Whitepapers

Impact of State Laws on ERISA Plans

 Written by Kristina Kananen There is a truism with qualified retirement plans covered under ERISA (Employee Retirement Income Security Act) that works until it doesn’t – when it comes to retirement plans, ERISA is the supreme law of the land. It would be nice to...

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Compensation in Qualified Plans

Written by Kristina Kananen The foundation of nearly every contribution, allocation or accrued benefit in a qualified retirement plan is based on a participant’s compensation. Compensation is remuneration for an employee’s services to the employer. The simplicity of...

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Cybersecurity and the DOL/EBSA

Written by Kristina Kananen Cybersecurity and the DOL/EBSA  Part One    The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) has issued guidance to fiduciaries as to what the agency expects fiduciaries to do to ensure the safety of the...

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Qualified Plan Record Retention

Written by Kristina Kananen Over the years Plan Sponsors, Plan Administrators and Plan Trustees, (the Plan Fiduciaries) can amass a large amount of data and records.  What to keep and what to destroy of those records is an annual dilemma as many determine if they are...

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State-Run Retirement Plans

Written by Kristina Kananen The average retiree in the United States receives $1,200 per month in Social Security income.  It has dawned on state legislatures that it is not possible in our current economy for a retiree to survive with any sense of financial security...

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Missing Participant Best Practices

As we all know the Employee Benefit Services Administration (EBSA) is charged with protecting the rights of qualified plan participants. This mandate extends to those participants who terminated employment and still have a vested benefit left in the plan, or the deferred vested participants. A fiduciary’s responsibilities to a deferred vested participant are the same as the responsibilities to participants who are still employed by the plan sponsor.

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Long-Term Part-Time Employees

When ERISA was originally signed into law, qualified retirement plans were required to allow employees to become participants once they had completed 1 year of service in which they had completed 1,000 hours of service and attained age 25. The age requirement was eventually lowered to age 21, but the 1,000 hours in 12 months has remained.
These eligibility requirements ensured part-time employees were not allowed to enter the plan, thus reducing employer costs and helping to ensure passage of coverage and discrimination testing. The SECURE Act of 2019 has changed this, but only for Long Term Part Time (LTPT) employees and only for 401(k) deferral purposes . A LTPT employee is an employee who has worked less than 1,000 hours, but more

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