Will you survive a retirement plan audit? How about an employee lawsuit? You know your business inside and out. But do you know everything there is to know about maintaining your 401(k) plan? Did you know that a plan fiduciary (YOU, perhaps?) can be held personally liable for a breach of fiduciary responsibility, which may...
Category Archives: Todd’s Tips
Each year the plan contribution limits change for qualified plans, so here are the new amounts for 2010: 2010 401(k) limits: 401k Elective Deferrals: $16,500 Catch-up Contribution Limit: $5,500 Annual Compensation Limit: $245,000 Highly Compensated Employees: $110,000 2010 non-401(k) related limits: 403(b)/457 elective deferrals: $16,500 SIMPLE Employee deferrals: $11,500 SIMPLE Catch-up deferral: $2,500 SEP Minimum...
I recently took a weekend trip with a buddy of mine to do some hiking in Utah. He and I try to take this trip every year, and it gives us both time to slow down, reflect on the year, and kick ideas around for our businesses. On these trips, we spend 4-6 hours hiking...
In this competitive world of group health insurance plans, insurance companies are looking at different ways to make their plans unique, control claims, or add prevention tools to their benefit offerings. For example, even though a health plan may not provide coverage for acupuncture, through the ancillary plan members can receive a discount for this...
It never ceases to amaze me when talking to a new client and hear how their past renewals have gone. They are spending thousands of dollars a year, and most of the time benefits are their second largest expense. I’ve heard stories of last minute decisions, faxed renewals, and hands thrown up in frustration. It...