Jun 14, 2011
Apr 15, 2011
A Cash Balance Plan is a defined benefit plan with characteristics similar to a defined contribution plan (profit sharing plan). Contributions are made by the employer to a participant’s “hypothetical” account based on a pre-defined formula in the plan. The account grows annually in two ways: first, a contribution and second, an interest credit, which is guaranteed rather than being dependent on the plan's investment performance.
Feb 08, 2011
It seems as if everyone in the country is going hog-wild to better advise, educate, or scare plan officials about their fiduciary duties with regard to retirement plans. There are numerous notices and booklets, audits, compliance reviews, and advisors out there all attempting to make sure that participants’ assets are properly protected. While the intent of all these people and entities is good – to ensure that retirement plans and those who are in charge of them operate for the benefit of plan participants – it has gotten quite overwhelming. But, if you think about it, all you really need to know is common sense that we learned as children.
Feb 08, 2011
It appears that the Department of Labor (DOL) has sent out a recent mass mailing to companies that showed late deposits on their Form 5500 Annual Report. The notice acknowledges that the Form 5500 indicates late deposits and invites the company to enter the DOL’s Voluntary Fiduciary Correction Program (VFCP).