Retirement plans, post-employment health plan benefits, and self-insured business financial and liability reporting requirements continually evolve and change over time. Retirement and health plan regulatory parties must consequently update terms, conditions, and reporting obligations regularly. Keep your business up-to-date and compliant by connecting with the latest retirement and health plan news on the Watkins Ross blog. From 401(k) rules and pension benefit specifics to deferrals, distributions, and incurred liability considerations, Watkins Ross breaks down the latest news and important retirement and health plan updates so you can ensure your business provides the best possible benefits for your employees at the least amount of regulatory reporting risk. Interested in obtaining an expert look into your business’s current benefits and exploring how they fit within an ever-changing regulatory climate? Contact the Watkins Ross actuaries and retirement and health plan teams to obtain an in-depth assessment of your plan positioning, reporting liabilities, and cost-saving opportunities.
The Governmental Accounting Standards Board (GASB) recently released Statements 74 and 75, which replace statements 43 and 45, respectively for reporting related to other postemployment benefits (OPEB) plans. The purpose of the update was to provide increased...
The information reported on a census requests is crucial for your TPA to provide accurate annual testing. But, what do they need?
Having attended the Great Lakes Regional ESOP Conference in October, I arrived back to work the following Monday a bit smarter. It was either because most of the break-out sessions had the word ‘fiduciary’ in the program title or because I discovered that putting your...
The PBGC has announced the 2016 premium rates for defined benefit pension plans. The flat rate premium is $64 per participant for single employer defined benefit pension plans and $27 for multi-employer plans. We knew that the variable rate premium (per $1,000 of...
Succession planning, exit strategy, sustainable business, retain passion, create liquidity, leave a legacy … if these words caught your attention, you may have the ‘ESOP Factor.’ What is an ESOP? An Employee Stock Ownership Plan (ESOP) is a qualified...
Roughly 90% of companies with an employee stock ownership plan (ESOP) either sponsor a separate 401(k) plan or combine ESOP and 401(k) components together under a single KSOP plan. An ESOP can be used as the vehicle for receiving the employer’s matching contributions...
The typical Employee Stock Ownership Plan (ESOP) is designed to reward those who stay with the company, providing an annual allocation of contributions. The typical 401(k) plan is designed to encourage employees to make salary deferral contributions. ...
Yeah! The new kit is here! The new kit is here! Every October, The ESOP Association and its members celebrate Employee Ownership Month (EOM). Each summer, the Press & Event Planning Kit, which highlights EOM activities of ESOP Association members, is...
The IRS published the 2016 required mortality rates for purposes of minimum funding in defined benefit plans via Notice 2015-53. The 2016 rates will NOT be based on the newly published Society of Actuaries (SOA) RP2014 rates along with the improvement scale...
On July 9, 2015 the IRS issued a Notice of its intent to disallow lump sum offerings to retirees who are already receiving monthly benefits from the plan. Current law prohibits payments to retirees that would increase later in the annuity payment period (with...