Compensation and Your Retirement Plan

July 25, 2013 at 1:20 pm Leave a comment

Do you know what definition of compensation should be used for your retirement?  Or do you know if you need to be using multiple definitions?  Have you reviewed your retirement plan document lately?  If compensation testing is required, has it been reviewed to determine its okay?  Are you calculating contributions on the right definition?

Areas to consider are not only the definition type for the particular use, but also whether compensation varies from the date of entry.  Do you have procedures in place for unusual circumstances?  How do you ensure compensation is recorded, and, if necessary, employee contributions deducted properly for events like manual checks?  Do you know how compensation and contributions should be handled in the event of a participant’s separation from employment?

I bring up these questions to help prompt plan sponsors to consider areas to review in order to ensure their retirement plan is in compliance.

Please consider buying my book, A Short Guide to Finding a High Value, Low Fee Third Party Administrator (TPA) for Your Retirement Plan, available at amazon.com and https://www.createspace.com/3964647. My goal is to help plan sponsors make the best decision they can when selecting a  TPA. I understand how difficult a decision this can be when you do not know what skills and credentials to look for. I have created this book to ease the process and enable plan sponsors to make good choices through my insights from working in the industry.

Thanks for reading and have a wonderful day!   Please be sure to sign up for my blog and follow me on twitter.

I am not selling my own or any one else’s TPA services through this blog or my book.
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But How Will We Have Any Customers? Part II of II Retirement Plan Education

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

@ChristineGurney

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