As you begin to approach retirement, saving for the future has always been a priority. These funds cannot stay in your account indefinitely, which means you will need to start taking withdrawals. These withdrawals are referred to as required minimum distributions. In this blog, we will dive into what a required minimum distribution is, how to calculate your withdrawal as well as what retirement plan accounts that it applies to. What is a Required Minimum Distribution? Simply

If you sponsor a retirement plan for your employees, you will soon discover that the bulk of the government compliance work done by your Retirement Plan Consultant (RPC) 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 RPC. We often get questions on why the RPC is requesting so much data and what work is being done. In this po

As in any industry, retirement plan administration is full of professionals who hold various credentials, designed to distinguish them from the sea of competition. It is important for Plan Sponsors and Advisors to understand these designations so they can choose the best fit for the retirement plans they service. When searching for a Third Party Administrator to service a retirement plan, one should focus on firms who employ professionals with the Qualified 401(k) Administrat

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 is awarded by the IRS to practitioners who have demonstrated comprehensive knowledge of the laws and regulations of the Internal Revenue Code Sections related to retirement plans. The ERPA designation can be earned following the completion of written examinations administered by the IRS or

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 forgot

Employer-Sponsored Retirement plans are a great incentive to add to your company due to their low cost and numerous benefits . When it comes to choosing an employer-sponsored retirement plan it is important to consider your business type, size, as well as your current economic sector. In this blog, we will discuss the different types of employer-sponsored retirement plans. 401(k) 401(k) plans, also known as defined contribution plans, are the most common of employer-sponsore