Plan Operations & Admin

Understanding Fee Equalization
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Fees in 401(k) and 403(b) plans can be complicated. Historically, fees have not been fully and simply disclosed, but the industry is evolving towards greater and more understandable disclosure. Simply put, there are two basic types of fees: administrative and investment-related. The investment-related fees are deducted from earnings on participant accounts and will vary from  Read More →
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 →

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