401(k) News

  • Supreme Court Ruling on Same-Sex Marriage

    On June 26, 2015, the U.S. Supreme Court issued its decision in Obergefell v. Hodges,* rulingthat the 14th Amendment requires all states (and the District of Columbia and U.S. territories) to recognize same-sex marriage. The ruling also requires states to recognize same-sex marriages lawfully performed in another state. BackgroundPreviously, in 2013, the Supreme Court had ruled in United States v. Windsor** that Section 3 of the Defense of Marriage Act (DOMA) was an illegal denial of equal prot Read More…

  • RECENT Developments September/October 2015

    Form 5500-EZ and pre-approved document changes. Read More…

  • Back to Basics: Eligibility

    Federal law sets eligibility requirements for when employees can begin participating in an employer’s plan. In general, a plan may require that employees be at least 21 years old and complete a year of service before they are eligible. Read More…

  • Relief for Elective Deferral Failures

    An elective deferral failure occurs when a plan sponsor fails to correctly implement an elective deferral. This includes deferrals participants “elect” to make (affirmative elections) and deferrals based on a plan’s automatic contribution features (including automatic escalation). Read More…

  • RECENT developments July/August 2015

    The U.S. Department of Labor (DOL) issued its long-awaited proposed definition of “fiduciary.” When finalized, the new definition will have a major impact on who is considered to be a fiduciary. Read More…

  • EPCRS Revised

    On March 27, 2015, the IRS published Revenue Procedure 2015-27. The new guidance revises certain correction methods under the Employee Plans Compliance Resolution System (EPCRS) and makes changes to Revenue Procedure 2013-12, the current version of EPCRS. Read More…

  • Hardships and Loan

    The April 2, 2015, edition of the IRS newsletter for plan sponsors (Employer Plan News) contained an important reminder: Plan sponsors that permit hardship distributions or participant loans should review their current practices to ensure they are operating in compliance with IRS requirements. Read More…

  • Retirement Distribution Advice

    It is common practice for financial services firms to contact 401(k) participants who are nearing retirement to discuss rolling over their 401(k) nest egg into an individual retirement account (IRA). Read More…

  • RECENT Developments May-June 2015

    IRS Announcement 2014-15 addressed the application of the one-per-12-month-period limit on tax-free rollovers between individual retirement accounts (IRAs). Read More…

  • Blackout period and notice

    Forms 5500, Annual Returns/Reports of Employee Benefit Plan and Forms 5500-SF have a two-part question about plan compliance with the blackout notice rules. Read More…

Become Part of the Solution

Become Part of the Solution

Our vision supports the idea that employees are our greatest asset. We invite you to learn more about what it means to be part of the team.

Get To Know Us

Lifetime Benefit Solutions is a national leader in developing and delivering health-related benefits plans – partnering with our customers to deliver value and promote employee health and wellness.

Flexible employee benefit programs, intelligently and creatively customized to your company’s unique situation.