401(k) Training & Certification

[Guest Lindsay]

I am looking for inexpensive online courses for 401(k) training and/or certification. I was just given resonsiblity of administering and maintaining my companies 401(k) plan with limited knowledge of 401(k). My company will pay little or nothing for this so the cheaper but reputable the better.

Anyone who can help. Thank you.

[FundeK]

ASPPA (www.aspa.org) has a series of three take home exams that will earn you a pension adminstrator certificate. Each exam costs $99.00 which includes the study materials and the exam. You have to receive a 90% of the exam to pass. (Also looks like you can get all three for $290.00, but you would have to take them all in 2005)

I think they are a great place to start to get some basic knowledge. Searching the internet will also lead you to good articles for beginners. And of course, reading through the postings on this site are always enlightening!

Hope this link works

http://www.asppa.org/education/ed_pa1_pa2_pa3.htm

[rcline46]

You should also talk with the firm who does the work on the plan. (TPA)

If you do not have someone else doing the record keeping and compliance work.....

Well your company is asking for nasty results from an IRS or DoL audit.

[Guest Hans Moleman]

Did the company also hire the janitor as their lawyer and the secretary as their CEO?

[rcline46]

Note that we are NOT questioning your abilities. However, the rules are very involved and literally take years of experience to handle properly. COmpliance in a 401(k) is very tricky, let alone rules on deferrals, eligibility, loans, hardships, reporting, etc.

If you are the 'contact' person, kudos for trying to learn. If you are THE person for the plan without outside help, the company is making a big mistake. Qualified plans NEED professional oversight.

[K-t-F]

Curious how many participants in the plan? Your company shouldn't cast a blind eye and assume that the plan is not a big deal when it comes to compliance and non-discrimination because it is a big deal. If indeed you were thrown into this position I would cover my a** so you dont end up the fall guy if something goes wrong.... like something as basic as filing the form 5500 on time (not to mention completing it correctly!)

Good luck!