Plan sponsors face tougher standards as 401 k audit season starts: related news

Plan sponsors face tougher standards as 401(k) audit season starts

NEW YORK--(BUSINESS WIRE)--June 12, 2008--July is vacation time for many executives, but a busy time for 401k plan sponsors, who face a July 31st deadline for submitting an audited 401k plan financial statement with their Form 5500 to the federal government. This year, they’ll be busier than ever. Auditors will be asking more questions and requesting more documentation because new, stricter audit standards, known as the “risk assessment standards,” now are effective for employee benefit plan audits for periods beginning on or after Dec. 15, 2006. This year, auditors are required to look at the plan sponsor as well as the plan, and the audit process will last longer and demand more management time.

Worksheet: The Roth 401(k) Estimator

This relatively new retirement savings option, which first became available on January 1, 2006, combines features of both a traditional 401(k) plan and a Roth IRA. Like a Roth IRA, contributions are made on a post-tax basis and qualified withdrawals taken during retirement are completely tax free. (With a traditional 401(k), contributions are pretax and withdrawals taken during retirement are taxed as ordinary income.) And like a traditional 401(k), the Roth 401(k) has no income restrictions � if your employer offers it, you're eligible. (For more details, read our story, "Introducing the Roth 401(k).")

Stull, Stull & Brody Announces Investigation on Behalf of Participants and Beneficiaries of the 401(k) Savings and Profit Sharing Plan of the McGraw-Hill Companies, Inc. and Its Subsidiaries and the Standard and Poor's 401(k) Savings and Pr

Stull, Stull & Brody Announces Investigation on Behalf of Participants and Beneficiaries of the 401(k) Savings and Profit Sharing Plan of the McGraw-Hill Companies, Inc. and Its Subsidiaries and the Standard and Poor's 401(k) Savings and Profit Sharing Plan for Represented Employees

Sometimes It Pays To Borrow From Your 401(k)

The financial media has coined a few pejorative phrases to describe the pitfalls of borrowing money from a 401(k). Some members of the financial press would even have you believe that taking a loan from a 401(k) plan is an act of robbery committed against your own retirement. However, this idea may be more urban myth than reality. According to a study by the Employee Benefits Research Institute (EBRI), 18% of all 401(k) participants had plan loans outstanding in 2006. Clearly, these loans have a following and, in fact, they can be appropriate in some situations. Let's take a look at how such a loan could be used sensibly and why it need not spell trouble for your retirement savings (For related reading, see Eight Reasons To Never Borrow From Your 401(k).

What Small Business Owners Need to Know About 401(k)s

Running a small business can be a life-consuming process, so sometimes small-business owners miss the forest for the trees. Maybe that's why only about 16 percent of businesses with fewer than 50 employees in the United States have 401(k) plans. Small-business owners are so focused on developing their businesses that some do not realize that those assets can grow at a much faster rate for their retirement under the right plan. An October survey by ING DIRECT's ShareBuilder401k, which designs 401(k) plans for small businesses, found that "not enough employees" was the top reason cited by small-business owners as to why they do not have a 401(k) plan. That's despite the fact that even sole proprietorships with no other employees can have 401(k)s.

401(k) Audits Get Tougher

Regulators are looking at 401(k) plans with 100 or more participants under a more powerful microscope than in past years and CFOs who are plan fiduciaries are paying closer attention than ever to the annual mandatory plan audit. The July 31 deadline for submitting audited plan financial statements to the federal government is fast approaching and this year those audits face stricter standards, according to Buchbinder Tunick & Co, a CPA firm.

Orphaned 401(k) Plan From Defunct Waterbury, Conn., Company Gets FiduciaryLoading...

Jul. 17--A federal court has appointed a consultant to distribute the assets of an abandoned 401(k) plan established by a defunct Waterbury construction company, the U.S. Department of Labor said Wednesday. U.S. District Court for the District of Connecticut appointed Pension Consultants Inc. of Farmington as the independent fiduciary for the VA Construction LLC 401(k) Plan, an employee benefit plan sponsored by VA Construction LLC of Waterbury until it went out of business in 2001. When the company closed, the plan's fiduciaries stopped performing their duties and failed to appoint a successor, said John M. Chavez, a Labor Department spokesman.

Holzer Holzer & Fistel, LLC Announces Investigation Into UBS AG 401(k) Retirement Savings Plan

ATLANTA, July 29, 2008 (PRIME NEWSWIRE) -- Holzer Holzer & Fistel, LLC is investigating possible violations of the Employee Retirement Income Security Act of 1974 related to UBS AG's (``UBS'' or the ``Company'') (NYSE:UBS - News) 401(k) Retirement Savings Plan (the ``Plan''). The investigation centers on whether UBS and the Plan administrators breached their fiduciary duties to Plan participants by, among other things, making imprudent investments in Company stock and otherwise failing to prudently and loyally manage the Plan's investments.

Large Defined Benefit Plans Produce Better Returns Than Comparable 401(k) Plans

From Spencer's Benefits Reports: Companies that sponsor both large defined benefit plans and 401(k) plans see better investment returns from their defined benefit plans, according to Watson Wyatt. This generally is true because larger plans have access to a wider variety of investment options and economies of scale. As reported in a recent Insider newsletter, Watson Wyatt used 5500 form data to calculate the median rate of return for plan sponsors that sponsored both a defined benefit plan and a 401(k) plan, each with at least 100 participants.

Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan) is Being Investigated by Schiffrin Barroway Topaz & Kessler, LLP

Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan) is Being Investigated by Schiffrin Barroway Topaz & Kessler, LLP

Schiffrin Barroway Topaz & Kessler, LLP Announces ERISA Investigation of Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan)

Schiffrin Barroway Topaz & Kessler, LLP Announces ERISA Investigation of Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan)

Schiffrin Barroway Topaz & Kessler, LLP Announces ERISA Investigation of Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan)

Schiffrin Barroway Topaz & Kessler, LLP Announces ERISA Investigation of Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan)

Schiffrin Barroway Topaz & Kessler, LLP Announces ERISA Investigation of Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan)

TMCNet: Schiffrin Barroway Topaz & Kessler, LLP Announces ERISA Investigation of Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan)

Schiffrin Barroway Topaz & Kessler, LLP Announces ERISA Investigation of Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan)

Schiffrin Barroway Topaz & Kessler, LLP Announces ERISA Investigation of Fifth Third Bancorp, Inc. 401(k) Plan (Master Profit Sharing Plan)

Stacked Deck: Debit Card That Taps 401(k) Retirement Savings Is Easy to Use and Abuse

RISMEDIA, July 23, 2008-(MarketWatch)-Debit cards are straightforward. You use them for purchases and money is deducted from your bank account. But when the debited account is your 401(k) retirement plan, critics angrily line up to take a swipe at that piece of plastic.It’s not hard to see why. The 401(k) debit card lets you borrow from retirement savings and pay yourself back with interest over time, much as you would with a typical 401(k) loan. Only the card makes it much easier to crack your retirement nest egg; all you do is shop, swipe and sign.

Bolt a huge fan of Hayden and Gilchrist

f��%�W��$b����w���uW8 ���f�_&���� �/��ku�b9�����u% ��7q�a��7�do�"�e�I��N'��r�a"M�h�]�ca�!��%k� ���'.��hD1����7�Ч}�#�Ű�G�����6��@��G+�8��L/T��;WM @��kg-�AB��p��Iu�:��?~]?����y�a N�����k;-�=���]~f��J de���c<+����<ƍ&�<�m1��YT�X�"uXT�n�ō+ύO#���]e��ԋ�$��K��2��Q��6YT�(e̛ir��S�;{v����Ĵ�2��Ψ�i� ��m yI�qMl�k|c~��,�M��8���ς�*k�8�^�d%���2�[,�&�HBJZs^U|kȷ�?�A��~�6@;B�յ�T�nDhJ�H���2��b�R�Eٰ���>�7r�)�H_�k7�a<۵��)��j�aa�~�1��S�QO��#�X���'� ;�n*�K�gx���;RJ�\P� {:�}pMCsCf�$�8v�Н�(M��j��T< 75t�sxp:�[-��ѹh�oɂ�B�(Tݑ@C^F��n��-�rp3f�5�VK��-Ƙ��is�A�rb��հH�(�-��,�mc��5sS�ڙ.iN�<�O�&Z�F��2��) 7[ �q����> � a�˩m¹�)3nZ�9>|wZ
��lg�3k��Q�dyJ���9�4U:%&�n�;��bv-E��N���f�]��+eb�����6h|E����6�����;�ՀK'����&�t���E{k��� ʁ.

Milberg LLP Announces Its Investigation Relating to the IndyMac Bank, F.S.B. 401(k) Plan

NEW YORK, July 21, 2008 (PRIME NEWSWIRE) -- Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome. The law firm of Milberg LLP is investigating possible illegal conduct relating to the IndyMac Bank, F.S.B. 401(k) Plan (the ``Plan'') as alleged in class action complaints filed in the United States District Court for the Central District of California against IndyMac Bancorp, Inc. (``IndyMac'' or the ``Company'') (NYSE:IMB) (Other OTC:IDMC.PK - News) and certain fiduciaries of the Plan.

Milberg LLP Announces Its Investigation Relating to the IndyMac Bank, F.S.B. 401(k) Plan

NEW YORK, Jul 21, 2008 (PrimeNewswire via COMTEX) -- IMB | Quote | Chart | News | PowerRating -- Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome. The law firm of Milberg LLP is investigating possible illegal conduct relating to the IndyMac Bank, F.S.B. 401(k) Plan (the "Plan") as alleged in class action complaints filed in the United States District Court for the Central District of California against IndyMac Bancorp, Inc. ("IndyMac" or the "Company") (NYSE:IMB) (Pink Sheets:IDMC) and certain fiduciaries of the Plan.

Rethinking 401(k) rollovers to IRAs

Conventional retirement wisdom tells us that when you leave a job, you should roll over your 401(k) to an IRA. Rollovers allow you to continue delaying taxes on your nest egg as it accumulates and avoid an early-withdrawal penalty. But if you have an especially good 401(k) with your old company, it may be better to leave your retirement money there or roll it over into your new company's 401(k).

Rethinking 401(k) Rollovers

Conventional retirement wisdom tells us that when you leave a job, you should roll over your 401(k) to an IRA. Rollovers allow you to continue delaying taxes on your nest egg as it accumulates and avoid an early-withdrawal penalty. But if you have an especially good 401(k) with your old company, it may be better to leave your retirement money there or roll it over into your new company's 401(k).

Next Generation of 401(k)s Shows Automatic Enrollment and Step-Up Provisions Doubling Among Employers: Deloitte Survey

PRNewswire/ -- Employers are taking decisive actions to make 401(k) plan participation as easy as possible for employees, according to the 2008 401(k) Benchmarking Survey, conducted by Deloitte, the International Foundation of Employee Benefit Plans and the International Society of Certified Employee Benefit Specialists (ISCEBS). Survey respondents addressed such topics as eligibility and enrollment, contributions, matching formulas, investment funds, revenue sharing, defined benefit plans, fees, vendors, plan effectiveness, communications and administration.

Is it wise to borrow from a 401(k)?

What do you think about taking a loan against my 401(k) (which is performing abysmally)? My 401(k) plan does allow me to take out a loan, and because I have to pay the interest to myself (around 10%) it seems like a way to indirectly "up" the amount that I am contributing to the plan. Your thoughts?

Search took 0.23 seconds.