Blog / Retirement Plans
Choosing the right retirement plan for your employees can be a challenge. From navigating contrasting rules and regulations pertaining to various types of retirement plans to determining which type of retirement plans best suit the unique needs of your employees, small businesses and large corporations alike have a plethora of important decisions to make when it comes to retirement plan selection. The experienced retirement plan team at Watkins Ross understands these challenges, regulations, and decisions. We expertly help you navigate your retirement plan options so you can choose the perfect retirement plan for your business’s specific needs. Explore our collection of retirement plan articles on the Watkins Ross blog to learn more about the various types of retirement plans available for business owners like you, including 401(k), 403(b), 457 plans, cash balance retirement plans, defined benefit retirement plans, ESOP, profit sharing, non-qualified retirement plans, and multi-employer retirement plans. Not finding the retirement plan information you need? Connect with us here to learn more about Watkins Ross retirement plan design and administration services.
Department of Labor (DOL) rules require that employers deposit retirement plan participant deferrals as soon as administratively possible. For small retirement plans (under 100 participants), this is typically a timeline of 7 business days. Large retirement plans (100...
A common operational failure for retirement plans is when plan sponsors fail to apply the correct definition of compensation for retirement plan testing and benefit allocation purposes. Using an incorrect compensation total can impact the average deferral percentage...
The first step for enrolling new participants in your retirement plan is to determine their eligibility and entry date. Per your retirement plan document, determine the age and service requirements to enter the retirement plan. Once employees have met all...
What Are Controlled Groups and Controlled Group Rules?Controlled group rules exist to prevent business owners from subdividing their company into two separate companies - one employing highly compensated employees (HCEs) with a retirement plan and the other employing...
Code section 402(g) limits the amount an individual can defer to a 401(k) plan during a calendar year, and it applies at an individual level, not at a plan level. An individual’s elective deferrals are the sum of all pretax and Roth deferrals to a 401(k) plan plus any...
To Bond or Not to Bond, That Is The QuestionMany public employer sponsors of pension and/or Other Post-Employment Benefit (OPEB) plans are considering issuing taxable Pension Obligation Bonds (POB) as a way of closing any funding gaps that might exist in their...
In a defined benefit plan, to receive in-service lump sum distributions at age 59 ½, the distribution must satisfy certain thresholds. Most lump sum in-service distributions for Highly Compensated Employees are contingent on the value of the plan
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA), which includes much-needed relief for multiemployer plans. Many plans are already insolvent, with the PBGC paying the plan’s benefits at the lower PBGC guaranteed benefit amount
In January 2021, the Department of Labor (DOL) released new guidance on dealing with missing participants – former employees with a retirement account balance. For whatever reason, the cannot be located to deliver withdrawal paperwork or cash-out checks. The
Setting Olympic Sized Goals to Achieve Financial SuccessThe 2021 Olympics are finally here! After a year-long postponement due to the pandemic, the elite athletes in the world are coming together in Tokyo to participate in 28 different sports with the hopes of earning...
What Business Deductions Can I Take in 2020? Set Up a Retirement Plan!Despite the pandemic, many small businesses saw profits in 2020. As they begin calculating their final tax liability, they now realize that their liability exceeds expectations. They ask themselves...
The SECURE Act and Part-Time Employees If your plan requires employees to work 1,000 hours in a 12-month period to become eligible, you’ll soon need to start watching hours more closely. Having this 1,000-hour rule generally excludes those employees who work...
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.
2019 IRS Operational Compliance ListAttention qualified retirement plan sponsors: The IRS has posted the 2019 IRS Operational Compliance List. The intent is to assist plan sponsors in being aware of compliance changes effective in the upcoming year with regard to...
A beneficiary form determines who is entitled to the defined contribution retirement plan benefits upon the death of a participant. Is your form current?
A qualified retirement plan must meet various requirements throughout the year, check out our defined benefit compliance calendar today!
Read more about the impact the 2019 government shut down had on the lump sum interest rates.
If your plan had distributions from your retirement plan this year, you must report to the participants on a Form 1099-R.
The census request is a tool for plan administrators to report the employee data required for annual testing and other important business changes that occurred in the prior year.
President Trump executed this order to make it easier for businesses to join together to offer multiple employer plans, which are referred to as Association Retirement Plans (ARPs) in the order.