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Our Top Five 401(k) Blogs for March 2020

Published by Kim Moore on Apr 24, 2020 9:58:00 PM

On the Summit CPA 401(k) Blog, we publish a blog a couple of days each week, to bring you helpful information that will assist you with your 401(k) Plan and administrative duties. Here are our top five posts last month:

  1. The Benefits of a 401(k) Plan. Everybody loves a tax break, right? Well, good news! You can cut your tax bill by taking advantage of pre-tax contributions to your employer’s 401(k) plan. That’s right. You can save on your tax bill and save a nice little nest egg for your retirement too. It gets even better, many employers will match a percentage of your contributions.

  2. 5 Traits of Successful Remote Audit and Compliance Professionals. Many of the traits required to be top_5_pedestal_6489successful remote audit and compliance professional are the same as when working in a traditional office environment. However, as someone who has experienced both and now works 100% remotely, I believe that the 5 traits below are used to a greater degree and are critical to being successful in a remote environment.
  1. What are 401(k) Forfeiture Accounts? If your 401(k) Plan has made employer contributions to your company’s 401(k) account, you may have built up amounts in an account called “Forfeitures”. These forfeiture accounts hold the employer contribution amounts that accrue when an employee leaves the Plan and their account is not fully vested. These forfeiture funds need to be used by the Plan as soon as possible, but only for the transactions allowed by the Plan Document.

  2. Is a Fidelity Bond Required for a 401(k) Plan? As the sponsor of an Employee Benefit Plan (401(k) Plan) you are required by the Employee Retirement Income Security Act of 1974 (ERISA) to maintain what is called a “Fidelity Bond” for your plan.

  3.  120 is the Magic Number for 401(k) Plan Audits. If you’ve been tasked with managing the 401(k) plan at a growing company, and are unsure of whether or not you’re required to undergo an external 401(k) audit, there’s one number to keep in mind: 120. Find out why.

At Summit CPA, we're passionate about changing the way people think about accounting and 401(k) Plans! We're a fully distributed company offering Virtual CFO Services, 401(k) Audits, and CPA Firm Augmentation. We hope you'll subscribe to our blog (below) if you'd like to connect with us and have our blog posts delivered directly to your inbox!

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