Retirement Plan Newsletters
Relevant news, updates and resources for retirement plan sponsors and fiduciaries.
In our February edition of the Sikich Retirement Plan Services newsletter, you’ll learn more about the following topics:
Repay student loans or save in a retirement plan? Why not both?
Many employees feel pinched to both pay off their debt and save for the future. A recent Private Letter Ruling (PLR) opens the door for employers to help them.
The IRS issued a PLR addressing an individual plan sponsor’s desire to amend its retirement plan to include a program for employees making student loan repayments. This benefit would offer an employer a non-elective contribution (a student loan repayment contribution).
Effective employee education
Fiduciary duty requires you to provide your employees and participants with educational opportunities so they can make informed investment decisions. It’s not always easy to know what your participants need, want or will utilize. Using a simple framework for your educational program may increase the effectiveness of your program.
Question: what are the risks for late 5500 filings?
The main risk of a late filing is the daily penalties that accrue from the IRS and DOL for each day the filing is not submitted past the deadline. There is a process you can go through that reduces the amount of daily penalties, but there is a filing charge associated with this process.
Read our Retirement Plan Services newsletter for more information.