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Recent Headlines on 401(k) Plans
Recent headlines & excerpts on 401(k) plans gathered by the editors of BenefitsLink.com
  • America's Retirement Problem: Should We Ditch 401(k) Plans?
    Video and transcript available on target page. Excerpt: "Over the past decades, defined-benefit plans have been replaced, for the most part, by defined-contribution plans like 401(k) plans. But the majority of Americans with access to 401(k) plans are not saving the maximum amount they can, and in may cases are not saving at all. Should the government play a greater - or different - role in getting Americans to save more for their retirement?" (Grace Creek Media and The George W. Bush Institute)

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  • 401(k) Investment Education and Advice Provided by Organizations to Plan Participants
    Excerpt: "Eighty-seven percent of organizations that offer 401(k) plans make investment education available to their plan participants. The top three formats for investment education are brochures, computer modeling or call centers through with employees can have their questions answered. In addition, 51% of organizations provide or make available some form of investment advice to plan participants." (Society for Human Resource Management)

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  • [Guidance Overview] 401(k) Participant at Fault in Account Withdrawal Dispute
    Excerpt: "A federal judge in Oklahoma has cleared a 401(k) plan administrator of wrongdoing in a dispute over whether the employer should be forced to repay the participant for funds his ex-wife took out of his account." (PLANSPONSOR.com)

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  • PSCA's 401(k) Day 2010
    Excerpt: "PSCA's 2010 401(k) Day is an exceptional education campaign that will help plan sponsors and participants learn more about the benefits of saving for retirement in a 401(k) plan. Each component of the campaign features a series of valuable education and communication tools that can be customized with your own company name and logo." (Profit Sharing / 401k Council of America)

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  • Washington Mutual to Settle Stock Drop Suits for $49M
    Excerpt: "[L]aw firm Keller Rohrback said the proposed settlement provides for a payment of $49 million, minus expenses including court-approved attorneys' fees and expenses and service awards to the plaintiffs who brought the lawsuit, taxes and other costs, to be allocated to class members whose 401(k) accounts suffered losses as a result of investing in Washington Mutual common stock." (PLANSPONSOR.com)

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Benefits & Business Law Advisors, PLLC is a boutique law firm in Minnesota specializing in employee benefits law, retirement plans, business law and estate planning. Our areas of practice include:


Employee Benefits



Tax-Qualified Retirement Plans

-    Available services include, but are not limited to, the following:

  • Advise plan sponsors, TPAs, Trustees and other Plan fiduciaries regarding Plan design alternatives
  • Draft resulting Plan and Trust documents (prototype, volume submitter and/or individually designed)
  • IRS tax-qualification determination letter filings, (4) planning and implementation of Plan mergers, spinoffs and/or terminations
  • Plan document and operational compliance testing and advice, including use of IRS/DOL correction programs
  • IRS/DOL audit representation
  • Vender fees – disclosures and reasonableness due diligence and negotiations
  • Negotiation and retention of vender services: investment advisors, TPAs, corporate trustees, valuation firms (ESOPs/KSOPs) and/or CPA audits
  • QDRO Policies and review QDRO requests
  • Investment Policies, including Qualified Default Investment Alternatives
  • Loan Policies


-    Plan Types:

  • IRAs, SEPs & Simples
  • 401(k), 403(b) and 457 Salary Deferral/Match
  • Profit Sharing
  • ESOPs and KSOPs
  • Money Purchase Pension
  • Target Benefit pension
  • Defined Benefit Pension (including “Cash Balance”)


Note:    In addition to the service set forth above for tax-qualified plans, services for ESOPs/KSOPs also include, but are not limited to, the following:

  • Represent employers, shareholders, Trustees (individual and/or institutional), lenders, and/or TPAs
  • Pre-transaction Articles of Incorporation, By-laws, Buy-Sell, compensation agreements, deferred compensation, etc. review and revisions
  • Leveraged and non-leveraged transaction planning and implementation
  • 1042 tax deferral analysis and elections
  • Repurchase liability calculations and management
  • “C” to “S” tax status changes


Non-Qualified Retirement Plans

-    Available services for non-qualified plans are similar to those provided for tax-qualified retirement plans.
-    Plan Types:

  • Nonqualified Deferred Compensation Plans including
  • Stock plans
  • Phantom Stock plans
  • Option plans
  • Executive Insurance plans


Welfare Benefits Plans

-    Available services for welfare benefit plans are similar to those provided for tax-qualified retirement plans, but also include analysis, advice, drafting, representation and negotiations regarding the following:

  • COBRA
  • HIPAA
  • FMLA
  • Nondiscrimination testing

-    Plan Types:

  • Cafeteria Plans (Flexible Benefit Plans)
  • Section 105(h) Plans
  • Health Savings Accounts


Business Law

-    Available services include, but are not limited to analysis, advice, drafting, representation and negotiations regarding the following:

  • Corporate Entity and Business Incorporation
  • Buy/Sell Agreements
  • Vendor Agreements
  • Leases
  • Customer Agreements
  • Merger/ Acquisitions Consulting & Legal


Executive Estate Planning

-    Available services include, but are not limited to analysis, advice, drafting regarding the following:

  • Wills
  • Trusts
  • Estate tax planning


Seminars

-    Professional seminar instruction and training on many of the above topics is available to your organization and/or its members
 
   

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