Participant has 4 loans outstanding; all were taken for 5-year terms.  Vested account balance exceeds $100,000.  Current loan balance, rate and maturity date:  $8500 at 8% matures 4/30/28, $4000 at 8% matures 9/30/28, $4700 at 8% matures 5/15/28 and $20,000 at 6.75% matures 4/30/31.  Loans are consolidated at current rate of 6.75%, new balance of $37,200 with a new maturity date of 6/30/31.  Does this loan consolidation exceed the loan limits and if so, what is the amount of the deemed distribution?

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SH 3% plan. No excluded classes of EEs.  Company is a med practice and I just found out that they have contractors ("Associates") that are paid via W-2. There is one Associate who has met initial eligibility and has been given the Safe Harbor contribution, and for whatever reason, doesn't want to be a part of the plan, including the Safe Harbor contributions. EE is not deferring. What are some of the options? Client doesn't think EE will want to switch to 1099. Client is OK with amending document to add an exclusion, but would this be able to stop the current EE from receiving any future contributions? It is only 1 EE who will be HCE for 2026. If so, would this amendment be allowed, say 8/1?

I am wondering how to handle this situation.

HCE retires and is requesting a rollover of 100% of his account balance.

The document states that distributions are paid out: immediately

The plan fails the ADP test every year and he is due a refund.

Should the plan pay out all of his account, except for current year contributions?  or do we hold until after the APD test is completed next year?

Thank you!

Upon review, it was determined a participant's 401(k) that was withheld from his paycheck in the amount of $35 was not deposited. Participant has since terminated over a year ago and took a full distribution. Recordkeeper refuses to reopen the account without new enrollment paperwork.

Thinking to have the amount deposited to the Forfeiture account and be done with it.

By the way, in terms of delinquent contributions, this is the only amount.

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If a few payrolls from 2024 have been identified as late, is it correct that we only report the late ee deferrals on the 5500, but calculate earnings on both the late ee and er deferrals when processing the correction to make participants whole?

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A 401(k) plan recently changed investment advisors, resulting in lower investment advisory fees. However, due to an administrative error, the plan's recordkeeper continued deducting the prior (higher) investment advisory fee from participant accounts for approximately three months after the transition. The recordkeeper has indicated that it was unaware of the fee change when processing the deductions.

What is the appropriate method for correcting this error? Specifically, should the recordkeeper (or another party) restore the excess fees to affected participant accounts, and are there any ERISA or other compliance considerations that should be taken into account when making the correction?

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Hello all!

I'm interested in hearing about how employers have contracted with health plans; do you use a Request for Proposals (RFP) procurement process or some other form of procurement, e.g., Request for Bids (RFB) or Invitation to Negotiate?

I'm also interested in the pros and cons related to different procurement mechanisms you've used, what has proved most successful, what hasn't and why or other lessons learned.

I would appreciate any information you can share about your health plan procurement process!