Magazine article HRMagazine

Benefits Briefs

Magazine article HRMagazine

Benefits Briefs

Article excerpt

For full versions of these articles and others, visit www.shrm.org/hrdisciplines/benefits.

IRS FINDS W-2 ERRORS INCLUDE EXCESS 401(K) DEFERRALS

The U.S. Internal Revenue Service has found significant errors in elective 401(k) salary deferrals in excess of the annual contribution limit. The errors were reported in Box 12 of employees' W-2 forms. Seventyfive percent of the employers in the sample studied needed to correct their Forms W-2.The IRS invites employers with questions about how this IRS investigation relates to their retirement plans to e-mail the Employers Plan Compliance Unit at epcu@irs.gov and include "401(k) Excess Deferrals" in the subject line.

MORE PENSIONS OPEN LUMP-SUM WINDOWS

More defined benefit pension plan sponsors are likely to offer terminated vested participants or retirees lump-sum payouts during a specified period, known as a payout window, as part of a "de-risking" strategy. Aon Hewitt surveyed 230 U.S. employers with defined benefit plans, representing nearly 5 million employees. …

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