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?
Does your Company utilize the services of Leased Employees? If so, it is important to be aware of the rules governing qualified retirement plans and leased employees. There are certain requirements that must be met in order for an individual to be considered a leased...
2I – 2O – 2P – 2Q – 3I, Bingo! Entering incorrect information on the return or report, or leaving a field blank when there should be an entry increases the likelihood that you’ll be selected for an Employee Plans Compliance Unit compliance check. Plan characteristic...
Single employer defined benefit pension plans that have a lump sum distribution option must keep the plan at least 80% funded in order to continue to offer the full lump sum payment to their participants. This requirement was added by the Pension Protection Act...
The IRS recently published guidelines for Plan Sponsors to adhere to regarding the documentation of hardship distributions and participant loans. Generally speaking, plan participants sign a distribution form certifying that they qualify for a hardship...
The IRS requires a defined benefit plan pay a distribution to a participant in an amount at least equal to the required minimum distribution.
Does your Company employ leased employees? An employee is considered “leased” if all of the following criteria is met: The services must be performed under an agreement between the recipient and a leasing organization. The services must be performed for at least one...
Plan sponsors often overlook the importance of maintaining an ERISA fidelity bond for an employee benefit plan. However, ignoring this requirement could result in unwanted scrutiny from the Department of Labor (DOL). As a way to protect employee benefit plans from any...