Did you know becoming a participant and earning a contribution are two separate events? An employee could become a participant and not earn a contribution. Plan eligibility and contribution requirements are different aspects of your plan document.
Feb 23, 2022 2:06:00 PM
Did you know becoming a participant and earning a contribution are two separate events? An employee could become a participant and not earn a contribution. Plan eligibility and contribution requirements are different aspects of your plan document.
Topics: Plan Document
Aug 31, 2021 10:11:12 AM
Did you know becoming a participant and earning a contribution are two separate events? An employee could become a participant and not earn a contribution. Plan eligibility and contribution requirements are different aspects of your plan document.
Oct 22, 2019 9:37:24 AM
You may have terminated participants in your qualified retirement plan who are zero percent vested in their account balance. How long do you need to keep them in the plan as plan participants? The plan document should have language which clarifies when to forfeit a non-vested account balance for a terminated participant. The most common forfeiture language that we see states that a forfeiture of non-vested balances occurs after the earlier of five consecutive one-year breaks-in-service or distribution of the vested account balance to the terminated participant. A break-in-service is usually defined as a plan year in which a participant worked less than 501 hours of service.
Dec 12, 2018 2:30:00 PM
When you are hired by a new company, one of your initial tasks may include completing various beneficiary forms for the company’s benefit plans. Most people, including myself, will fill it out and not think about my initial election anymore. Some people may overlook this and not fill one out at all. So, you may be asking yourself, what is the big deal?
Dec 19, 2017 3:00:00 PM
It’s the start of a brand new Plan Year and my Blue Ridge Administrator is asking me to participate in an annual welcome call to discuss the timeline. Didn’t we just do this last year? Why does my Administrator keep pressing this matter? What is the importance? The answer to these questions is YES, the timeline is a very important tool in ensuring a successful administration process.
Sep 8, 2017 2:00:00 PM
The Summary Annual Report (SAR) is a summary of the IRS Form 5500 that must be distributed to all plan participants. You’ll typically receive a copy of the SAR with your plan Participant Statements. Compliance is mandatory, and penalties for willful noncompliance can include fines in excess of $100,000, imprisonment up to 10 years, or both.
Topics: Form 5500, DOL, Summary Annual Report
