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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

5 Key Things to Look for in Retirement Plan Service Providers

During any given year, plan sponsors engage a variety of service providers to perform various services for their retirement plan. It’s easy to allow inertia to take over and to approach these relationships with a mindset of “if it’s not broken, don’t fix it.” While that’s good advice and it’s not reasonable to make a change just for the sake of it, sometimes it helps to take a moment to ensure those you’ve tasked with helping you run an effective retirement plan continue to offer current and relative services.

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6 Rules for Retirement Plan Committee Meeting Minutes

As a retirement plan sponsor, one of your responsibilities involves making sure every action taken for the plan is recorded and documented. While of course you hope not to receive an official request to provide history and documentation on actions taken, you must prepare for the possibility.

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Why Companies Should Help Employees Retire on Schedule

When it comes to retirement readiness, the numbers are not encouraging: according to investmentnews.com, more than half of our fellow Americans do not have enough retirement savings to cover their living expenses after they leave the working world. Have you considered how this lack of planning and funding might affect your business?

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5500 Extension Filing Deadline Fast Approaching

If you've been following my last few posts about preparing for a401(k) plan audit, then you know that it's 401(k) plan review season for businesses. If your 401(k) plan year end is December 31 and if you or your recordkeeper filed a 5500 extension, that extension deadline is October 16, 2017, which is quickly approaching.

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How to Prepare for an Auditor On-Site Visit (Yes, They Really Do Visit)

In my previous article “Preparing for a 401(k) Audit. Yes, they really do exist,” we confirmed that the word “audit” already tends to send chills down the spine and upset the stomach. But if that wasn't bad enough, an auditor will more than likely also schedule an on-site visit to help gather data directly from the Plan contact for the audit. Here are some additional tips that can help you ensure a smooth on-site visit.

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Making Corrective Distributions in Your 401(k) Plan

Do you offer a 401(k) or other retirement plan to your employees? If yes, it's wonderful that you assist your employees in planning and saving for their future! Like many other financial areas in your business, though, your 401(k) plan requires some oversight to avoid trouble and Internal Revenue Service (IRS) penalties. Make sure you familiarize yourself with these rules regarding contributions and the possible need for corrective distributions from your plan.

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