Posts from February 2024.
A question that almost always arises when we consult on correcting retirement plan errors is, “Can we use the DOL (Department of Labor) calculator to determine earnings?” Compared to the alternatives, the DOL calculator provides a definite, quick solution that is not administratively onerous. I wish my answer to the question could always be ...
The Department of Labor recently announced the 2024 inflation adjustments for ERISA-related penalties applicable to health and welfare and retirement plans. Applicable penalties increased for 2024 as follows:
- Failure to furnish or maintain records - $37 per participant
- Failure to file Form 5500 - $2670
- Failure to notify participants of ...