Retirement is something that all of us look forward to. For those that have a 401(k) plan, you may be familiar with a 401(k) Fiduciary. Knowing what this important professional does can help you determine if you need one or not. What does a 401(k) Fiduciary Do? A 401(k) fiduciary is someone that works to […]
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How To Correct an Average Deferral Percentage Test
Employees who qualify to be part of an organization’s 401(k) plan must defer a percentage of their income to the 401(k) plan every month. This amount is known as the actual deferral percentage (ADP) amount. There is a tax code that governs the operations of 401(k) plans from qualified retirement plans and aims to prevent these […]
What To Do if Employee 401(K) Contributions Were Missed or Forgotten
As an employer, you are 100% responsible for ensuring that your employees’ 401k contributions are transferred to the plan trust. You must complete these transactions in a specified amount of time or risk a failure that could result in plan disqualification. The other issue that might arise is that you will need to do an […]
New 2023 IRS COLAS Announcement
401ks and IRAs have continued to be popular accounts people use to plan for retirement. Both of these accounts provide tax advantages that can help to maximize long-term savings. Each year, the IRS makes changes to contribution limits, withdrawal requirements, and other aspects of the plans. There are various changes coming in 2023 that people […]
What Is a 401(K) Plan Administrator’s Responsibilities?
Here at Fiduciary Advisors LTD., we teach people about the responsibilities involved with administering a 401k plan. Many people do not realize that a lot of work goes into a project like this. They simply accept that someone will be there to help guide them through the intricacies of their plan, but they don’t necessarily […]