The only downside is that, well, changing deferrals may mean more work for you. If you’re drowning in deferral change requests, or any of the other burdensome work of 401(k) administration, ForUsAll can help! Our automated 401(k) administration & compliance solution synchronizes your ...
One of the simplified features is that SIMPLE 401(k) plans do not require nondiscrimination and top-heavy testing to ensure that the plan operates in compliance with IRS rules. Such testing must generally be done by professionals and can be quite costly. Although withdrawals before the age of...
A safe harbor 401(k) plan is a simpler version of a401(k) retirement planthat is exempt from many of the complex tax rules and compliance requirements applicable to traditional 401(k) plans, provided it meets certain criteria.1 This type of plan is often used by smaller businesses, as it...
If the company’s plan has failed compliance testing in a prior year, it might be a good candidate for a safe harbor provision. A company’s executives are not able to contribute as much to their retirement plan as they would like. The company’s business is predictable and consistently pr...
It is now easier to correct many retirement plan contribution and distribution errors without involving the IRS by amending tax returns. This is known as the Employee Plans Compliance Resolution System. Starts in 2022. Section 306: Eliminates “First Day of Month” 457 Rule ...
One of the simplified features is that SIMPLE 401(k) plans do not requirenondiscriminationand top-heavy testing to ensure that the plan operates in compliance with IRS rules. Such testing must generally be done by professionals and can be quite costly. ...