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Found 2 results

  1. 401kology
    Because of the recent litigation regarding usage of forfeitures, I wanted to get some back up for how this is being viewed in 401(k) and other participant directed account plans. Forfeitures must be used according to the plan document and most big providers have the standard "pay plan expenses" and reduce employer contributions. Some also have the prorata allocation. Given all of that, we have seen it recommended that the forfeitures be used for participant education, specifically financial wellness. That also being a way to deplete the forfeiture account when the plan sponsor is paying the fees and/or does not have contributions to reduce. Any thoughts on this being a reasonable "plan expense" noting here that I have reviewed §2550.404a-5 as well as the settlor vs permitted plan expenses the DOL has opined on and it does indicate educational seminars and retirement planning software is permitted. So if it is permitted - does the financial education need to be specific to retirement planning or is overall financial wellness ok or is there some gray area? Thanks!
  2. K2retire
    A client has recently asked if they can require participants to enroll in their financial wellness program as a condition of receiving a hardship distribution from their retirement plan. It seems like a great idea to me, but I have no idea if it is allowed.
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