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The Ultimate Plan Sponsor Checklist Bookmark

While they don't have a book called Retirement Plan Sponsorship for Dummies, they should. So in the interim, here is a checklist that plan sponsors should review that can help them develop good practices and avoid unnecessary liability in their stewardship of retirement plans for their employees.

Boomerang Employees: Rehires and Retirement Plans Bookmark

A boomerang employee (as we will use that name in this article) is, quite simply, one who leaves and then comes back to work…a rehire. As is so often the case, the retirement plan rules related to rehires are quite different than those that apply to other areas of employment and benefits. Whether rehiring a former employee is a rare occurrence or part of your regular course of business, it is important to understand how these rules work.

Don't let Missing Participants and Small Balances become a Big Problem Bookmark

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 that can greatly minimize the headache. One of the most effective steps is to distribute benefits to former employees as soon as possible after termination of employment, before they have an opportunity to become missing.

How to Survive a Visit from the IRS or DOL Bookmark

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 that police car as you drive down the highway; you might not even be speeding, but you immediately slow down and wonder how you will look in stripes.

Fiduciary Fact or Fiction Bookmark

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.

Increasing 401(k) Plan Participation Bookmark

Cash or deferred retirement plans, more commonly referred to as 401(k) plans, have become the backbone of the private pension system in America. They long ago replaced employer-sponsored pension plans as the most common vehicle for retirement savings.

Should They Stay or Should They Go? Bookmark

Sooner or later, every retirement plan will have to deal with participants who have terminated employment but still have balances in the plan. In most circumstances, the plan document provides guidance on how to proceed; however, there are a number of factors that can make the determination a little more complex than what it seems at first blush.