Safe Harbor 401(k) Plans

What is a Safe Harbor 401(k)? A Safe Harbor plan differs from a traditional 401(k) in that it is generally not subject to Actual Deferral Percentage (ADP) and Actual Contribution Percentage (ACP) testing. These tests are two types of required annual nondiscrimination tests that 401(k) plans must pass to keep their qualified status under IRS [...]

By |2019-06-12T12:08:21-04:00September 20th, 2018|Fringe Benefits|0 Comments

Benefits on the Rise: Financial Wellness Programs

Financial stress can be a huge drain on workplace productivity. When employees are distracted by their money woes, their attention isn’t focused on their workplace duties. In addition, financial stress can lead to health problems that keep your employees away from the office. Providing a robust financial wellness program for your employees demonstrates your long-term [...]

By |2019-06-12T12:26:45-04:00September 5th, 2018|Fringe Benefits|0 Comments

Taking the Hardship out of Hardship Distributions

For plan years beginning after December 31, 2018, changes made with the Bipartisan Budget Act of 2018 will ease some of the administrative burdens plan administrators and participants encounter when a hardship distribution is requested. One of the key changes is the removal of the six-month deferral suspension. A common plan mistake occurs when an [...]

By |2019-06-12T12:59:58-04:00August 3rd, 2018|Fringe Benefits|0 Comments

Benefits on the Rise: Volunteer Time Off

Give your employees time to give back The number of companies offering volunteer time off (VTO) as a benefit to their employees has increased dramatically in the last several years. VTO policies are quickly growing among companies that are committed to authentic community engagement and social responsibility programs. VTO is offered to eligible employees to [...]

By |2019-06-12T13:12:23-04:00July 4th, 2018|Fringe Benefits|0 Comments

401k Retirement Accounts

Give your business an edge The traditional 401k plan is the most popular employer-sponsored defined contribution plans available to many companies. Every contribution that the employee makes to their 401k plan entitles them to a tax deduction. 401k plans are a convenient and easy way for your employees to save for their retirement. Contributions to [...]

By |2019-06-12T13:13:25-04:00July 2nd, 2018|Fringe Benefits|0 Comments

Are You Depositing Your Company’s 401(k) Contributions on Time?

Although the Department of Labor (DOL) regulations became final on January 14, 2010, the late deposit of employee salary deferral contributions and loan repayments continue to be the number one compliance issue the IRS finds when auditing a plan, and a focus of the DOL. The regulation stipulates a Safe Harbor for the deposit of [...]

By |2019-06-12T13:18:36-04:00June 19th, 2018|Fringe Benefits, Uncategorized|0 Comments

Health Savings Account Legislative Update

IRS announces changes to the Family HSA contribution limit. Details of the update In a reversal of a previous decision, the IRS announced on April 26, 2018 that, for tax year 2018, taxpayers with family high deductible health plan (HDHP) coverage may treat $6,900 as the annual contribution limit to their health savings accounts (HSAs). [...]

By |2019-06-12T16:04:23-04:00May 4th, 2018|Fringe Benefits|0 Comments

The New 2018 Plan Limits

On October 19, 2017, the IRS announced the 2018 limits that impact retirement and other benefit plans. Please see the below chart for you reference which includes the 2016 & 2017 limits for historical reference. Limits that are different from last year are bold and italicized. Compensation Limits and Cost of Living Increases Applicable [...]

By |2019-06-12T16:14:50-04:00October 19th, 2017|Fringe Benefits|0 Comments

Are You Depositing Your Company’s 401(k) Contributions on Time?

Although the Department of Labor (DOL) regulations became final on January 14, 2010, the late deposit of employee salary deferral contributions and loan repayments continue to be the number one compliance issue the IRS finds when auditing a plan, and a focus of the DOL. The regulation stipulates a Safe Harbor for the deposit of [...]

By |2019-06-12T16:16:50-04:00September 20th, 2017|Fringe Benefits, Uncategorized|0 Comments