If you sponsor a retirement plan for your employees, you will soon discover that the bulk of the government compliance work done by your Third Party Administrator (TPA) occurs in the first quarter of each year. Your duties as a Plan Sponsor will also become more demanding during that time as you gather the required data and have more frequent communications with your TPA. We often get questions on why the TPA is requesting so much data and what work is being done. In this pos

Employer-sponsored retirement plans such as a 401(k) provide companies and employees with numerous benefits. When establishing a 401(k), you will designate an individual or committee within your company that is responsible for the establishment of the plan document, communication, compliance, and more. In this blog, we are going to uncover the 12 things that every 401(k) Plan Sponsor needs to know including tips and responsibilities. What are a Plan Sponsor's Responsibilities

Administering a company 401(k) plan comes with its own unique set of challenges and potential errors. As you familiarize yourself with the process, it is common to make a mistake or two. However, these mistakes can result in penalties, liability, and even plan disqualification. While it may sound scary, this is not the end of the road – let's discuss common 401(k) contribution errors and how to correct them. Error #1: Missing Employer Matching Contributions Whether you forgo

By now, you have heard a lot about the retirement account legislation changes that came with the passing of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in December 2019. We are focusing on just one of those changes in this article: the increased required minimum distribution (RMD) age for all retirement accounts. Before the SECURE Act, someone with money in a traditional IRA or employer-sponsored retirement plan was required to begin taking withdraw

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