Benefit Insights Newsletter - Summer 2024
August 28, 2024
We are excited to deliver the Summer 2024 Newsletter.
In this edition, we discuss:
- Effective Communication with Participants
- Participant Notices: A Quick Overview
- Mastering the Art of Distributing Participant Notices
- Plan Ahead for 2025 Long-Term, Part-Time (LTPT) Employees
- Upcoming Compliance Deadlines for Calendar-Year Plans
Sometimes retirement plan problems begin with bad decisions. Other times, they begin with good intentions.
Law firms often have compensation structures that are more complex than those of other business types. This is attributable to having both equity and non-equity partners, large year-end bonuses, variable associate compensation, and high contribution goals for senior attorneys -- all these factors and more affect how a retirement plan operates. While these structures can create opportunities for sophisticated retirement plan design, they can also create testing volatility and compliance risk, especially if changes in compensation (or partnership/ownership) are not addressed throughout the year as they occur.
Technology is quickly transforming retirement plan administration. Today, employers can launch a retirement plan, connect payroll, enroll employees, process contributions, and access reports, all electronically and with far less manual effort needed than in the past.