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401(k) Retirement Plan Audit
401(k) Retirement Plan Audit Why does my 401(k) retirement plan need an audit? The 401(k) plan audit is mandated by the Employee Retirement Income Security Act (ERISA) and is intended to make sure a plan is being run correctly. The audit seeks to; (1) review 401(k)...
It is Time Again to Rewrite Your Defined Contributions Plans
It's Time Again to Rewrite Your Defined Contribution PlanIRS has recently announced that employers with pre-approved defined contribution plans (401(k), profit sharing and money purchase) will need to have their plan documents rewritten within the next two years. The...
CARES Act – Suspension of Loan Payment Provision
CARES Act - Suspension of Loan Payment Provision If adopted by the plan, this applies to all qualified employees still working as well as qualified furloughed employees and those on a temporary leave of absence. Loan payments due between March 27, 2020 and December...
Internal Revenue Service Provides Temporary Relief and Other Guidance on Mid-Year Reductions of Safe Harbor Contributions to 401(k) Plans due to COVID-19
Internal Revenue Service Provides Temporary Relief and Other Guidance on Mid-Year Reductions of Safe Harbor Contributions to 401(k) Plans due to COVID-19On June 29, 2020, the Internal Revenue Service (the “IRS”) issued Notice 2020-52 that provides temporarily relief...
New Guidance for the definition of a Qualified Individual
New Guidance for Definition of a Qualified IndividualIf your plan elected any of the CARES Act provisions to allow for coronavirus-related distributions or the expanded loan provisions, there has been a change to who may be considered a “qualified individual”....
Required Minimum Distribution (RMD) Law Changes to the SECURE Act and the CARES Act
Required Minimum Distribution (RMD) Law Changes to the SECURE Act and the CARES ActThe SECURE Act was recently passed effective 1-1-2020 and, since then, there has been a lot of communication regarding the passage of the CARES Act due to Covid19. Both of these acts...
Impacts of the SECURE Act on Defined Benefit Plans
Impacts of the SECURE Act on Defined Benefit PlansThe market drop of December 2018 seems like ages ago, considering recent market volatility, Coronavirus, and the missing March Madness. However, the December 2018 drop did result in lower AFTAPs for many calendar-year...
2020 Plan Limits Released
The IRS released the 2020 Cost-Of-Living adjustments.
Cash Balance Plans – Pitfalls of Using an Investment Rate of Return as the Plan’s Interest Crediting Rate
There are a number of potential issues a plan sponsor may face if they use the investment rate of return as the plan’s interest crediting rate.
GASB Discount Rate Calculation – A Proposal For A Different Approach
You are tasked with determining an appropriate discount rate for determining the Net OPEB liability under GASB. What is the appropriate discount rate?
Cash Balance Plan Considerations
The number of new Cash Balance Plans continues to rise each year. Here are few things to consider in regards to your Cash Balance Plan.
Review Your Retirement Plan
How often do you review your retirement plan? Plan errors can be costly and time-consuming, so the best way to avoid long-running errors is to periodically review the plan to ensure it’s operating in compliance.