403b

Preventing Uncashed Retirement Checks
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Managing uncashed retirement checks may be considered a nuisance by plan administrators. Nevertheless, the employer still has fiduciary responsibility when a former employee fails to cash their distribution. Search efforts to locate a missing plan participant consume time and money and may fail to locate the participant. Likewise, going through the process of turning over  Read More →
Is Your Turnover Rate Routine? What You Need to Know About Partial Plan Terminations
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
During your retirement plan’s annual year-end compliance testing, your recordkeeper will review employee terminations to determine whether the plan may have experienced a partial plan termination. A partial plan termination is presumed by the IRS to occur when 20 percent or more of a company’s employees are no longer eligible to participate in the plan  Read More →
The SECURE Act: How it Impacts You and Your Family
Team SummitBudgeting & Debt, Employee Financial Resource Center, Financial Planning, Retirement PlanningComments are off for this post
In late December 2019, Congress passed and President Trump signed into law one of the most robust retirement reform bills in over a decade, the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The primary goal of this legislation was to make saving for retirement easier for working Americans. Although much of the legislation  Read More →

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