401k

401(k) or 403(b)? Best Choice for a 501(c)(3) Nonprofit Organization
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
403(b)s and 401(k)s share more similarities than they do differences, however the glaring difference is that 403(b)s are exclusive to nonprofit organizations. Many think that nonprofits must utilize a 403(b) when choosing a retirement plan vehicle for their employees, but this is a commonly held misbelief. In fact, many nonprofit organizations have established 401(k)s in recent  Read More →
Beware of the IRS and DOL: Red Flags They Seek on the Form 5500
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
The Form 5500 is an ERISA requirement for retirement plans to report and disclose operating procedures to the Department of Labor. Each plan intending to comply with ERISA must file a Form 5500 annually. Auditors use these filings to confirm that plans are managed according to ERISA standards. The form also allows individuals access to  Read More →
The Dreaded 401(k) Refund: Corrective Distributions
Team SummitEmployer Resource Center, Plan Operations & AdminComments are off for this post
401(k) Refunds: Not as Good as They Sound With tax season fresh on our minds, many hear the word refund and begin running down their imagery wish list of ways to spend this extra money. However, when it comes to 401(k) refunds, or corrective distributions, the excitement should be dialed back. Corrective distributions are a  Read More →

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