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National Pension Consultants, LLC - October 2013 Newsletter
http://www.nationalpensionconsultants.com/news/2013-10.html
Brewster, NY 10509. How Do You Spell Relief? Sample Corrections for Common Failures. Exclusion of Eligible Employee from making 401(k) Contributions. Failure to Timely Update Plan Document for Law Changes. Fortunately, the IRS recognizes that honest mistakes sometimes happen, and they have established a program that allows for correction of those mistakes. It is called the Employee Plans Compliance Resolution System or EPCRS. EPCRS does include a number of sample corrections; however, it also offers the ...
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National Pension Consultants, LLC - February 2013 Newsletter
http://www.nationalpensionconsultants.com/news/2013-02.html
Brewster, NY 10509. Don't let Missing Participants and Small Balances become a Big Problem. Forcing Distribution of Small Balances. What if the Participant's Account Balance includes Rollovers? Check the Plan Document. What about Large Balances? What if the Plan is Terminated? What about Residual Balances? What Happens when a Participant Does Not Cash a Distribution Check? What Happens when the Distribution Fee Exceeds the Account Balance? Forcing Distribution of Small Balances. Consider a participant wh...
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National Pension Consultants, LLC - August 2015 Newsletter
http://www.nationalpensionconsultants.com/news/2015-08.html
Brewster, NY 10509. The IRS is Back with Some Brand New Corrections. New Option for Traditional Enrollment 401(k) Plans. New Option for Automatic Enrollment 401(k) Plans. Is There a Catch? Late Filing of Form 5500-EZ. Let's face it. Finding out that the IRS wants to poke around is not going to be the highlight of anyone's day. Voluntarily admitting a mistake to the IRS and asking for forgiveness is probably even lower on the wish list! For the last several years, the standard correction for not timely en...
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National Pension Consultants, LLC - April 2013 Newsletter
http://www.nationalpensionconsultants.com/news/2013-04.html
Brewster, NY 10509. When Good Loans Go Bad. Going to the Dark Side. Examples of Good Loans Gone Bad. Loan Term Too Long. Payments Voluntarily Suspended or Discontinued. Coming Back to the Light. Here is a quick overview of some of the key requirements for making a bad loan good. The maximum loan a participant can take is 50% of his or her vested account balance up to $50,000 (reduced by the highest outstanding loan balance in the immediately preceding 12-month period). A participant loan must be an enfor...
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National Pension Consultants, LLC - December 2013 Newsletter
http://www.nationalpensionconsultants.com/news/2013-12.html
Brewster, NY 10509. Practical Impact on Plan Operations. Highly Compensated and Key Employees. Beneficiary Designations and Spousal Consent. Qualified Domestic Relations Orders (QDRO). A Different Type of Discrimination. IRS and Social Security Annual Limits. Signed into law in 1996, the federal Defense of Marriage Act (DOMA) is a small law that has caused big controversy. Section 1. Short Title. This Act may be cited as the Defense of Marriage Act. Section 2. Powers reserved to the states. Which found S...
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National Pension Consultants - June 2013 Newsletter
http://www.nationalpensionconsultants.com/news/2013-06.html
Brewster, NY 10509. Under Control or Out of Control. Attribution from Company to Individual. Attribution Among Family Members. Making Sense of it All. Regardless of the reason for structuring a business in this way, there are some complex IRS rules that must be considered when it comes to the retirement benefits being offered. The ASG rules focus on the nature of the relationship between the entities in question. Some of the key variables in determining whether an ASG exists include the following:. A law...
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National Pension Consultants, LLC - April 2014 Newsletter
http://www.nationalpensionconsultants.com/news/2014-04.html
Brewster, NY 10509. The Continuing Evolution of the Safe Harbor 401(k) Plan. Tried it but didn't like it. Tried it, like it, but want to make a few changes. Forfeitures.be careful when and how you use them. Forgot to provide the safe harbor notice! There is also the so-called top-heavy determination that requires the company to make a minimum contribution of up to 3% of pay to employees if certain owners and officers hold more than 60% of the total plan account balances. The company contribution must gen...
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National Pension Consultants, LLC - December 2014 Newsletter
http://www.nationalpensionconsultants.com/news/2014-12.html
Brewster, NY 10509. Year-End Compliance Testing Overview. Employee Census Data Collection. Highly Compensated Employees (HCEs). Average Deferral Percentage (ADP) and Average Contribution Percentage (ACP) Tests. 2015 IRS and Social Security Annual Limits. This article provides a brief description of the required defined contribution plan compliance tests as well as an overview of the census data collection process. Employee Census Data Collection. It is important to identify the owners and officers of the...
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National Pension Consultants, LLC - June 2014 Newsletter
http://www.nationalpensionconsultants.com/news/2014-06.html
Brewster, NY 10509. Ready or Not, Here it Comes.the PPA Plan Restatement. Types of Plan Documents. Same Gender Marriage Interim Amendments. It's time again to participate in that never ending ritual of qualified retirement plan restatements. As legislation affecting retirement plans is enacted, the Internal Revenue Service (IRS) requires all plan sponsors to restate or rewrite their plans to conform to current law. After tax legislation is enacted, the law is analyzed by the IRS to determine how it will ...
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National Pension Consultants, LLC - June 2015 Newsletter
http://www.nationalpensionconsultants.com/news/2015-06.html
Brewster, NY 10509. The Best Plan to Drive Your Retirement Needs. Defined Benefit (DB) Plan. Defined Contribution (DC) Plan. Compact or Full Size? Loans and In-Service Withdrawals. Excuse me, can you tell me what kind of car is best for me? It is impossible to answer that question without getting more information…how will the car be used? What is the budget? For fuel efficiency and driving in a crowded downtown area, maybe a Smart Car is best. Hauling heavy loads of construction materials? A DC plan sets...
