This video provides essential guidance for employer leaders involved in overseeing, managing, and maintaining group retirement plans, such as 401(k)s. It covers critical, high-level topics to assist payroll, HR, and other plan administrators with common challenges, including:
- Contribution deadlines and handling late or missed contributions
- Correcting late or inaccurate contributions
- Understanding self-correction versus VFCP (Voluntary Fiduciary Correction Program)
- Plan notice delivery requirements
- Defining eligible compensation
- Updates to Form 5500 filing requirements
Please note: This content is for informational purposes only and not intended as specific financial advice. Arcwood Financial LLC is not a TPA, Compliance Firm, Legal Firm, or CPA and does not provide specific legal, compliance, or tax advice. Arcwood Financial LLC is not affiliated with or endorsed by the DOL or any government agency. For personalized advice, please consult your Third-Party Administrator, Record Keeper, tax professionals, or legal advisors.
About the Advisor:
Brandon Oliver, an Investment Advisor Representative, provides advisory services through Arcwood Financial LLC, a Registered Investment Advisor Firm. Arcwood Financial LLC, Arcwood Benefits Consulting, Inc., and Arcwood HR LLC (dba Arcwood) are independent companies and do not offer legal, tax, or compliance advice.
Referenced Links:
- Self-Correction Program FAQs (IRS)
- Correcting Plan Errors (IRS)
- Retirement Topics: Notices (IRS)
- Changes to 2023 Form 5500 and Form 5500-SF (DOL)
To learn more about Arcwood, visit arcwood.com or contact us at info@arcwood.com.
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