Managing Employer Fiduciary Issues for 401k and 403b Plan Sponsors in 2013

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Managing Employer Fiduciary Issues for 401k and 403b Plan Sponsors in 2013"

Transcription

1 Managing Employer Fiduciary Issues for 401k and 403b Plan Sponsors in 2013 Questions and Answers from Verisight s Presentation, January 30 th, 2013 What is the difference between a qualified plan and a nonqualified plan? A qualified plan is governed by the Employee Retirement Income Security Act of 1974 ( ERISA ) and the Internal Revenue Code. As such, a qualified plan is subject to stringent coverage, nondiscrimination, and governmental reporting requirements. These plans include profit sharing, 401k, money purchase pension, Employee Stock Ownership Plans (ESOPs) and defined benefit pension plans. A major advantage of a qualified plan is the tax treatment of contributions to the plan. Contributions made to a qualified plan are tax deductible to the employer when the contribution is made, and with the exception of Roth deferrals or other after-tax employee contributions, the participant defers paying taxes until he or she receives a distribution from the plan. In addition, benefits accumulated under a qualified plan are protected from creditors of both the employer and the participant. A nonqualified plan does not have the same special tax advantages. Dollars set aside in a nonqualified plan are not deductible to the employer until the funds are actually taxed to the participant. Participants are taxed on nonqualified plan amounts when they earn the right to receive the funds (in other words, when they vest ) even if they do not actually take a distribution from the plan. This vesting event can be many years in the future, thereby delaying the company s tax deduction. A nonqualified plan, such as a Supplemental Employee Retirement Plan (SERP), is generally only for a select group of management or highly compensated employees and therefore requires the employer to be very selective as to whom the plan covers. In addition, any amounts set aside for a participant in a nonqualified plan are still considered the assets of the employer and therefore are subject to the claims of creditors. We often see nonqualified plans established when a company desires to create an incentive for key executives to stay with the company. Nonqualified plans are subject to IRS regulations even though they are not generally subject to ERISA. There is much more information regarding the differences between qualified and nonqualified plans and we would be happy to discuss these rules with you. Feel free to contact us at If an employee goes on maternity leave and is paid with short term disability insurance, do we have to contribute employer and employee contribution on those funds? The plan document defines the specific types of compensation that are used to determine plan contributions. When the employer pays the premium for disability insurance, the benefits are treated as compensation to the employee. Whether your qualified retirement plan treats short-term disability as compensation for employee deferral and employer contributions can only be determined by reviewing your specific plan document. If short term disability is treated as eligible compensation for employee deferral

2 purposes, you must coordinate with your insurance carrier to issue two separate checks: one to the employee and one to the plan in the appropriate amount to cover the deferrals. You also may consider amending your plan to change this definition prospectively in order to exclude short term disability. It is a good idea to review all types of compensation periodically to ensure you have been treating them properly with regard to plan contributions. Why do individuals who worked for us through a temporary service agency have to receive credit for the services they performed before we actually hire them as employees? Internal Revenue Code 414(n)(4) requires employers credit service when individuals worked for them in a temporary worker capacity as described on the attached white paper. This statute is in place to prevent employers from extending the service requirements under their plan by using temporary staffing agencies or similar arrangements. This service credit applies to qualified retirement plans and certain other employee benefit plans. Do participant fee and investment disclosures apply to separate sub diversification ESOP accounts? Many Employee Stock Ownership Plans (ESOPs) do not allow participants to direct the investment of their plan accounts. Since the participant disclosure rules apply only to those qualified plans that permit participant direction, it would appear that ESOPs are exempt from these rules at first glance. However, all ESOPs must comply with Internal Revenue Code statutes requiring participants, under certain circumstances depending upon whether the employer stock is privately held or publicly traded, be allowed to diversify a portion of their plan accounts into investments other than employer stock. Some ESOPs comply with these rules by requiring a participant exercising his or her diversification rights to transfer the funds out of the ESOP. In these cases, there is no participant disclosure requirement for the ESOP because there is no participant direction within the ESOP. Other ESOPs are drafted to allow participants to invest within a menu of mutual funds within the ESOP. In this scenario, participant disclosures would be required because participants have the right to direct a portion of their plan account. Under a third example, an ESOP may allow participants to self-direct the investment when exercising their diversification election by using a brokerage window. Participant disclosures would be required in this case to provide the General and Expense Information. However, under present guidance, the Investment Related Information would not be required. Does Verisight have samples of a change of investment letter that we can provide to the Plan Sponsor? Verisight provides participant disclosures for our clients use in complying with these rules. If you would like to discuss a participant disclosure document, please contact your account representative. 2 P age

3 Do the participant disclosure rules apply to pension plans where employees don t make any contributions, Defined benefit/death Benefit Plans? Participant disclosure rules apply to any defined contribution plan including money purchase pension plans that permit participants to direct the investment of their plan accounts, regardless of whether the employees make any contributions. These rules do not apply to defined benefit plans. Does Verisight take care of all these regulatory issues for us? Depending on the services we provide your plan, Verisight will provide the participant disclosures for you to distribute to your participants. Please consult with your account manager to confirm the services you have contracted Verisight to perform on your behalf. Can certain groups of employees be excluded from making elective deferrals? Yes, however your plan document must include this exclusion. It s important to note however that excluding certain groups of employees may cause you to fail coverage testing. There are statutory exclusions such as union employees and employees who are under the age of 21 or employees who have worked less than 1 year of service that can be excluded without impacting your coverage test. Again, it s important that you work with an experienced consultant who can guide you through the decision making process in the event you seek to exclude certain groups of employees. Our consultants at Verisight would be happy to discuss our services further with you. us at if you would like someone to contact you. Do you have to provide notices or annual disclosures to individuals who are no longer with the company but have not closed or transferred their 401k account? Yes, the notice must be provided to such individuals as long as their accounts remain in the plan and they continue to have the right to direct the investments in their account. Do you have to keep proof that you send out the annual disclosures? You should always retain documentation/proof that as the plan sponsor, you are in compliance with any and all disclosure requirements to participant. This is especially true in the event of a DOL audit. I am assuming that since we use Verisight for our plan documents that you will let us know when our 5 or 6 years is up and we need to do the restatement. Yes, Verisight proactively reminds those clients using our documents of any required amendments or restatements. By statute an RIA is a fiduciary, but what is the difference between a 3(21) and a 3(38) advisor? The terms 3(21) advisor and 3(38) advisor are often used to distinguish between the level of fiduciary responsibilities. ERISA 3(21) defines a fiduciary to include an advisor who renders investment advice for a fee. Such an advisor serves in a co-fiduciary capacity to the plan by providing advice to other plan 3 P age

4 fiduciaries that have the ultimate decision authority on whether to implement the RIA s advice. ERISA 3(21) advisors are co-fiduciaries with other plan fiduciaries to the extent of the advice they provide to the plan. ERISA 3(38) defines the term investment manager as a fiduciary who also is responsible for providing investment advisory services, but with the important distinction of having discretionary control over the investment decisions for the plan. This type of advisor is often referred to as a Discretionary Advisor because of the discretion to actually implement investment decisions he or she has been given by the plan. The RIA s service agreement with the plan must clearly specify the amount of discretion the plan has given the advisor. Are volume submitter plans required to file by January 31, 2013? No. Volume submitter and prototype plans are restated on a six-year cycle. The next restatement cycle for these pre-approved plans is expected to begin in How does the DOL define reasonable fees? The DOL considers reasonable fees to be determined on a facts and circumstances basis. This means there is no black and white definition of reasonable fees. Plan sponsors need to perform sufficient due diligence to be able to determine whether fees are reasonable for the services received. For example obtaining quotes from other service providers is one method to confirm that the fees being paid from plan assets are reasonable for the services being provided. Another method would be to obtain benchmarking information from independent sources. Whatever the method, care must be taken to insure that the services being performed are included in the comparison quote or benchmark. It is not uncommon for plan sponsors to assume all service providers perform the same services; however, this is quite often not the case. Make certain you are comparing apples to apples. Who is responsible for auto-enroll? The recordkeeper or the plan sponsor? Ultimately, the plan sponsor is always responsible for ensuring that an employee who meets the plan s eligibility requirements is automatically enrolled in a timely fashion. Often, employers outsource portions of the enrollment process to their service providers. Although the third party record keeper may be fulfilling specific tasks in the enrollment process, the responsibility to insure all eligible employees are timely enrolled (whether under an auto-enroll arrangement or traditional enrollment) rests with the plan sponsor. If you have a TPA, aren't they keeping track of the deadline to file the 5500? Generally, yes the TPA is keeping track of the Form 5500 deadline; however, it is the plan sponsor s responsibility to make sure the Form 5500 is timely filed P age

5 Temporary Staffing Agencies and Your Benefit Plans WHITE PAPER DO YOU KNOW THE IMPACT? Over the past several years, many employers have increased their usage of temporary staffing agencies to meet their labor demands. Whether using these outside agencies for a short-term need, a longer term purpose, or as a means of trying out the individual prior to offering permanent employment, the use of temporary workers has become a common practice for many businesses today. When using temporary staffing agencies, employers need to be aware of the effect these individuals may have on their retirement and other employee benefit plans. Throughout the remainder of this article, we will reference retirement plans in our explanation and examples. It is important to note that the term retirement plan includes: 401(k) plans, profit sharing plans, money purchase pension plans, defined benefit plans, SEPs, and SIMPLE IRAs. Basically all types retirement plans except nonqualified deferred compensation plans. In addition to retirement plans, these rules also apply to many non-retirement benefits, such as group term life insurance, qualified tuition reduction plans, group legal assistance plans, educational assistance plans, dependent care assistances plans, VEBAs, health insurance plans, flexible spending account plans, COBRA, and many fringe benefit plans. Temporary Staffing Agency Workers Temporary staffing agency workers are often referred to by various names, such as: Temps, Contingent Workforce, Project Labor, Outside Labor, etc. Regardless of the term your organization uses, it is important to understand the effect these individuals may have on your retirement plan. The three primary ways that temporary staffing agency workers affect your retirement plan are: 1. recognition of service when the individual is later hired by your company, 2. participation in your retirement plan, and 3. inclusion in the retirement plan s annual nondiscrimination testing. Recognition of Service Under certain conditions, you must credit an individual with the service he or she performed for your company through a temporary staffing agency if you later hire that person as your employee. The conditions that require you to credit prior service are discussed below in the section entitled Temporary Worker. This recognition of prior service will affect the individual s entry and vesting under the plan. For example, your company sponsors a retirement plan that requires 90 days of employment prior to entry. You engage Temps R Us to provide temporary labor, and as a result, Jane Smith works for you through Temps R Us for 60 days. You later hire Jane as your employee; she will receive credit for the 60 days of service she worked for you through Temps R Us. In other words, Jane will need to work only 30 days from her hire date with your company in order to meet the 90 day employment requirement to enter your retirement plan. Most employers are unaware of this requirement and often are not crediting employees with the correct service when they hire individuals who previously worked for them through a temporary staffing agency. If the company does not credit all the required service to an employee, they will not be able to enroll the employee in the retirement plan in a timely manner or properly track his or her vesting service. Failure to timely enroll employees in the retirement plan may subject the company to corrective contributions for the employee s missed deferral opportunity, employer matching contributions, and any other employer 2001 North Main Street, Suite 500 Walnut Creek, CA Verisight, Inc. All Rights Reserved - WP0001 1

6 Temporary Staffing Agencies and Your Benefit Plans WHITE PAPER contributions along with associated earnings. Over time, these corrective amounts can add up to significant unplanned costs for the company. Since these individuals are paid by the staffing agency, most companies do not have sufficient records to track the length of service for each temporary staffing individual. Yet, this information is critical to properly crediting service under your retirement plan. If your company uses temporary staffing agency workers, you should determine whether they meet the conditions that require you to credit them with service under the retirement plan - see Temporary Worker below. If so, you should make certain you are receiving all necessary information from the temporary staffing agency to track the time each individual worked for your company. Additionally, you need to establish procedures that will identify these individuals if you later hire them as your employees. Participation in Your Retirement Plan In addition to recognizing prior service when you hire temporary workers, you may have to enroll them in your retirement plan - even if you never hire them as your employee! Hard to imagine that you may have to provide retirement benefits to someone who isn t your employee, but that is exactly what the IRS requires when a Temporary Worker, as described below, performs services for you on a substantially full-time basis for at least 12 months. The IRS defines substantially full-time basis as the lesser of: 1,500 hours per year or 75% of the hours customarily worked in the position. Therefore, if you have a position in your company that normally requires 30 hours per week (1,560 hours per year), a temporary staffing individual would be considered substantially full-time if he or she works for you at least 22½ hours per week (1,170 hours per year). The IRS refers to individuals who meet these conditions as Leased Employees. Once an individual is determined to be a Leased Employee, he or she will be treated as your employee for retirement plan purposes. Consequently, unless your retirement plan expressly excludes Leased Employees from participation, you must enroll these individuals in your plan. When determining whether a Leased Employee has met the service requirements of the retirement plan, you must credit him or her with all the service performed for your company, including the service performed prior to meeting the 12 month condition. For example, your retirement plan does not exclude Leased Employees from participation, and it requires six months of service to become a participant. Through an agreement you have with the Temps R Us staffing agency, John Smith performs services for you, working 35 hours per week for 12 months. John began working for your company through Temps R Us on January 1, On January 1, 2010, you must treat John as a Leased Employee because he will have worked for you as a temporary worker on a substantially full-time basis for at least 12 months. On January 1, 2010, John is credited with 12 months of service under the plan because he receives credit for his service retroactively back to the first day he performed services for you - January 1, As such, John will be treated as having met the plan s sixmonth service requirement on January 1, 2010, the date he is first treated as a Leased Employee. You must provide John with enrollment materials and treat him as eligible for your plan even though John is employed by Temps R Us and you have not hired him as your employee. Offering your retirement plan to Leased Employees who are not on your payroll can become very cumbersome to administer. It requires coordination between your company and the temporary staffing agency on many issues, such as, the amount of compensation paid to the individual for services he or she performed for your company. Since many temporary staffing workers perform services for various employers over the course of a year, this may be time consuming to determine. You also would 2001 North Main Street, Suite 500 Walnut Creek, CA Verisight, Inc. All Rights Reserved - WP0001 2

7 Temporary Staffing Agencies and Your Benefit Plans WHITE PAPER need to coordinate the deductions from the employee s paychecks and the remittance to the plan. The majority of employers do not wish to undertake the complexities associated with offering their retirement plans to temporary staffing workers. In these cases, it is imperative that your retirement plan expressly excludes Leased Employees from participation. If your plan excludes them as an ineligible category of employees, you will not have to enroll them in your plan. You will, however, need to maintain records documenting the period of time they work for you in the event you ever hire them as employees and for the required nondiscrimination testing discussed in the next section. If your retirement plan is a 403(b) plan or ESOP, you must determine whether the temporary staffing agency meets the eligible employer criteria for your plan. Eligible employers for 403(b) plans must be a tax-exempt 501(c)(3) organization or public school system. If the temporary staffing agency is not an eligible employer, the Leased Employee cannot participate in your plan regardless of the amount of service he or she performs for you. Eligible employers for ESOPs must have enough common ownership with your company to be included with your company in a controlled group of corporations, as defined under Internal Revenue Code Section If the staffing agency is not a member of a controlled group with your company, the Leased Employee cannot participate in the ESOP regardless of the number of hours he or she works for you. Although the Leased Employee may not be able to participate in your 403(b) or ESOP retirement plan, he or she still must receive credit for service if you later hire him or her as your employee. Furthermore, the Leased Employee must be included in the annual testing described below. Annual Nondiscrimination Testing Once an individual meets the definition of a Leased Employee, as described above, he or she must be included in your retirement plan s annual coverage, participation and nondiscrimination testing. All qualified retirement plans have qualification tests that must be administered at least annually. In general, this testing must demonstrate that the plan does not discriminate in favor of highly compensated employees over the rank-in-file employees. When performing this testing each year, Leased Employees must be included in the testing even if your plan does not allow them to participate. The exception to this rule occurs when Leased Employees comprise no more than 20 percent of your total rank-in-file employee population, AND the temporary staffing agency covers the Leased Employee under a Money Purchase Pension Plan that provides for immediate entry and vesting along with a contribution equal to 10 percent of pay. It is uncommon for temporary service agencies to have this type of retirement plan for their employees; therefore, it is very likely that you will be required to include the Leased Employees in your plan s testing. Having Leased Employees in the nondiscrimination testing can produce less favorable results when they are excluded from participating. However, the IRS permits you to include in your testing certain contributions made for the Leased Employee by the temporary staffing agency to their retirement plan. Specifically, contributions made by the temporary staffing agency to its plan for a Leased Employee may be treated as if you made those contributions to your plan provided that you may only count contributions that relate to compensation and services the individual performed for your company. Including the temporary staffing agency s retirement plan contributions in your retirement plan testing will require coordination with the agency. In many cases, employers have not performed sufficient planning in advance of the annual nondiscrimination testing, preventing them from receiving this information in time to include in the testing. In other cases, the temporary staffing agency is reluctant to provide this information or they do not sponsor a retirement plan to their employees North Main Street, Suite 500 Walnut Creek, CA Verisight, Inc. All Rights Reserved - WP0001 3

8 Temporary Staffing Agencies and Your Benefit Plans WHITE PAPER If you have Leased Employees, contact the temporary staffing agency to determine whether they have a retirement plan; if so, determine whether their retirement plan meets the 10 percent Money Purchase Pension Plan exception above; and if not, establish a process to obtain the necessary information each year in a timely manner. Additionally, many third party administrators who perform retirement plan testing ask companies to provide the number of Leased Employees each year. Since this information can change the testing results, be certain the individuals in your company who are providing this information understand the rules. Temporary Worker As we noted above, there are specific circumstances that must be present in order for the service credit and Leased Employee rules to apply. Internal Revenue Code Section 414(n) dictates the conditions as follows: 1. The services provided by the individual must be covered under an agreement between your company and the staffing agency. Although such agreements are almost always in the form of a written document, the IRS expressly states they do not have to be written to be subject to these rules; in other words, less formal oral agreements count. 2. The individual must be a common-law employee of the temporary staffing agency. For purposes of this article, the individual is assumed to be a common-law employee of the temporary staffing agency and not a common-law employee of your company. The detailed determination of whether an individual is a commonlaw employee will be discussed in a future article. 3. The services must be performed under your company s primary direction or control. Although there are no regulations to specifically define the term primary direction or control, the IRS made clear in an ongoing compliance project by their Employee Plans Compliance Unit, they are applying the same factors that were included in the Senate and House Committee Reports when the law originally was enacted. The individual s services will be performed under your company s primary direction or control if your company exercises the majority of direction or control over the individual; note it does not require total control. Factors used in this determination include whether the individual is required to comply with your instructions about when, where, and how he or she is to perform the services, whether the services must be performed by a particular person, whether the individual is subject to your company s supervision, and whether the individual must perform services in the order or sequence you set. Factors that generally are not relevant to the determination include whether your company has the right to hire or fire the individual, or whether the individual works for other companies. If you determine the location (such as your company site), the hours, and oversee the temporary worker s performance, you are likely exercising primary direction or control. Summary Although many employers incorrectly believe workers they engage from temporary staffing agencies have no effect on their company benefits, these individuals can create a significant cost to the company through required contributions, failed nondiscrimination testing, and administrative time to coordinate all the necessary functions with the temporary service agency. Making the necessary determinations to properly treat Temporary Workers and Leased Employees can be comprehensive and complex. To insure you have made the determinations correctly, contact your Verisight specialist for assistance. The information contained in this paper is for informational purposes only and does not constitute legal advice. The contents of this paper are provided on an as is basis without warranty of any kind and Verisight does not assume any liability for any errors, omissions or damages resulting from the use of information contained herein. This document may not be reproduced or transmitted in any form or by any means without Verisight s written permission North Main Street, Suite 500 Walnut Creek, CA Verisight, Inc. All Rights Reserved - WP0001 4

Plan Administrator Guide

Plan Administrator Guide Plan Administrator Guide Your qualified retirement plan combines current employer tax savings with retirement security for participants. Congress specifically provided for this favorable treatment in the

More information

CHOOSING A RETIREMENT SOLUTION. for Your Small Business

CHOOSING A RETIREMENT SOLUTION. for Your Small Business CHOOSING A RETIREMENT SOLUTION for Your Small Business Choosing a Retirement Solution for Your Small Business is a joint project of the U.S. Department of Labor s Employee Benefits Security Administration

More information

Schwab Individual 401(k) Plan Summary Plan Description

Schwab Individual 401(k) Plan Summary Plan Description Schwab Individual 401(k) Plan Summary Plan Description Employer Instructions 1. Complete the Summary Plan Description (SPD) in accordance with the elections you made on the Adoption Agreement. 2. Provide

More information

Comparing retirement plans

Comparing retirement plans The right choice for the long term Comparing retirement plans Determine the plan type that will best meet your and your organization s needs. January 2012 Annual contribution limits at a glance 1, 2 SEP

More information

Cash or Deferred 401(k) Plan

Cash or Deferred 401(k) Plan The Basics Any profit sharing or stock bonus plan that meets certain participation requirements of IRC Sec. 40(k) can be a cash or deferred plan. An employee can agree to a salary reduction or to defer

More information

employee benefits update

employee benefits update employee benefits update february/march 2007 When your plan year isn t the calendar year ESOP basics Set-up, distribution and diversification rules It doesn t have to be confusing Distributions of Roth

More information

2005 Cumulative List of Changes in Plan Qualification Requirements

2005 Cumulative List of Changes in Plan Qualification Requirements Part III Administrative, Procedural and Miscellaneous 2005 Cumulative List of Changes in Plan Qualification Requirements Notice 2005-101 I. PURPOSE This notice contains the 2005 Cumulative List of Changes

More information

What is an ESOP? ESOPs are defined contribution pension plans that invest primarily in the stock of the plan sponsor

What is an ESOP? ESOPs are defined contribution pension plans that invest primarily in the stock of the plan sponsor Employee Stock Ownership Plans May 2013 http://aicpa.org/ebpaqc ebpaqc@aicpa.org Topix Primer Series The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has developed this primer to provide Center

More information

Eligible employees may join the Plan immediately upon satisfying the age and/or service requirement.

Eligible employees may join the Plan immediately upon satisfying the age and/or service requirement. Who Can Participate? All current employees are eligible to participate in the elective deferral portion of the Plan. Participation in the employer discretionary match on elective deferrals portion of the

More information

Employee Stock Ownership Plan (ESOP)

Employee Stock Ownership Plan (ESOP) Employee Stock Ownership Plan (ESOP) The basics: The ESOP is essentially a stock bonus plan in which employer stock may be used for contributions. How It Works Employer contributes company stock or cash

More information

Glossary of Qualified

Glossary of Qualified Glossary of Qualified Retirement Plan Terms 401(k) Plan: A qualified profit sharing or stock bonus plan under which plan participants have an option to put money into the plan or receive the same amount

More information

Legal Alert: Pension Protection Act of 2006 Changes Affecting Defined Contribution Plans

Legal Alert: Pension Protection Act of 2006 Changes Affecting Defined Contribution Plans Legal Alert: Pension Protection Act of 2006 Changes Affecting Defined Contribution Plans August 16, 2006 A little more than half of the 907 pages of the Pension Protection Act of 2006 deal with pension

More information

Safeguarding The Future: A Basic Guide To Retirement Plan Compliance

Safeguarding The Future: A Basic Guide To Retirement Plan Compliance Safeguarding The Future: A Basic Guide To Retirement Plan Compliance Safeguarding the Future: A Basic Guide to Retirement Plan Compliance 1 Safeguarding the Future: A Basic Guide to Retirement Plan Compliance

More information

401(k) Boot Camp - Part 1 Getting People Into the Plan

401(k) Boot Camp - Part 1 Getting People Into the Plan 401(k) Boot Camp - Part 1 Getting People Into the Plan November 5, 2014 Presenter: Nancy J. Manary, Director Benefits Consulting Verisight, Inc. 401(k) Boot Camp Part 1 Part 1 Getting People Into the Plan

More information

Business Retirement Plans Choose Wisely

Business Retirement Plans Choose Wisely Business Retirement Plans Choose Wisely Business Retirement Plans BNY Mellon Retirement is here to help you craft the bold solutions that help deliver successful retirement outcomes. Americans are expected

More information

What Do I Need To Know About Restating My Qualified Retirement Plan?

What Do I Need To Know About Restating My Qualified Retirement Plan? What Do I Need To Know About Restating My Qualified Retirement Plan? Commonly Asked Questions About The Upcoming Restatement A GUIDE FOR EMPLOYERS Table of Contents Introduction... 1 Why do the laws affecting

More information

Educational Series. Supplemental Executive Retirement Plan (SERP)

Educational Series. Supplemental Executive Retirement Plan (SERP) Supplemental Executive Retirement Plan (SERP) Supplemental Executive Retirement Plans (SERP) Guide What is a Supplemental Executive Retirement Plan (SERP)? A supplemental executive retirement plan is a

More information

Earning for Today and Saving for Tomorrow. Retirement Savings Plan 401(k) inspiring possibilities

Earning for Today and Saving for Tomorrow. Retirement Savings Plan 401(k) inspiring possibilities Earning for Today and Saving for Tomorrow Retirement Savings Plan 401(k) inspiring possibilities Retirement Savings Plan 401(k) Advocate Health Care Network offers the Advocate Health Care Network Retirement

More information

Retirement Solutions for Your Business

Retirement Solutions for Your Business Retirement Solutions for Your Business Our Service Warranty We promise to provide quality service in a competent, capable and effective manner. If we don t, we ll either fix the problem or we ll waive

More information

Simplified Employee Pension (SEP)

Simplified Employee Pension (SEP) Marblehead Financial Services Bill Bartin, CFP Located at Marblehead Bank 21 Atlantic Avenue Marblehead, MA 01945 781-476-0600 781-715-4629 wbartin@infinexgroup.com Simplified Employee Pension (SEP) Page

More information

IRAs, pensions and other retirement savings vehicles

IRAs, pensions and other retirement savings vehicles from Personal Financial Services IRAs, pensions and other retirement savings vehicles February 27, 2014 In brief Qualified plans and IRAs are an essential part of retirement and tax planning for many individuals.

More information

This will depend upon three factors.

This will depend upon three factors. The basics: A SEP provides an employer with a simplified way to make contributions to an employee s individual retirement account or individual retirement annuity. Employer contributions are made directly

More information

Employee Stock Ownership Plan (ESOP)

Employee Stock Ownership Plan (ESOP) Matt Pardieck, Chris Corley, Kate Lacey Harbour Wealth Management 28 Bridgeside Blvd Suite 203 Mt. Pleasant SC, SC 29464 843-416-1033 matt.pardieck@raymondjames.com www.harbourwealthmanagement.com Employee

More information

CHOOSING A RETIREMENT SOLUTION. for Your Small Business

CHOOSING A RETIREMENT SOLUTION. for Your Small Business CHOOSING A RETIREMENT SOLUTION for Your Small Business This pamphlet is a joint project of the U.S. Department of Labor's Employee Benefits Security Administration (EBSA) and the Internal Revenue Service.

More information

The MC Academy The Employee Benefits and Executive Compensation Series. Qualified Plans Part 2

The MC Academy The Employee Benefits and Executive Compensation Series. Qualified Plans Part 2 The MC Academy The Employee Benefits and Executive Compensation Series Qualified Plans Part 2 June 4, 2013 Nondiscrimination Nondiscrimination in General Qualified Retirement Plans may not Impermissibly

More information

IRS and Department Of Labor Issue Automatic Enrollment and Investment Guidance

IRS and Department Of Labor Issue Automatic Enrollment and Investment Guidance IRS and Department Of Labor Issue Automatic Enrollment and Investment Guidance By Cynthia Marcotte Stamer Recent guidance from the U.S. Department of Labor ( Labor Department ) and Internal Revenue Service

More information

RETIREMENT PLAN SERVICES

RETIREMENT PLAN SERVICES EMPLOYEE STOCK OWNERSHIP PLANS (ESOPS) WHAT IS AN ESOP An ESOP is a form of profit-sharing plan designed to invest primarily in employer stock. ESOPs often are used as a means of transferring ownership

More information

If your plan has not been updated to reflect EGTRRA, the plan needs to be revised.

If your plan has not been updated to reflect EGTRRA, the plan needs to be revised. 1) Has your plan document been updated within the past few years to reflect recent law changes? If your plan has not been updated to reflect EGTRRA, the plan needs to be revised. Laws related to retirement

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Prepared for Worcester Polytechnic Institute Defined Contribution Plan INTRODUCTION Worcester Polytechnic Institute has restated the Worcester Polytechnic Institute Defined Contribution

More information

PROFIT SHARING PLANS. for Small Businesses

PROFIT SHARING PLANS. for Small Businesses PROFIT SHARING PLANS for Small Businesses 1 Profit Sharing Plans for Small Businesses is a joint project of the U.S. Department of Labor s Employee Benefits Security Administration (EBSA) and the Internal

More information

Be Prepared Conduct an Annual Self Audit

Be Prepared Conduct an Annual Self Audit Be Prepared Conduct an Annual Self Audit An annual self audit is an effective means of keeping a qualified plan in compliance and it offers other benefits as well. Although not all inclusive, the Q&A that

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Prepared for Norwich University Defined Contribution Retirement Plan INTRODUCTION Norwich University has restated the Norwich University Defined Contribution Retirement Plan (the

More information

RETIREMENT PLAN SERVICES

RETIREMENT PLAN SERVICES OVERVIEW Helping your employees prepare for retirement is one of the most valued benefits you can offer. At The PrivateBank, we understand the important role retirement planning plays in your overall benefits

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Prepared for DePauw University Retirement Plan January 2012 TABLE OF CONTENTS Page INTRODUCTION...1 ELIGIBILITY...1 Am I eligible to participate in the Plan?...1 What requirements

More information

457 GUIDEBOOK. Answers to your questions about 457 plans

457 GUIDEBOOK. Answers to your questions about 457 plans 457 GUIDEBOOK Answers to your questions about 457 plans Revised to include changes due to the American Taxpayer Relief Act of 2012 457 GUIDEBOOK TableofContents 457 Guidebook Introduction... 4 8 457 Plan

More information

New Comparability Plan

New Comparability Plan Raymond James John Dulay Financial Advisor 550 W. Washington Blvd. Suite 1050 Chicago, IL 60661 312-869-3889 888-711-4301 John.Dulay@raymondjames.com www.truenorthretirementpartners.com New Comparability

More information

SECTION: Introduction to Employee Benefit Accounts Section 730

SECTION: Introduction to Employee Benefit Accounts Section 730 CHAPTER: Compliance SECTION: Introduction to Employee Benefit Accounts Section 730 Introduction to Employee Benefit Accounts This section is intended to provide an overview of employee benefit plan administration,

More information

401(k) Boot Camp Part 2 Getting Money Into the Plan

401(k) Boot Camp Part 2 Getting Money Into the Plan 401(k) Boot Camp Part 2 Getting Money Into the Plan November 12, 2014 Presenter: Nancy J. Manary, Director Benefits Consulting Verisight, Inc. 401(k) Boot Camp Part 2 Part 1 Getting People Into the Plan

More information

409A non-qualified. Executive Privilege. deferred compensation plans. A turnkey retirement planning supplement for select employees

409A non-qualified. Executive Privilege. deferred compensation plans. A turnkey retirement planning supplement for select employees Executive Privilege 409A non-qualified deferred compensation plans A turnkey retirement planning supplement for select employees Products and financial services provided by American United Life Insurance

More information

NONDISCRIMINATION TESTING

NONDISCRIMINATION TESTING ADVANTEDGE UNDERSTANDING NONDISCRIMINATION TESTING NONDISCRIMINATION TESTING Nondiscrimination testing is the process of identifying when benefit limits are exceeded. Essentially, nondiscrimination regulations

More information

401(k) PROFIT SHARING SOLUTIONS

401(k) PROFIT SHARING SOLUTIONS 401(k) PROFIT SHARING SOLUTIONS Most small business owners are concerned about retirement, both for themselves and for their employees. The question isn t whether to implement a retirement plan. The two

More information

SIMPLE IRA Plan. Davis & Graves CPA LLP Jerry Davis, CPA/PFS 700 N Main Gresham, OR 97009 503-665-0173 jerryd@davisgraves.com www.jjdcpa.

SIMPLE IRA Plan. Davis & Graves CPA LLP Jerry Davis, CPA/PFS 700 N Main Gresham, OR 97009 503-665-0173 jerryd@davisgraves.com www.jjdcpa. Davis & Graves CPA LLP Jerry Davis, CPA/PFS 700 N Main Gresham, OR 97009 503-665-0173 jerryd@davisgraves.com www.jjdcpa.com SIMPLE IRA Plan Page 1 of 11, see disclaimer on final page SIMPLE IRA Plan What

More information

Retirement Plans For the Sole Practitioner and the Small Law Firm

Retirement Plans For the Sole Practitioner and the Small Law Firm Retirement Plans For the Sole Practitioner and the Small Law Firm Richard A. Rogers, Jr. Employee Benefits Group This article addresses the question What retirement program would be a good match for a

More information

Qualified Retirement Plans

Qualified Retirement Plans Qualified Retirement Plans A reference guide Put together by the Qualified Plans Resource Group For Financial Professional Use Only. Not for use with the public. Any discussion pertaining to taxes in this

More information

Pension Protection Act of 2006 Requires Immediate Action by Defined Contribution Plan Sponsors

Pension Protection Act of 2006 Requires Immediate Action by Defined Contribution Plan Sponsors Important Information New Legislation October 2006 Pension Protection Act of 2006 Requires Immediate Action by Defined Contribution Plan Sponsors This is one of a series of Pension Analyst publications

More information

Primatics Financial 401(k) Profit Sharing Plan & Trust SUMMARY PLAN DESCRIPTION

Primatics Financial 401(k) Profit Sharing Plan & Trust SUMMARY PLAN DESCRIPTION Primatics Financial 401(k) Profit Sharing Plan & Trust SUMMARY PLAN DESCRIPTION Primatics Financial 401(k) Profit Sharing Plan & Trust SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN...1

More information

FOR PLAN SPONSOR USE ONLY.

FOR PLAN SPONSOR USE ONLY. Plan v. Settlor Expenses under ERISA and Non-ERISA Defined Benefit and Defined Contribution Plans ERISA and Department of Labor Guidance Relating to Plan Expenses (and Comparable Internal Revenue Code

More information

401(k) Plans For Small Businesses

401(k) Plans For Small Businesses 401(k) Plans For Small Businesses Why 401(k) Plans? 401(k) plans can be a powerful tool in promoting financial security in retirement. They are a valuable option for businesses considering a retirement

More information

RETIREMENT PLANS: COMPLIANCE WITH THE NEW 403(b) REGULATIONS

RETIREMENT PLANS: COMPLIANCE WITH THE NEW 403(b) REGULATIONS TOPIC: RETIREMENT PLANS: COMPLIANCE WITH THE NEW 403(b) REGULATIONS INTRODUCTION: Unlike other types of qualified retirement plans, 403(b) plans have been only loosely regulated since they first came into

More information

Many individuals are involved in operating

Many individuals are involved in operating ERISA fiduciaries: A case law update Many individuals are involved in operating a qualified plan. Some are considered fiduciaries and others act under the direction of a fiduciary. This is an important

More information

CHOOSING A RETIREMENT SOLUTION

CHOOSING A RETIREMENT SOLUTION CHOOSING A RETIREMENT SOLUTION for Your Small Business This pamphlet constitutes a small entity compliance guide for purposes of the Small Business Regulatory Enforcement Fairness Act of 1996. It does

More information

401(k) Plan Executive Summary

401(k) Plan Executive Summary 401(k) Plan Executive Summary January 2016 3000 Lava Ridge Court, Suite 130 Roseville, CA 95661 Tel 916.773.3480 Fax 916.773.3484 6400 Canoga Avenue, Suite 250 Woodland Hills, CA 91367 Tel 818.716.0111

More information

Choosing the Best Retirement Plan for Your Business

Choosing the Best Retirement Plan for Your Business Choosing the Best Retirement Plan for Your Business Experts estimate that American workers will need 70 to 90 percent of their preretirement income to maintain their current standard of living in retirement.

More information

IRS Approval for Your PEO Retirement Plan

IRS Approval for Your PEO Retirement Plan NAPEO Legal InsightsTM Volume 5, Number 2 February 2012 IRS Approval for Your PEO Retirement Plan James B. Longacre, Esq. and Edward C. Renenger, Esq. An important component of the PEO value proposition

More information

DEFINED CONTRIBUTION PROVISIONS OF THE PENSION PROTECTION ACT OF 2006. by Timothy J. Snyder, Esquire

DEFINED CONTRIBUTION PROVISIONS OF THE PENSION PROTECTION ACT OF 2006. by Timothy J. Snyder, Esquire DEFINED CONTRIBUTION PROVISIONS OF THE PENSION PROTECTION ACT OF 2006 by Timothy J. Snyder, Esquire The Pension Protection Act of 2006 ( PPA ) is a colossal 907 page statute, 779 of which relate to retirement

More information

YOUR COMPANY 401(k) PLAN

YOUR COMPANY 401(k) PLAN YOUR COMPANY 401(k) PLAN Paychex... Your Essential Partner We are pleased to offer this brochure as an overview to your company-sponsored 401(k) plan. The following pages outline your roles and responsibilities

More information

Finding the Right Retirement Plan. Let Azzad help you find a plan that works for your business

Finding the Right Retirement Plan. Let Azzad help you find a plan that works for your business { Finding the Right Retirement Plan Let Azzad help you find a plan that works for your business Selecting the best plan for your business can be challenging. with so many different types of retirement

More information

Meeting Your Fiduciary Responsibilities

Meeting Your Fiduciary Responsibilities Meeting Your Fiduciary Responsibilities To view this and other EBSA publications, visit the agency s Web site at: www.dol.gov/ebsa. To order publications, contact us electronically at: www.askebsa.dol.gov.

More information

ADOPTION AGREEMENT FOR NATIONWIDE GOVERNMENTAL 401(A) PLAN

ADOPTION AGREEMENT FOR NATIONWIDE GOVERNMENTAL 401(A) PLAN ADOPTION AGREEMENT FOR NATIONWIDE GOVERNMENTAL 401(A) PLAN CAUTION: Failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. EMPLOYER INFORMATION (An amendment to

More information

U.S. Bank 401(k) Savings Plan Summary Plan Description

U.S. Bank 401(k) Savings Plan Summary Plan Description U.S. Bank 401(k) Savings Plan Summary Plan Description January 2012 This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933. HR1201W

More information

SEP Plan Fix-It Guide

SEP Plan Fix-It Guide SEP Plan Fix-It Guide ---------Trends------- ---------------------------------------Tips----------------------------------------------- Potential Mistake How to Find the Mistake How to Fix the Mistake

More information

Plan Facts. Supreme Court Confirms Ongoing Fiduciary Duty to Monitor Plan Fees

Plan Facts. Supreme Court Confirms Ongoing Fiduciary Duty to Monitor Plan Fees Plan Facts September 2015 newsletter Supreme Court Confirms Ongoing Fiduciary Duty to Monitor Plan Fees A plan sponsor s fiduciary duties under the Employee Retirement Income Security Act (ERISA) include

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Prepared for Olympia Sport Center, Inc. 401(k) Plan INTRODUCTION Olympia Sport Center, Inc. has established Olympia Sport Center, Inc. 401(k) Plan (the "Plan") to help you and

More information

Any questions about your benefits under the 401(k) Plan should be directed to your Human Resources representative.

Any questions about your benefits under the 401(k) Plan should be directed to your Human Resources representative. Summary Plan Description Background The COUNTRY/IAA 401(k) Plan, (the Plan or the 401(k) Plan) is a defined contribution plan that provides retirement benefits. The Employee Retirement Income Security

More information

The Five Pillars of a Retirement Plan

The Five Pillars of a Retirement Plan The Five Pillars of a Retirement Plan An employee retirement plan can help: Recruit and retain valuable employees Bridge the gap between Social Security and retirement income needs, which are estimated

More information

SARSEP Salary Reduction Simplified Employee Pension

SARSEP Salary Reduction Simplified Employee Pension Internal Revenue Service Tax Exempt and Government Entities Employee Plans SARSEP Salary Reduction Simplified Employee Pension for Small Businesses Table of Contents What is a SARSEP?...1 Choosing a SARSEP....1

More information

COMPARING 403(b) AND QUALIFIED PLANS

COMPARING 403(b) AND QUALIFIED PLANS PensionPrimer COMPARING 403(b) AND QUALIFIED PLANS A Topic of Interest to Retirement Plan Administrators Perhaps the most important decision that an institution will need to make when establishing a retirement

More information

Lansing Board of Water and Light Employees Defined Contribution Pension Plan. Financial Report with Supplemental Information June 30, 2012

Lansing Board of Water and Light Employees Defined Contribution Pension Plan. Financial Report with Supplemental Information June 30, 2012 Employees Defined Contribution Pension Plan Financial Report with Supplemental Information June 30, 2012 Contents Report Letter 1-2 Management s Discussion and Analysis 3-4 Basic Financial Statements Statement

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Prepared for The Cooper Union Defined Contribution Retirement Plan INTRODUCTION The Cooper Union has restated the The Cooper Union Defined Contribution Retirement Plan (the Plan

More information

The Business Planning Group Inc. Retirement Planning Guide 2015 Edition

The Business Planning Group Inc. Retirement Planning Guide 2015 Edition 2015 Edition Table of Contents Why you should help your clients set up a Qualified Retirement Plan 3 Overview of Qualified Plans 4 Chart of Qualified Retirement Plan Options 5 Individual Retirement Account

More information

DELUXE CORPORATION 401(k) AND PROFIT SHARING PLAN SUMMARY PLAN DESCRIPTION

DELUXE CORPORATION 401(k) AND PROFIT SHARING PLAN SUMMARY PLAN DESCRIPTION DELUXE CORPORATION 401(k) AND PROFIT SHARING PLAN SUMMARY PLAN DESCRIPTION October 1, 2015 151027:0918 INFORMATION IN THIS SUMMARY INTRODUCTION... 1 WHY CONTRIBUTE TO THE PLAN?... 2 ELIGIBILITY... 2 Eligibility

More information

This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration (EBSA).

This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration (EBSA). This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration (EBSA). To view this and other publications, visit the agency s Website at www.dol.gov/ebsa.

More information

Unisys Retirement Program Changes

Unisys Retirement Program Changes Unisys Retirement Program Changes U.S. Employee Benefits March 2006 This e-brochure explains the upcoming retirement program changes for U.S. employees, what they mean to you, and what you need to know.

More information

For a complete list of EBSA publications, call toll-free: 1-866-444-EBSA (3272) This material will be made available in alternate format upon request:

For a complete list of EBSA publications, call toll-free: 1-866-444-EBSA (3272) This material will be made available in alternate format upon request: This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration. It is available on the Internet at: www.dol.gov/ebsa For a complete list of EBSA publications,

More information

Understanding fiduciary responsibilities

Understanding fiduciary responsibilities INSIGHTS SERIES Perspectives and viewpoints on investing in today s market Understanding fiduciary responsibilities A guide for retirement plan sponsors Offering a retirement savings opportunity in the

More information

Important Information Morgan Stanley SIMPLE IRA Summary

Important Information Morgan Stanley SIMPLE IRA Summary SIMPLE IRA Summary September 2013 Important Information Morgan Stanley SIMPLE IRA Summary The following is intended to provide you with basic information on the roles and services that Morgan Stanley Smith

More information

COMPENSATION & EMPLOYEE BENEFITS LAW BULLETIN A BIRDSEYE VIEW OF THE PENSION PROTECTION ACT OF 2006

COMPENSATION & EMPLOYEE BENEFITS LAW BULLETIN A BIRDSEYE VIEW OF THE PENSION PROTECTION ACT OF 2006 COMPENSATION & EMPLOYEE BENEFITS LAW BULLETIN A BIRDSEYE VIEW OF THE PENSION PROTECTION ACT OF 2006 The Pension Protection Act of 2006 (the Act ) is arguably the most comprehensive pension reform legislation

More information

Roth 403(b) Contribution Option

Roth 403(b) Contribution Option Roth 403(b) Contribution Option Frequently Asked Questions George Mason University offers a Roth 403(b) contribution option under the George Mason University Tax Deferred Savings Plan (the Plan ). The

More information

NORTHWESTERN UNIVERSITY RETIREMENT PLAN AND VOLUNTARY SAVINGS PLAN SUMMARY PLAN DESCRIPTION

NORTHWESTERN UNIVERSITY RETIREMENT PLAN AND VOLUNTARY SAVINGS PLAN SUMMARY PLAN DESCRIPTION NORTHWESTERN UNIVERSITY RETIREMENT PLAN AND VOLUNTARY SAVINGS PLAN SUMMARY PLAN DESCRIPTION Effective January 1, 2011 Table of Contents Introduction...1 Definitions...2 Eligible Employee...5 Eligible Employees...

More information

This Checklist is not a complete description of all plan requirements, and should not be used as a substitute for a complete plan review

This Checklist is not a complete description of all plan requirements, and should not be used as a substitute for a complete plan review 401(k) Plan Checklist This Checklist is not a complete description of all plan requirements, and should not be used as a substitute for a complete plan review For Business Owner s Use DO NOT SEND THIS

More information

Qualified Retirement Plan

Qualified Retirement Plan Qualified Retirement Plan SUMMARY PLAN DESCRIPTION 150838 02/13 This page intentionally left blank. Qualified Retirement Plan and Trust Summary Plan Description TABLE OF CONTENTS INTRODUCTION... iii DEFINITIONS...

More information

Employer-Sponsored Plans: The Legal Background

Employer-Sponsored Plans: The Legal Background CHAPTER 2 Chapter 2 Employer-Sponsored Plans: The Legal Background IN GENERAL Employee benefit plans are regulated primarily by federal law. The Internal Revenue Code of 1986 (the Code), as amended, 1

More information

Small Business Retirement Plans at E*TRADE HELP AND GUIDANCE FOR EVERY SMALL BUSINESS OWNER

Small Business Retirement Plans at E*TRADE HELP AND GUIDANCE FOR EVERY SMALL BUSINESS OWNER Small Business Retirement Plans at E*TRADE HELP AND GUIDANCE FOR EVERY SMALL BUSINESS OWNER Small Business Plan recommendations Powerful online tools and resources Support from Small Business Retirement

More information

Wells Fargo & Company 401(k) Plan

Wells Fargo & Company 401(k) Plan Summary Plan Description Wells Fargo & Company 401(k) Plan October 1, 2013 This Summary Plan Description ( SPD ) summarizes the major features of the Wells Fargo & Company 401(k) Plan ( 401(k) Plan ).

More information

IRS Publishes Final Section 415 Rules for Defined Contribution Plans

IRS Publishes Final Section 415 Rules for Defined Contribution Plans Important Information Plan Administration and Operation August 2007 IRS Publishes Final Section 415 Rules for Defined Contribution Plans WHO'S AFFECTED These rules affect sponsors of and participants in

More information

SUMMARY PLAN DESCRIPTION

SUMMARY PLAN DESCRIPTION Qualified Retirement Plan SUMMARY PLAN DESCRIPTION 150838 Rev. 11/08 Qualified Retirement Plan and Trust Summary Plan Description TABLE OF CONTENTS INTRODUCTION...iii DEFINITIONS...1 Beneficiary...1 Catch-up

More information

1. Has your SEP been amended for current 4. Are you determining each eligible employee's compensation using the definition in your SEP document?

1. Has your SEP been amended for current 4. Are you determining each eligible employee's compensation using the definition in your SEP document? SEP CHECkLISt this checklist is not a complete description of all plan requirements, and should not be used as a substitute for a complete plan review. For Business Owner s Use (do not SEnd this worksheet

More information

employee benefits update february/march 2013

employee benefits update february/march 2013 employee benefits update february/march 2013 It s time to reap the benefits of matching contributions Can you define compensation? A review of IRS definitions that affect qualified plans Offsetting stagnant

More information

Fee disclosure Q&A: Answering plan sponsor questions about Department of Labor regulations

Fee disclosure Q&A: Answering plan sponsor questions about Department of Labor regulations Fee disclosure Q&A: Answering plan sponsor questions about Department of Labor regulations Spring 2012 U.S. Department of Labor (DOL) regulations outlining obligations of plan sponsors and service providers

More information

SUMMARY REVIEW COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ASSOCIATION 457 DEFERRED COMPENSATION PLAN FOR THE

SUMMARY REVIEW COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ASSOCIATION 457 DEFERRED COMPENSATION PLAN FOR THE SUMMARY REVIEW FOR THE COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ASSOCIATION 457 DEFERRED COMPENSATION PLAN TABLE OF CONTENTS INTRODUCTION... i HIGHLIGHTS... 2 PARTICIPATION... 2 Eligibility to

More information

Hughes Hubbard & Reed LLP

Hughes Hubbard & Reed LLP Hughes Hubbard & Reed LLP EMPLOYEE BENEFITS ADVISORY May 2001 Required GUST Amendments for Qualified Retirement Plans The deadline for adopting GUST amendments to qualified retirement plans and submitting

More information

Retirement, Health, and Life Insurance. Part Two

Retirement, Health, and Life Insurance. Part Two Retirement, Health, and Life Insurance Part Two Chapter Four Employer-Sponsored Retirement Plans Chapter Outline Defining Retirement Plans Origins of Employer-Sponsored Retirement Benefits Trends in Retirement

More information

LANS 401(k) Retirement Plan Summary Plan Description

LANS 401(k) Retirement Plan Summary Plan Description LANS 401(k) Retirement Plan Summary Plan Description This Summary Plan Description (SPD) is intended to provide a summary of the principal features of the LANS 401(k) Retirement Plan ("Plan") and is not

More information

Exercising Fiduciary Authority and Control Over the Investment Menu in 403(b) Plans Subject to ERISA

Exercising Fiduciary Authority and Control Over the Investment Menu in 403(b) Plans Subject to ERISA Reproduced with permission from Tax Management Compensation Planning Journal, 38 CPJ 299, 11/05/2010. Copyright 2010 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com Exercising

More information

FIDUCIARY BEST PRACTICES:

FIDUCIARY BEST PRACTICES: FIDUCIARY BEST PRACTICES: Taking a prudent approach to plan management A White Paper Prepared by Transamerica Retirement Solutions Contents Taking a prudent approach to plan management 2 Appointment of

More information

START" - Save Today and Retire Tomorrow. Solutions to Enhance Retirement Security for Executives

START - Save Today and Retire Tomorrow. Solutions to Enhance Retirement Security for Executives START" - Save Today and Retire Tomorrow Solutions to Enhance Retirement Security for Executives Erik Pienkos Senior Manager Benefits Consulting Practice erik.pienkos@gt.com Background Survey data indicates

More information

Choosing a Retirement Plan for Your Business

Choosing a Retirement Plan for Your Business january 2014 Choosing a Retirement Plan for Your Business introduction Table of Contents Building Your Retirement Starting and maintaining a retirement plan for your business can be easier than you think

More information

Corporate Tax Planning

Corporate Tax Planning Corporate Tax Planning Course Description & Study Guide This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations.

More information

SEP or SIMPLE. Making the Right Decision for Your Business

SEP or SIMPLE. Making the Right Decision for Your Business SEP or SIMPLE Making the Right Decision for Your Business SEP or SIMPLE Similarities Who may establish? Any Self-Employed Individual, Partnership, S Corporation, Corporation, Tax Exempt Organization or

More information

Guide to Nondiscrimination Testing for Code Section 403(b) Plans. For Employers

Guide to Nondiscrimination Testing for Code Section 403(b) Plans. For Employers Guide to Nondiscrimination Testing for Code Section 403(b) Plans For Employers Table of contents PREFACE... III Question and Answers about Nondiscrimination Testing for Section 403(b) Tax-Sheltered Annuity

More information