could accomplish a rollover that does not meet … More Waiver of 60-Day Rollover Requirement

Organizing Your Fiduciary File

As a plan sponsor and fiduciary of your company’s retirement plan, keeping an up-to-date fiduciary file is critical. To begin, we recommend preparing your file in four key sections; contents of each section could include the following: I. Documents: plan document, IRS determination letter, summary plan description, investment policy statement, 404(c) policy statement and notice, form 5500s; … More Organizing Your Fiduciary File

Pass or Fail? Corrective Actions to Remedy Your Test Results

Each year you receive a “pass” or “fail” from your service provider regarding required non-discrimination testing (the Actual Deferral Percentage test and the Actual Contribution Percentage test). The ADP/ACP tests govern the amounts of deferrals and/or matching contributions that highly compensated employees (HCEs) are allowed to make or receive in relation to those of non-highly compensated … More Pass or Fail? Corrective Actions to Remedy Your Test Results

Pass or Fail? Corrective Actions to Remedy Your Test Results

Each year you receive a “pass” or  “fail” from your service provider regarding required non-discrimination testing (the Actual Deferral Percentage test and the Actual Contribution Percentage test). The ADP/ACP tests govern the amounts of deferrals and/or matching contributions that highly compensated employees (HCEs) are allowed to make or receive in relation to those of non-highly … More Pass or Fail? Corrective Actions to Remedy Your Test Results