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What are the differences between a 401(k) and a SIMPLE retirement plan?

retirement, 401(k), Financial Advisors

Companies moving from a SIMPLE IRA to a 401(k) plan are usually seeking some additional flexibility and have outgrown their current SIMPLE plan. The questions arise: What is a SIMPLE retirement plan? And how is it different...

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The lowdown on 401(k) plan audits

retirement, 401(k), Financial Advisors

Have you ever had to endure a 401(k) Audit? For most plan sponsors, they are not a pleasant experience. We're not referring to being audited by the DOL or IRS, we're referring to the annual audit attached to Form 5500 that is...

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A simple guide to 401(k) testing

retirement, 401(k), Financial Advisors

The 401(k) industry is a complex mixture of rules and regulations that are written and enforced by numerous government entities. Due to this arrangement, there are a lot of complications that can arise. Every year, 401(k)...

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The 3(21) named fiduciary

retirement, 401(k), Financial Advisors

In the 401(k) marketplace, you will occasionally find separate companies that will sign onto your 401(k) plan in the role of 3(38) Investment manager, and even 3(16) Plan Administrator. However, when sponsors use these...

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What is the role of a 3(16) plan administrator?

retirement, 401(k), Financial Advisors

One of the things that makes a HealthEquity Retirement 401(k) plan different than most is that HealthEquity Retirement signs and acts as your 3(16) Plan Administrator. As we explain this to prospective clients, especially...

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What is a 3(38) investment manager?

retirement, 401(k), Financial Advisors

The HealthEquity Retirement solution for 401(k) plans is unique in that HealthEquity Retirement signs and acts in the primary fiduciary roles so that the employer does not have to do so. HealthEquity Retirement acts as the...

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What plan sponsors need to know about ERISA bonds

retirement, 401(k), Financial Advisors

The Employee Retirement Income Security Act of 1974 in Section 412 requires that 401(k) plan fiduciaries maintain a fidelity bond to “provide protection to the plan against loss by reason of acts of fraud or dishonesty”....

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401(k) fiduciary roles

retirement, 401(k), Financial Advisors

401(k) plans can be complex due to the number of service providers required to make a plan run smoothly. This typically includes your record-keeper, TPA, Custodian, Advisor, Broker, Auditor, and Plan Fiduciaries. We had a few...

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