Someone with discretionary authority over an organization’s 401(k) plan administration, is considered a “Fiduciary.” A fiduciary has many administrative responsibilities and must perform them with diligence and prudence. They are responsible for acting in the best interest of plan participants and beneficiaries, and as such, they are held to very strict standards of conduct. Failure to understand these responsibilities can lead to administrative errors which can result in per

The Coronavirus Aid, Relief, and Economic Security (CARES) Act and other COVID-19-related laws were passed in late March 2020. Not only were $2 trillion of economic stimulus dollars made available to private citizens and small businesses, but some temporary rules were implemented for retirement plans which, for a time, will have an impact on how these plans are administered. In this post, we will give an overview of the changes stemming from these new rules. The CARES Act al

Though it seems like it will never arrive, the end of the Coronavirus pandemic will come eventually, and the world will return to some sense of normalcy. Of course, right now everyone is rightly focused on their health and that of their families. But when the sun rises on that elusive day, we will need to keep on administering retirement plans. The pandemic has certainly had its impact on retirement savings: with the stock market dropping and 401(k) accounts taking a hit, 61

An Enrolled Retirement Plan Agent (ERPA) is an individual who is qualified to practice before the Internal Revenue Service (IRS) in matters pertaining to retirement plans. This designation was awarded by the IRS to practitioners who had demonstrated a comprehensive knowledge of the laws and regulations of the Internal Revenue Code Sections related to retirement plans. The ERPA designation was earned by the completion of written examinations administered by the IRS or as the r

When it comes to your retirement plan, there are many forms and documents you should know about. Of primary concern should be what penalties may affect you if these forms are not filled out accurately or filed timely. Tucked away into the library of IRS and government forms are many documents that are easily confused, yet can open a floodgate of penalties for someone who doesn't understand the differences. Naturally, we want to help you avoid such penalties, so let's talk abo

The SECURE Act, passed in January 2020, was designed to make it easier to save for retirement by making retirement plans more accessible to more people and updating the laws that govern retirement plans to meet the needs of a changing workforce. Although many of the provisions are aimed at older workers and those closest to retirement, there are a few benefits designed for young workers, especially those who may be looking to start a family. One such provision creates the opt