General Information Archives

Are there any DOL or IRS filings required for a tax-exempt 457(b) plan?

November 6, 2020April 4, 2014 by Nova401k

Tax-exempt 457(b) (Top Hat) plans must file a notification of the plan’s existence with the Department of Labor. As long as this notification is timely filed there is no Form 5500 requirement for the plan. Nova 401(k) Associates can assist with this filing.

When can a 457(b) plan be established?

February 23, 2021April 4, 2014 by Nova401k

A tax-exempt 457(b) plan can be established at any time during the calendar year.

Additions to the Nova 401(k) Associates’ Team

November 6, 2020May 30, 2013 by Nova401k

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

November 6, 2020June 1, 2012 by Nova401k

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

February 19, 2021September 25, 2011 by Nova401k

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

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

November 6, 2020July 8, 2011 by Nova401k

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

What does NYT poll tell us about retirement policy?

November 6, 2020June 30, 2011 by Nova401k

On June 29, 2011, the New York Times published the results of a New York Times/CBS News poll. Many of the questions were political in nature, but one question has caught the eye of 401(k) professionals.

Problem #3(cont): Examples

November 6, 2020June 29, 2011 by Nova401k

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.

Happy Fourth of July!

February 19, 2021June 29, 2011 by Nova401k

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?

Good Luck Heidi!

June 24, 2011 by Nova401k

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.