News & Analysis as of

Form 5500 Department of Labor (DOL) 401k

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You’ll get hammered if you don’t use the DFVCP

I sound like a broken record, but I won’t stop until 401(k) plan sponsors understand the issue of a late Form 5500 and Internal Revenue Service (IRS) and Department of Labor (DOL) penalties....more

Verrill

Solo 401(k) Plans: A Quick Fix-It Guide

Verrill on

“Solo 401(k)” is a marketing term used for a 401(k) plan that is adopted by a sole proprietor or an incorporated business with no employees other than the owner. These plans offer a greater retirement savings opportunity...more

Pullman & Comley - Labor, Employment and...

A New Way to Count Participants in Individual Account Retirement Plans

Employers who sponsor retirement plans for their employees face annual reporting requirements that may involve significant expenses. One of these is the requirement that a plan be audited annually by an independent qualified...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

AI is here for 401(k) review

I’ve been long in this business to remember no participant websites, so I’m amazed by technological breakthroughs. Artificial Intelligence (AI) tools BenchMine is billed as the first-ever AI 401(k) comparative analysis...more

Polsinelli

New Form 5500 Rules Permit More Plans to Qualify for Audit Exemption

Polsinelli on

The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation recently issued final rules on employee benefit plan annual reporting requirements that are effective for plan years beginning on or...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL announces Form 5500 changes

The Department of Labor (DOL) announced changes to Form 5500. For Multiple Employer Plans (MEPs), new codes have been added to Line 8a of Part II to identify different types of MEPs, such as pooled employer plans,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem of late deferrals

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Changes to 5500 reflect PEP requirements

The Department of Labor’s Employee Benefits Security Administration (EBSA) released their final revisions to the Form 5500 and the Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan for the 2021 plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Correct the late deferral issue correctly

Correcting your plan’s late deposit of salary deferrals by depositing them and making a contribution to make up for lost earnings in your 401(k) plan isn’t enough....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fix those late 5500 errors

With July 31st passing (the deadline for Form 5500 without an extension), it’s a great way to ponder if you have any outstanding Form 5500 issues such as a late return or an incomplete return (such as one missing a plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The forgetful part of the DFVCP will cost you

The Delinquent Filer Voluntary Compliance Program (DFVCP) is a Department of Labor (DOL) program designed to encourage voluntary compliance with ERISA’s 5500 program. It’s great as a plan sponsor if you forget to file a Form...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Get that Final 5500 done

When a plan terminates and distributes all its assets or merges all its assets into another plan, you need to understand that a Final Form 5500 needs to be completed. Otherwise, you will get notified by the Internal Revenue...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Those answers on that 5500, you may hear from the government

The purpose of an audit of Form 5500 is to make sure that plan sponsors voluntarily comply with the Internal Revenue Code and ERISA. Sometimes, an Internal Revenue Service (IRS) or Department of Labor (DOL) audit is done...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You’re late, file for the DVCP, because the penalties are larger

Failure to file Form 5500 is costly as the Department of Labor (DOL) and Internal Revenue Service (IRS) has jurisdiction over the form and can set forth separate penalties....more

Blank Rome LLP

Small Employers Face Pandemic-Induced 401(k) Plan Challenges

Blank Rome LLP on

The Covid-19 pandemic and its shock to the country’s economy have been felt particularly hard by small employers, who are also likely to face a number of looming problems with their 401(k) plans. This article discusses three...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

SECURE Act makes those late 5500s more costly

One aspect of the SECURE Act that many commentators failure to note is that it’s mor expensive to file a late Form 5500....more

Akin Gump Strauss Hauer & Feld LLP

President Trump Signs Secure Act into Law - Executive Compensation, Employee Benefits and ERISA Alert

The Setting Every Community Up for Retirement Enhancement Act of 2019 (Secure Act) was passed by the House and Senate on December 17 and 19, respectively, as part of a budget bill known as the Further Consolidated...more

Schwabe, Williamson & Wyatt PC

New Retirement Plan Legislation Enacted Into Law

On December 20, 2019, federal legislation approving spending limits for the 2020 fiscal year was signed into law. Included in the legislation is the Setting Every Community Up for Retirement Enhancement Act of 2019 (the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Correct the late deferral issue correctly

Correcting your late deferrals by depositing them and making a contribution to make up for lost earnings in your 401(k) plan isn’t enough....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

On The Form 5500, sometimes the answer lands you in trouble

When you’re filing that Form 5500, just notice that certain answers may likely lead you to an Internal Revenue Service or Department of Labor audit....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - March 2018

That Fiduciary Warranty Is Not Worth The Paper it's Printed On. They are pretty much worthless. A 401(k) plan sponsor is also a plan fiduciary and they have the responsibility to prudently run their plan. One major...more

Snell & Wilmer

2017 End of Year Plan Sponsor “To Do” List Qualified Retirement Plans (Part 4)

Snell & Wilmer on

As 2017 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered...more

Proskauer Rose LLP

ERISA Newsletter - Third Quarter 2017

Proskauer Rose LLP on

Editor's Overview - As we have observed on other occasions, the ERISA class action plaintiffs' bar has, for several years now, honed in on 401(k) plan fiduciaries and their decisions to select and retain investment options...more

Seyfarth Shaw LLP

IRS and DOL Provide Relief for Plan Sponsors and Participants Affected by Hurricane Harvey

Seyfarth Shaw LLP on

The Internal Revenue Service (IRS) and Department of Labor (DOL) issued temporary relief on deadlines and procedural requirements applicable to employee benefit plans for employers impacted by Hurricane Harvey. ...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - July 2016

How Retirement Plan Providers Can Deal With The Fiduciary Rule Change. Adapt to this change. At its prime, Blockbuster Video had 9,000 stores and was actually bought by Viacom in 1994 for $8.4 billion. Then some...more

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