This book was written to assist 401(k) plan sponsors, HR departments, payroll departments and anyone interested in understanding the importance of payroll processing and its functions related to a 401(k) plan. 401(k) deferrals and 401(k) loan payments are generally a function handled with the processing of a company’s payroll. This book provides information explaining responsibilities and tasks associated with the complexities of a 401(k) plan which may affect the payroll process. We understand that you hire professionals to administer your 401(k) plan. However, just because you have hired a third party administrator (TPA), a recordkeeper, a payroll company or another entity to administer the plan, does not mean there is nothing you need to do in regard to operating the 401(k) plan. They provide services to handle the complexities, the reporting, the compliance, the plan document and so forth. You have the details they require you to provide. 401(k) ESSENTIALS For The Payroll Professional will assist you in becoming familiar with terminology, operations, deadlines, processes, forms, and much more. Or, it will confirm the knowledge you have. It will not address all 401(k) plan complexities such as plan investing, fiduciary standards and other specialty areas. Use the book as a tool and for reference. Review the checklists and tips as they will assist you in knowing your plan better and allow you to have a clearer understanding of the tasks you encounter throughout the life of your 401(k) plan. The payroll department plays a key role in the administration of a 401(k) plan. This department is responsible for deducting the 401(k) deferrals and participant loan payments from each participant’s pay check. Some employers also have the payroll department calculate the 401(k) matching contributions each pay period and remit all these funds to the investment company. This book provides guidance on how the 401(k) plan impacts the payroll department. These insights will provide you a better understanding of the 401(k) plan. You will learn some of the nuances of a 401(k) plan and how they impact the plan, the employer, and the payroll specialists. Let’s be frank, there is a lot more to it than just turning on the 401(k) deferrals in the payroll system for each employee and participant. Chapters include: 401(k) Team 401(k) Enrollment and Election Forms Contributions 401(k) Deposit Deadlines Participant Loans 401(k) Annual Data Collection Annual CPA Audit Mistakes Happen Some of the Checklists included are: 401(k) Plan Payroll Processing Checklist 401(k) Plan Contributions Checklist 401(k) Loan Checklist 401(k) Plan Compensation Definitions and more.
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Barbara Klein, the founder of 401k Essentials, has over 40 years experience in the retirement plan industry. Her breadth of knowledge and experience crosses through many of the 401(k) industry roles. Barbara's diverse background includes working for the government (Social Security Administration), an insurance company, a pension software firm and a third party administration firm. She is a frequent speaker and educator within the pension industry.
In addition to operating 401kEssentials.com, Barbara owns and operates a third party administration firm in Santa Barbara, California. Accrued Benefit Administrators, Inc. (ABA), operating since 1991, is a full service retirement plan administration firm specializing in qualified retirement and welfare benefit plans. The firm administers all types of retirement plans including - defined contribution and defined benefit plans such as 401(k), 403(b), profit sharing, simple, cash balance and many others.
Barbara is a credentialed pension professional with the designations: Qualified Pension Administrator (QPA) and Qualified 401(k) Administrator (QKA) from the American Society of Pension Professionals & Actuaries and the American Retirement Association.
Professionally, Barbara is a member of the American Society of Pension Professionals and Actuaries, the National Institute of Pension Administrators, the Society of Human Resource Management, National Association of Women Business Owners, ProVisors, the Professionals in Human Resources Association, the Santa Barbara Human Resource Association and the Western Pension & Benefits Conference.
Barbara has won many awards, including most recently the prestigious 2013 Spirit of Entrepreneurship Award and the 2010 Best Small Business - Family Business & Closely Held Company Award. She has also been recognized with two Paul Harris Fellow awards for her contributions to Rotary International through her Service Above Self practices.
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Book Description 401k Essentials, 2016. Paperback. Book Condition: Good. Ships with Tracking Number! INTERNATIONAL WORLDWIDE Shipping available. May not contain Access Codes or Supplements. May be ex-library. Shipping & Handling by region. Buy with confidence, excellent customer service!. Bookseller Inventory # 0996813012