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Form 5500 Deadline Coming Up |
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By NADART Administrator on
7/3/2008
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If you sponsor a 401(k) plan, you should take note that the deadline for submitting
Form 5500 is July 31 following the close of the plan year (for calendar year plans).The Form 5500 is required by the Internal Revenue Service and Department of Labor annually. The 5500 provides statistical information about the plan and plan sponsors, reports financial information about the plan, and demonstrates compliance with 401(k) rules. A Form 5558 may be filed to extend this deadline to October 15.
As just one of the many services we offer to our plan sponsors, NADART takes care of completing the forms on behalf of our clients and submitting them electronically by the stated deadline. If you would like to learn more about our plans and the retirement plan services, we offer, please contact a NADART representative at (800) 462-3278, ext. 7161 or e-mail nadart401k@nada.org.
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Impact of the “Seven-Day” Rule from DOL |
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By NADART Administrator on
6/25/2008
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If you want to know more about the Department of Labor’s (DOL) proposed “seven-day” rule on the timely deposit of employee contributions, you may want to read a recent article on the Plansponsor.com. (You will need to set up a username and password on that site, but the registration is free of charge.)
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Automatic Enrollment Leading to Higher Participation |
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By NADART Administrator on
6/19/2008
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The Washington Post reports that two large companies, Lockheed Martin and Nationwide Financial Services, have seen a dramatic increase in 401(k) participation since incorporating automatic enrollment. At Nationwide, for instance, 96% of employees are participating in the retirement plan, compared with 74% two years ago.
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Why 401(k) Plans are Good for Small Businesses |
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By NADART Administrator on
6/18/2008
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Many small business owners fear that they can’t afford to offer their employees a 401(k) plan. Owners may also worry that they don’t have enough employees to qualify for the plan or that they will have to offer matching contributions. However, a recent article in Forbes.com puts these fears to rest by clearly up those common misconceptions and touting the benefits of 401(k) plans for small businesses, including:
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Keeping Savings Intact Is Better over the Long Term |
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By NADART Administrator on
6/10/2008
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More and more people are dipping into savings, formerly set aside for retirement, to help pay for present-day expenses (e.g., mortgage payments, medical bills, gasoline, etc.). That’s according to a recent article in the “Boston Globe”. However, doing so affects how much income you will have during your retirement.
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The Advantages of Keeping Retirement Savings in a 401(k) |
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By NADART Administrator on
6/6/2008
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A recent editorial column in USA Today cited the benefits of leaving retirement savings in a 401(k) rather than rolling it into an Individual Retirement Account (IRA) upon leaving a job. The article cites the high cost of retail IRAs and suggested either leaving the money in the former employer’s 401(k) or rolling it into the new employer’s plan.
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Let the SAS 70 Audit be Your Guide When Selecting a TPA |
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By NADART Administrator on
6/3/2008
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According to an article in Employee Benefit News, the SAS 70 audit is a good place to start when researching Third Party Administrators (TPA) for your retirement plan. The SAS 70 audit (short for Statement on Auditing Standards) is conducted by an independent auditor and demonstrates the internal controls in place to ensure compliance with ERISA.
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Tips for Navigating an IRS Audit |
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By NADART Administrator on
5/29/2008
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If an audit of your retirement plan is initiated by the Internal Revenue Service (IRS), the first thing to remember is that it’s not the end of the world. Tips on how to deal with such an audit are discussed in a recent article in the IRS newsletter “Retirement News for Employers”.
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