Video: 2:17 view time. Your clients understand the value of providing retirement benefits to their employees, but they want more than just a standard 401(k) plan. They want a plan that is tailored to their specific needs and goals, one that offers flexibility...
How to Take Advantage of Retroactive Cash Balance Plans - A Tax-Friendly Solution A cash balance plan is designed to maximize tax deferrals to the owner and key staff and significantly accelerate the process of saving for retirement, often suitable for small to...
The Voluntary Fiduciary Correction Program (VFCP) allows plan sponsors and other responsible fiduciaries to voluntarily self-correct 19 specific prohibited transactions that violate the Employee Retirement Income Security Act (ERISA) without incurring a penalty....
Upcoming Compliance Deadlines for Defined Contribution Plans Reminders for Plan Participants March 15 Employer contributions due to the retirement plan’s trust for S-corporations and partnerships with December 31 fiscal year-ends, in order to take deductions...
Within 18 months: Effectiveness of notice provided for eligible rollover distributions: A 402(f) notice, often referred to as a Special Tax Notice, must be provided to the recipient of a distribution that is eligible for rollover. The notice must contain required...
When Plan Sponsors are asked to provide company and employee census information for a recent plan year, the details being collected affect the contributions that must be calculated and funded as well as which compliance tests the plan must satisfy. The same questions...
In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act increased the Required Minimum Distribution (RMD) age for retirement plan participants from age 70 1/2 to 72. Additionally, it introduced opportunities for Long Term Part Time (LTPT)...
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...
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...
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...