Have You Implemented the SECURE Act?
Time is running out. Half of 2020 is over, and there are important portions of the SECURE Act that affect 401(k) sponsors . . . now! Much of the SECURE Act took effect January 1, but many employers – overwhelmed as they reinvent business operations in response to COVID-19 – have been unable to focus on the ways the SECURE Act changes 401(k) plan management. The checklist below presents the most essential SECURE Act provisions that sponsors need to know . . . now.
A Checklist to Avoid Form 5500 Errors
They’ll be arriving soon: IRS Forms 5500 to employers for review and signature, if they sponsor a 401k plan with a December 31 year-end. While Third Party Administrators (TPAs) prepare the form and often submit it on behalf of employers, it is the sponsors who are plan fiduciaries and responsible for accurate and timely filing of the Form 5500.
Back to Basics During COVID-19
Getting back to the basics during difficult times can lay the groundwork for future success. This holds true for employers grappling with the workforce consequences of COVID-19.