Additions to the Nova 401(k) Associates’ Team

Nova 401(k) Associates is pleased to announce the following individuals have joined us: Bonnie Post, ERPA, QPA, QKA – Colorado – Consultant/Team Leader  Bonnie started with Nova on May 8, 2013.. Bonnie graduated from Pennsylvania State University with a B.S., Quantitative Business Analysis.  She brings with her more than 20 years of industry experience and … Read more

Hurricane Season Begins

Another hurricane season is upon us! The Atlantic hurricane season begins June 1st. The IRS offers these suggestions for preparing for a natural disaster: • Safeguard records – Make backup copies of important records and store the backup separately from the originals. Consider using electronic backup copies.• Inventory belongings – Create an inventory of possessions … Read more

Problem #3 (cont): Maximum compensation limit

A common compensation error in 401(k) plans is not applying the maximum compensation limit of IRC401(a)(17). Of course, there is no limit on the compensation that can be paid to an employee, but thereis a limit on the amount of compensation that can be considered for 401(k) purposes. At no time can a

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Nova 401(k) Associates featured in the “Forum Advantage”

An interview with Nova 401(k) Associates’ Practice Manager Arasely Colchado is featured in this edition of John Hancock’s Forum Advantage. The Forum Advantage is a quarterly e-newsletter that John Hancock produces for its Forum Third Party Administrators. The article focuses on Nova 401(k) efforts to better communicate with clients and how our strategy has evolved … Read more

Problem #3(cont): Examples

Below are some examples of compensation errors in 401(k) plans. If a 401(k) plan sponsor has made compensation errors in their 401(k) plan, the plan sponsor should consult with their 401(k) provider tand ERISA attorney on how to correct the errors.

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Happy Fourth of July!

All Nova 401(k) Associates’ offices will be closed on Monday July 4, 2011 in observance of the July 4th holiday. Nova 401(k) Associates will also be closing all offices at 2:00pm on Friday July 1st. What will Nova 401(k) Associates be doing over the three day weekend?

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Good Luck Heidi!

Nova 401(k) Associates would like to wish Heidi DeLoit the very best in her new role at Alliance Benefit Group of Houston. Heidi is leaving Malcolm Thompson & Associates where she has been a Sales and Marketing Director since 2008.

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Deadline for Form 8955-SSA extended

On June 21, 2011, the IRS announced an extension of time to file the 2009 and 2010 Form 8955-SSA.  The Form 8955-SSA replaces the Schedule SSA that used to be attached to the Form 5500.  Terminated participants who are still due a benefit from a plan are reported on the Form 8955-SSA and this information is used by the Social Security Administration to notify individuals that they may be entitled to a benefit from an employer plan.

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