ERISA Consultants Blog

A library of knowledge for a better retirement plan.

Government Filings for Your Retirement Plan

Government Filings for Your Retirement Plan

Government filings are an important part of maintaining an employee benefits retirement plan. The DOL and IRS require the plan sponsor of 401(k) plans to file a Form 5500 annually as part of Title I of ERISA. The Form 5500 is designed to provide the Federal Government...

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How to Suspend or Eliminate Your 401(k) Plan’s Match

How to Suspend or Eliminate Your 401(k) Plan’s Match

During times of economic uncertainty, like the COVID-19 situation that we're currently in, many companies look for ways to reduce expenses to help keep employees on payroll.  One of the expenses you may be considering reducing or eliminating is your company's matching...

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SECURE ACT Safe Harbor Amendments and Retirement Plans

SECURE ACT Safe Harbor Amendments and Retirement Plans

How does the SECURE Act affect safe harbor retirement plans? Among the many recent changes to retirement plans, three provisions of the SECURE Act impact safe harbor plans. The provisions center around notice requirements and safe harbor 401(k) plan design to decrease...

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SECURE Act Changes for Part Time Employees

SECURE Act Changes for Part Time Employees

Some Payroll Solutions Could Cost Employers Thousands Because of the SECURE Act  Beginning on January 1st, 2021, employers who do not track how many hours their employees work every year risk incurring hundreds, if not thousands of dollars in unexpected costs. These...

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Sidecar Accounts

Sidecar Accounts

Before the retirement community shifted to a pretax 401(k) system in the 1980s, many companies offered a supplemental savings account (to be used for short-term emergencies) to complement the defined benefit (DB) plans of their employees. These supplemental savings...

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Hardship Withdrawals from 401(k) and 403(b) Plans

On February 23, 2017, the Internal Revenue Service released its Substantiation Guidelines for Safe-Harbor Distributions from Section 401(k) Plans. And on March 7, 2017 they released a similar memorandum regarding section 403(b) plans. These two statements outlined the...

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The Cadillac Tax

Health insurance has always been a hot topic of conversation both in the political and financial worlds, and it’s easy to see why, especially in recent years. Health care costs continue to skyrocket, not just for individuals, but also for employer-sponsored health...

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Is PBGC Coverage Required for Your Plan?

The Pension Benefit Guaranty Corporation was established on September 2, 1974 under President Gerald R. Ford with the signing of ERISA (the Employee Retirement Income Security Act). According to Ford, “Under this law, the men and women of our labor force will have...

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Better Solutions for Today’s Retirement

With the introduction of 401(k) plans in 1980, the responsibility for retirement contributions shifted from the employer to the employee. Unfortunately, the employee had no way of gauging what those contributions should be, or how the contributions should be invested....

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Employees & Short-Term Value

In today’s world of instant gratification, it’s no wonder that workers value short-term benefits the most. According to a worldwide study of more than 10,000 workers conducted by Mercer, a salary increase was preferred over all types of benefits. While saving for...

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Cash Balance Plans for Larger Tax-Deferred Contributions

Cash Balance Plan: What is it? How does it work? There are two main types of qualified retirement plans: defined contribution (DC) and defined benefit (DB). The maximum annual contribution to a DC plan is $54,000, while the contributions to a DB plan could be in...

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Profit Sharing Plans: Better Ways to Use Them and Why

A Profit Sharing Plan is another special type of defined contribution (DC) plan under which employers, rather than employees, are the ones making contributions. After the company makes its annual contribution, the total contributions are then allocated to individual...

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ERISA CONSULTANTS BLOG DISCLAIMER

Articles posted on the ERISA Consultants Blog are provided for general informational purposes only. The materials and content are not intended to provide tax, legal, accounting, financial, or other professional advice. Readers are advised to seek out qualified professionals that provide advice for specific client circumstances. ERISA Consultants makes no warranties about the accuracy or completeness of the information contained in the published articles. While articles are generally published with the most up to date information, ERISA Consultants does not guarantee that the articles will be updated with the most recent information or reflect the most current laws and regulations. 

Third-party links included in any articles are not intended as, and should not be interpreted as, constituting or implying ERISA Consultants’ endorsement, sponsorship, or recommendation of third-party information, products, or services, unless expressly stated otherwise. ERISA Consultants is not affiliated with the owners or participants of any linked websites. The opinions expressed by any guest writers and/or article sources are strictly their own and do not necessarily represent those of ERISA Consultants. Please use caution when linking to other websites.

Information from the ERISA Consultants blog should be used at your own risk. Investing in securities involves risk, and there is always the potential of losing money. Past performance is not a guarantee of future results. Investment returns vary and may involve gains or losses.

Any articles or commentary included on the ERISA Consultants blog do not constitute a tax advice and cannot be used by any taxpayer to avoid penalties that may be imposed under the Internal Revenue Code on the taxpayer.

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