For the right employer, a “combo plan” can create a powerful opportunity to increase deductible contributions and accelerate retirement savings. What is a Combo Plan? A combo plan generally combines a defined contribution plan and a defined benefit plan for the same employer or controlled group. A common combo design pairs a safe harbor 401(k)… [keep reading…]
Tag: TPA
Plan Review Triggers: Why TPAs Should Care
In 401(k) administration, a plan review is often most valuable when the employer’s business changes, even if the plan document itself has not. A plan that worked well last year can drift out of alignment when ownership, payroll, compensation, or workforce patterns shift. Periodic reviews help TPAs catch issues before they become failed testing, correction… [keep reading…]
IRS Announces Pilot Program for Plan Audits
In June 2022 the IRS announced that they were beginning a pilot program of pre-audits, whereby they will send a letter to a plan sponsor which informs them that their plan has been selected for audit, along with instructions that state that they have 90 days from the date of the letter in which to… [keep reading…]
The Department Of Labor Guidance On Locating Missing Participants
The Department of Labor (DOL) issued guidance and best practices on January 12, 2021 to pension plans in hopes that Plan Sponsors can locate missing participants. The guidance provides various communication strategies and ways to search for missing participants. The end goal is to have zero missing plan participants, which may be difficult to accomplish,… [keep reading…]