Plan Operations & Admin

IRS/DOL Audits Are Increasing Dramatically: Are You Ready?
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
It’s no secret that the Internal Revenue Service (IRS) and Department of Labor (DOL) have recently been ramping up retirement plan audits. While an audit may initially seem overwhelming, if you are properly prepared, it can be a relatively quick and painless process. If/when you are notified of an audit, early preparation can help streamline  Read More →
When Does a Participant Loan Become a Deemed Distribution?
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
For plans that offer loans, there is oftentimes confusion around when a participant loan will default, and even more so around when that loan would be considered a distribution for tax-reporting purposes. A recent IRS Issue Snapshot affirms that a participant loan is a legally enforceable agreement and terms of the loan agreement must comply  Read More →
Cybersecurity Best Practices for Plan Sponsors
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Participant data and financial accounts comprise some of the most sensitive and potentially vulnerable information under a company’s care. These highly valuable assets can be an attractive target for cybercriminals and therefore present a considerable security risk. Breaches to this information can be devastating to plan participants and to the reputation of the organization. For  Read More →

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