compliance

401(k) Plan Investments in Cryptocurrency
Team SummitEmployer Resource Center, Fiduciary Governance, Plan InvestmentsComments are off for this post
The recently published Department of Labor Compliance Assistance Release 2022-01, titled “401(k) Plan Investments in “Cryptocurrencies,” should cause fiduciaries to pause in deciding to move ahead with the offering of crypto in their defined contribution plans. Although there have been rumblings of unofficial high-level comments in regards to cryptocurrencies from representatives of the DOL in  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 →
Keeping in Compliance: IRS Tips for Plan Sponsors
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
As an employer, you’re responsible for keeping your company’s retirement plan in compliance at all times. Additionally, your plan document should be reviewed on an annual basis and administered accordingly. The IRS offers useful tips for plan sponsors, helping you to stay compliant, informed, and prepared in order to provide the best possible retirement plan  Read More →

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