Winter 2024 – Benefit Insights Newsletter Components of Defined Contribution Plan Compliance Testing Does My Plan Need an Audit? 401(k) deferrals: Don’t exceed the limit! Reminder: Long-Term Part-Time Employee Rules Effective January 1 2024 Upcoming Compliance Deadlines for Calendar-Year Plans Components of Defined Contribution Plan Compliance Testing Plans must be tested each year to…
DetailsFall 2023 – Benefit Insights Newsletter Cost of Living Adjustments for 2024 Considering Changes to Your Business? Don’t Forget About Your Plan! Good News on Catch-Up Contributions! News Alert: Grace Period Extended for EFAST2 Login Credentials Upcoming Compliance Deadlines for Calendar-Year Plans Cost of Living Adjustments for 2024 Save More for Retirement in 2024…
DetailsThe Employee Retirement Income Security Act ERISA requires coverage to protect the plan from losses due to fraud and dishonesty Bonds: Is your plan covered? It doesn’t hurt to double check! We’re here for you! Are Changes Needed to the Plan? Upcoming Compliance Deadlines for Calendar-Year Plans Bonds: Is your plan covered? The Employee…
DetailsSpring 2023 – Benefit Insights Newsletter Plan Participants: The More They Know, The Better Beneficiary on File? News Flash! Upcoming Compliance Deadlines for Calendar-Year Plans Plan Participants: The More They Know, The Better As a plan sponsor, do you feel your employees have a clear understanding of the company’s retirement plan? Do most utilize it…
DetailsSECURE 2.0 is a GO! 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) employees to make deferral contributions to retirement plans in situations where…
DetailsCost of Living Adjustments for 2023 Save even more for retirement in 2023 due to record breaking increases in limits. On October 21, 2022, the IRS announced the Cost of Living Adjustments (COLAs) affecting the dollar limitations for retirement plans for 2023. Retirement plan limits increased well over the 2022 limits, the largest increase in…
DetailsForm 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 several “types” and the type…
DetailsTiming 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 the Internal Revenue Service (IRS)…
Details2022 – An Ideal Time to Review Plan Design Each year, those in the retirement community collect, analyze and calculate data to ensure plan compliance with the laws that govern qualified retirement plans. The calendar of deadlines repeats each year, challenging plan sponsors and service providers to focus on the current plan compliance along with the…
DetailsFall 2021 – Benefit Insights Newsletter Save More for Retirement in 2022 Form 5500 Filing Extension for FEMA Designated Disaster Areas Participant Distribution Fraud in the “New Normal” Upcoming Compliance Deadlines for Calendar-Year Plans Save More for Retirement in 2022 On November 4, 2021, the IRS announced the Cost of Living Adjustments affecting the dollar…
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