ForensisGroup 401(k) plans expert witnesses have many years of experience with insurance, law, and accounting. Many have practical expertise with IRS regulations, including 401(k) plans and employee benefits, and have drafted and administered 401(k) plans. They have worked for full service brokerage and consulting firms, human resources, and 401K administration.
A 401(k) plan is defined as a qualified employer-established plan. This plan was enacted in 1978 and is named after its tax code subsection. 401(k) plans accounted for almost 20% of the $24 trillion in total retirement plan assets in the United States. This plan allows eligible employees to contribute salary deferral or salary reduction contributions on either a pre-tax and/or a post-tax basis. Some employers who offer a 401(k) plans also may choose to make matching or non-elective contributions to the plan on behalf of eligible employees. They may also have a profit-sharing component in the 401(k) plan. An employee’s earnings in a 401(k) plan accrue tax-deferred.
The Internal Revenue Service regulations have a limit on the percentage of salary deferral contributions which an employee can make, as well as specific restrictions as to the manner in which an employee can withdraw these assets. Penalties may apply to withdrawals made by an employee who is not at retirement age.
ForensisGroup is a full-service company that specializes in expert witness referral. Please contact us today to receive highly qualified 401(k) plans expert witnesses suited to the specifics of your case, as well as initial consultations at no cost nor obligation.