Company 401(k) plans are created to benefit all employees, regardless of where they fall in the organizational hierarchy. In order to prevent 401(k) plans from favoring company executives, owners, and employees who are on the higher end of the pay scale, the IRS has enforced annual nondiscrimination testing . In this blog, we will discuss what nondiscrimination tests are and how to stay compliant with the IRS rules and specifications. What is Non-Discrimination Testing? The

Every so often, all qualified retirement plans must be updated to reflect legislative or regulatory changes. Some of these updates are made through plan amendments, while others require plan documents to be rewritten—known as "restating" the plan. The deadlines for adopting such updates are usually dependent on the type of plan and plan documents. For example, defined contribution plans (such as a 401(k)) are generally restated every six years. Amendments may still be require

As the Retirement Plan Consultant (RPC) for Qualified Retirement Plans, it is our duty to ensure the legal plan documents stay up to date and compliant with the IRS regulations and law changes that affect retirement plans. The IRS mandates that Defined Contribution Plans (such as 401(k), Profit Sharing, Money Purchase, etc.) be restated every six years to ensure the documents are current and include all changes that have occurred during the prior six-year period. RPCSI submit

At this time of year, there is a lot of focus on your retirement plan. Your administration team is focused on gathering data, completing various compliance tests, and setting your plan up for another successful year. You are likely focused on all your fiduciary responsibilities that get more demanding during this time. Disruptions of any kind may make it much more difficult for you and your administration team. One of the primary disruptions to accomplishing the necessary pla