Managing Your 401(k) or 403(b) Plans

Many employers maintain 401(k) plans to assist their employees in saving for retirement. But despite their popularity, the administration of 401(k) plans is not simple. There are many “traps” for the unwary and getting it wrong can have serious legal ramifications. This workshop will provide basic information about 401(k) plans and the legal requirements that apply. It will include practical information that will help in administering a 401(k) plan. Much of the information will also apply to section 403(b) plans.

The topics that will be covered:

  • What is a 401(k) plan and what type of contributions can be made?
  • Must all employees be allowed to participate in a 401(k) plan? Can minimum age and service requirements be imposed?
  • Must the requirements be the same for all types of contributions?
  • How much can be contributed to a 401(k) plan each year? What nondiscrimination rules apply?
  • What happens if the nondiscrimination tests are not satisfied?
  • When can participants receive their benefits? Are they ever payable before a participant terminates employment?
  • Can a participant borrow from his/her account in a 401(k) plan?
  • What is an IRS determination letter and do I need one?
  • What filings must be made in regard to a 401(k) plan?
  • What steps should I take to satisfy my fiduciary duties under federal law?
  • What is required by the DOL fee disclosure regulations?
  • What options are available if a mistake is made in administering a 401(k)?

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