A Third Party Administrator (TPA) must collect plan information from Plan Sponsors each year in order to complete the valuation and required filings. Providing accurate information to your TPA is critical, but one area often overlooked is reporting accurate fidelity...
IF YES: WR CAN ASSIST YOUR CLIENTS IN CORRECTING THIS FAILURE! The deadline for your clients to restate their 401(k), profit sharing and money purchase plans onto a pre-approved PPA document was April 30, 2016. To ensure these plans stay qualified, WR can assist your...
With the New Year just beginning, now is a good time to review your policies, procedures and internal controls for your retirement plan. Having strong internal controls and documenting policies/procedures is important to ensure you are operating your plan properly; as...
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.