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Todd A. Solomon is a pension plan, profit sharing plan, 401(k) plan, employee stock ownership plan, 403(b) plans and nonqualified deferred compensation lawyer at McDermott Will
David M. Pixley employee benefits and ERISA litigation Lawyer Cleveland at Jackson Lewis focuses on litigation o benefit claims, fiduciary obligations, employee benefit plan compliance, ERISA, tInternal Revenue Code, ACA, HIPAA COBRA
As the sponsor of a 401k plan, you have a fiduciary responsibility to timely deposit participant contributions in your plan’s trust or custodial account. Failing to do so is a fiduciary violation, and constitutes a prohibited transaction that subjects you to an excise tax.
Failing to issue required minimum distributions can be costly, so sponsors must follow exact steps from the IRS and DOL to locate missing participants.
In last month’s 401(k) Compliance Check, we discussed the importance of ensuring your 401(k) plan’s designated decision-makers are actually authorized to make plan decisions. In this...