The Form 5500 is due seven months after the end of the plan year. Under ERISA, the 2019 maximum penalty for failing to file the form has increased from $2,140 to $2,194 per day. Let's take a look at the basic requirements.
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In the competition for talent, industry experts anticipate there will be a 24% increase in the number of companies offering student loan debt repayment programs as an employee benefit this year. Will your organization take advantage?
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Thirty-five percent of women have experienced sexual harassment in the workplace, and even though 98% of employers have sexual harassment policies in place, only 32% of women believe that inappropriate behavior is addressed quickly.
Ransomware cripples municipal operations, popular restaurant brands report data breach, unsecured database exposes information of millions of Americans, and more.
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Assuming a significant portion of the assets that you have accumulated are in the form of a privately held business, planning is important, and so is timing Unfortunately, life doesn’t come with guarantees. That calls for contingency planning to make sure that you or your family receive a realistic value for the equity stake you have in your business in the event of the unexpected.
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A benefit plan must not discriminate in favor of highly compensated employees (HCEs) and key employees with respect to eligibility, contributions, or benefits. To ensure compliance, all 401(k) plan sponsors should understand the basics of nondiscrimination testing and, considering the complexity of the rules, make sure this critical duty is being done right. Even if a plan sponsor relies on a third-party administrator (TPA) to perform the nondiscrimination testing, the plan sponsor is responsible for the consequences of noncompliance, which could include tax consequences for plan member investments.
Earlier this year, Congress passed (and the President signed) the Bipartisan Budget Act which included several provisions affecting qualified retirement plans. As employers look ahead at planning for a new calendar year, let’s take a moment to discuss the change to hardship distributions employers may consider adopting. New legislation did not change what might constitute an individual hardship, but it does make hardship withdrawals easier to obtain for participants.
Perhaps the best analogy for a robo-advisor is the self-driving car: it’s cool and impressive — sometimes even useful — but in many situations the technology can be incompatible or downright dangerous. Robo-advisors can provide useful advice to the small-balance investor who wants to get pointed in the right direction, but if you are beyond this point, proceed with caution.
On June 9, 2017, the Department of Labor finally permitted the long-awaited fiduciary rule to go into effect. Broadly, the rule fulfilled its initial promise: requiring all financial professionals who offer advice related to retirement savings to provided recommendations that are in an investor’s best interest. But many details still need to be reconciled over the next six months.
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