Down with DOMA December 2013 Newsletter Signed into law in 1996, the federal Defense of Marriage Act (DOMA) is a small law that has caused big controversy. Introduction and Background DOMA is small in the sense that it consists of only three sentences, making it shorter to include the full text of the law here…
DetailsHow Do You Spell Relief? E-P-C-R-S October 2013 Newsletter Retirement plans are complicated beasts. The Pension Protection Act of 2006 was more than 1,000 pages long; one of the main reference books that retirement plan professionals use is more than 7,000 pages long; and there are countless other sets of rules and regulations that add…
DetailsCross-Testing: The Right Tool for Many Jobs August 2013 Newsletter As the national economy continues its recovery, more and more businesses are beginning to see their financial situations improve to near pre-recession levels. Companies that have not thought about making profit sharing contributions for years are starting to consider their options. Just as the economy…
DetailsUnder Control or Out of Control June 2013 Newsletter In today’s business climate, it seems it is becoming increasingly common for businesses of all sizes to be structured using multiple companies. Maybe a business person is pursuing multiple ventures with different groups of co-owners. Perhaps a company decides to offer a new product or…
DetailsWhen Good Loans Go Bad April 2013 Newsletter The economic environment of the last few years created financial challenges for individuals and businesses alike. Even though the worst of the recession appears to be behind us now, some of those financial challenges have had a ripple effect that continues to show itself. One area where…
DetailsDon’t let Missing Participants and Small Balances become a Big Problem At some point, almost every company that sponsors a retirement plan will experience the “fun” of tracking down a missing participant in order to pay a benefit. Although difficult to avoid completely, there are steps employers can implement as part of normal operations…
DetailsThe IRS Meets Letterman December 2012 Newsletter Anyone who has ever watched late night television is familiar with the ubiquitous Top 10 List, counting down humorous examples of whatever is in the news. Not to be upstaged, the IRS has its own Top 10 List—the top 10 plan compliance failures found in voluntary correction…
DetailsHow to Survive a Visit from the IRS or DOL There are few things that will give a person that sinking feeling in the pit of their stomach like opening the mailbox and seeing an envelope with the words “Internal Revenue Service” (or Department of Labor) in the return address. It is similar to seeing…
DetailsTop Heavy Impact on 401(k) Plans There are many reasons for the wide popularity of 401(k) plans, one of which is that they shift the funding burden from employers to employees. But this advantage may be diminished for plans classified as “top heavy” where special contribution rules kick in that plan sponsors may not be…
DetailsFiduciary Fact or Fiction The rules that govern the behavior of retirement plan fiduciaries are quite complex. Any time we are required to deal with complicated subject matter, things can get confusing, potentially leading to decisions based on a misunderstanding. In this issue, we will try to clear up some common misconceptions that we…
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