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News Archive

  • Have you reviewed your Profit Sharing Plan's investment policy lately?

     This may be an opportune time to review your administrative practices. For example, to confirm you updated the summary plan description for changes in the qualified provisions of the Internal Revenue Code.
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  • The Department of Labor has issued a new safe harbor with respect to 401(k) deposits

     Generally, the employer must deposit salary deferrals within a "reasonable" time after the day that the employee receives a paycheck. The DOL has proposed that for a plan with fewer than 100 participants, that 7 days will be considered reasonable.
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  • Year End Compliance

     Plan sponsors are being held to a higher standard of diligence in disclosure of fees to participants. Have you adopted written fee agreements and disclosures for your retirement plan in accordance with regulations proposed by the Department of Labor? These regulations are scheduled to take effect January 1, 2009.
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  • Year End Compliance

     Has your retirement plan been amended to comply with the Federal tax law changes for 2008 such as the Treasury Departmentís final regulations on the benefit limitations under Section 415 of the Internal Revenue Code?
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  • On account of the recent decline on the market, should the Profit Sharing Plan perform an interim valuation?

     Benefit statements should clearly indicate the valuation date of the balance and emphasize that such amount is subject to change on the date of distribution to reflect market adjustments.
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