Month: February 2014
The DOL can use large retirement plan filings to uncover MISSING welfare plan filings
February 19, 2014
Welfare plans such as health, life insurance, dental, vision, short and long term disability plans, among others are generally a combination of unfunded and fully insured.
Plan Officials: Don’t File Your W-3s Just Yet!
February 06, 2014
Despite the relief retirement payroll managers and retirement plan officials may feel from this most recent sprint to the finish, THE RACE IS NOT OVER. Get that second wind and verify that deferral withholdings that employees have trusted you to put in their retirement accounts were actually deposited to the plan, without exception.
Late deposits of employee deferrals: Paying the Piper
February 03, 2014
As explained in Timeliness of Deposits, the Department of Labor (DOL) has set deadlines for which salary deferrals must be deposited into the plan. If these deadlines are not met, a prohibited transaction under Section 4975 will have occurred and Form 5330 must be filed and excise taxes paid for each year or part of the year that the prohibited transaction is outstanding.