Articles

How The SECURE Act 2.0 Will Impact Your Retirement Plan

How The SECURE Act 2.0 Will Impact Your Retirement Plan

On December 29, 2022, the Consolidated Appropriations Act of 2023 was signed into law which included the highly anticipated Securing a Strong Retirement Act (commonly referred to as SECURE 2.0).   This new legislation builds upon the enhancements that were implemented...

Save or Toss? Proper Plan Record Storage a Must!

Save or Toss? Proper Plan Record Storage a Must!

As the year comes to a close, you may wonder what plan records must be kept and what items can be tossed.  Historical plan records may need to be produced for many reasons: an IRS audit, a DOL investigation or simply questions from participants about their benefits or...

Deadline for CARES Act and SECURE Act Amendments Extended

Deadline for CARES Act and SECURE Act Amendments Extended

The original due date of the CARES Act and SECURE Act amendments for qualified plans, other than governmental plans, was the last day of the first plan year beginning on or after January 1, 2022, which means December 31, 2022, for calendar year plans.  This has been...

New Plan Year Checklist

New Plan Year Checklist

Each year, a great deal of attention is paid to the upcoming year end work: census gathering, compliance testing, 5500s, oh my! But the year-end also brings with it a host of items that may need attention before the year closes. Below are a few action items that may...

Help Us Congratulate Bobby Loeb

Help Us Congratulate Bobby Loeb

It is with great pride and excitement that we announce Bobby Loeb has been promoted to Principal. A role like this isn’t simply bestowed—it’s earned. Bobby’s commitment to Alliance, striving for excellence in everything we do, has helped our clients solve problems and achieve goals.

SECURE Act 2.0 – An Update On Potential Provisions

SECURE Act 2.0 – An Update On Potential Provisions

Many Americans struggle to save for retirement. Earlier this year the House of Representatives passed the Securing a Strong Retirement (SSR) Act, and two different U.S. Senate committees also advanced their own retirement savings-focused legislative proposals: the...

Q&A Corner

Q&A Corner

Q: I didn’t file my 12/31/21 plan year end Form 5500 by 7/31/22, now what? A: Contact your Form 5500 preparer! First, confirm whether or not an extension applies. This would occur with a Form 5558 filed before 7/31, or possibly a special extension or automatic...

New IRS Pre-Examination Compliance Program Announced

New IRS Pre-Examination Compliance Program Announced

In June 2022, the IRS began piloting a pre-examination retirement plan compliance program. This is beneficial to plan sponsors because it provides an opportunity for plan sponsors to correct mistakes at a reduced cost and possibly avoid a full IRS examination. Anytime...

Form 5500 Insights

Form 5500 Insights

Every year, most employers file a Form 5500 for each qualified plan that they sponsor. The purpose of the Form 5500 is to provide required information to the Department of Labor (DOL), but it can also provide valuable insight to the plan sponsor. The Form 5500 has...

Timing of Deposits 401(k)/403(b) Deferrals and Loan Repayments

Timing of Deposits 401(k)/403(b) Deferrals and Loan Repayments

One of the questions asked by your TPA during the annual census collection may be whether your participant contributions and loan payments were transmitted within the Department of Labor (DOL) safe harbor time frame. It’s an important question because both the DOL and...