403b

Former Employees with Plan Assets are Still Plan Participants
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
Plan Sponsors should understand that terminated employees who have left their account balance in your plan, are still considered participants under ERISA. As such, they have the same rights as current employees. They cannot contribute to their account under the plan, but otherwise, they have the same ERISA protected rights as plan participants. One protected  Read More →
2021 Retirement Plan IRS Limits
Team SummitEmployee Financial Resource Center, Financial Planning, Retirement PlanningComments are off for this post
As January approaches and you begin your financial planning for the new year, keep in mind the recently released retirement contribution limits for 2021. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has remained unchanged at $19,500. The catch-up contribution limit for employees  Read More →
Annual Plan Audit: An Auditor’s Perspective
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Your organization’s retirement plan will generally require a benefit plan audit if the eligible participant count (including terminated employees who maintain an account balance) exceeds 100 at the beginning of the plan year. But what exactly will be audited and what are the auditors looking for? This audit includes financial statements attached to the Form  Read More →

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