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Retirement Plan › Deferral Standard

Bricker Graydon LLP

Self-Correction of Late Deferrals Will Soon be Permissible (Sometimes)

Bricker Graydon LLP on

The U.S. Department of Labor (DOL) issued a revised Voluntary Fiduciary Compliance Program (VFCP), a long-awaited update by many in the industry. The most significant change is the introduction of a self-correction component,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

More immediate eligibility for salary deferrals

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

New Vanguard data shows that 72% of plan sponsors allowed for immediate eligibility of retirement saving deferrals in 2021, which is an increase over the 58% in 2012, according to own research. Although not every Vanguard...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The deferral rate is important as to plan health

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

While the past 11 years, 401(k) plan sponsors have been concerned with cost since mandatory fee disclosure, I think there is one diagnostic that they should focus on and rarely do. The diagnostic is the deferral rate of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

2024 and the long time, part-time provision is around the corner

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Life goes fast. Feels about 10 years ago that I started as an ERISA attorney in practice and that was almost 25 years ago. It’s 2023 and before you know it, it will be 2024. ...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

There is a gender gap on 401(k) deferrals

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

There is a gender gap with 401(k) deferrals and auto-enrollment might be the way to curb that. In 401(k) plans without automatic enrollment, men lag behind women in participation rates at all income levels, most notably below...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem of late deferrals

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

While working as an ERISA attorney with a national practice (cough, cough), it’s clear to me that the biggest compliance issue that my plan sponsors clients to have these days is the late deposit of deferrals....more

Foley & Lardner LLP

401(k) Compliance Check #9: Too Much of a Good Thing – 401(k) Plan Excess Deferrals

Foley & Lardner LLP on

To help employers properly administer their 401(k) plans, in 2022, Foley & Lardner LLP is authoring a series of monthly “401(k) Compliance Check” newsletters. This article discusses the IRS limits on 401(k) plan contributions...more

Foley & Lardner LLP

401(k) Compliance Check #6: Have You Recently Checked Your 401(k) Plan’s Definition of Compensation for Deferral and Match...

Foley & Lardner LLP on

In last month’s Compliance Check, we discussed how to handle a situation where the 401(k) plan administrator is unable to reach a plan participant, i.e., a “missing participant.” In this month’s Compliance Check, we focus on...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

2020 Limits Announced

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

As I’m sure you heard, the Internal Revenue Service released their 2020 Cost of Limit Adjustment limits for qualified plans and individual retirement accounts. The salary deferral limit for participants in 401(k), 403(b),...more

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