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Funding Limits : What Happens When Employees Exceed Them?

What Happens When New Employees Exceed Funding Limits? A new employee who had contributed to the 401k plan at their former employer and their new employer exceeded their contribution limits. Maria Hurd, CPA and ERISA auditor at Belfint, Lyons & Shuman was asked by the new employer what they should do when the employee asked them to refund their contribution.

The new employer wondered whether the refund would affect their testing and whether in fact, they were able to refund the contribution. This situation is quite common as people change jobs frequently. Find out what Maria recommended to her client.

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Retirement Plan Fiduciaries Now Look Through a Covid Lens

Retirement plan fiduciaries may notice their year-end 401(k)/403(b) reviews look different in 2020 than in years past.  Covid-19 has forced retirement plan fiduciaries to pivot how they manage their plan’s day-to-day operations.  Company goals and employees’ locations have shifted.  Many ...