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Watkins Ross

Blog

Celebrating Your Employees

Did you know that Friday (March 2) is National Employee Appreciation Day? Whether you believe engaged employees are more productive or that a work/life integration is more important than a balance, I think we can all agree that employee happiness has a positive impact...

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Starting a 401(k) Plan

A 401(k) plan is a type of defined contribution retirement plan that allows workers to contribute a portion of their income to save for retirement. 401(k) plans are a popular choice to help employees prepare for retirement, but a well-structured plan can also help...

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What A Failed ADP/ACP Test Means

401(k) plan nondiscrimination testing is complex (for a review of the ADP/ACP tests, please read 401(K) Plan Nondiscrimination Testing). Many financial advisors and plan sponsors want to maximize deferrals for the Highly Compensated Employee (HCE) group, yet feel...

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401(K) Plan Nondiscrimination Testing

In order to ensure a 401(k) plan is not favoring owners or highly paid employees, the IRS requires certain nondiscrimination testing is performed. The Actual Deferral percentage Test (ADP) measures the employee deferral contributions and the Actual Contribution...

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Retirement Plan Check-up

The best way to avoid long-running errors on your retirement plan is to periodically review the plan to ensure it’s operating in compliance. You should review your plan twice a year; in the summer and winter.  The IRS has a retirement plan check-up brochure on their...

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Tax Reform Impact on Qualified Retirement Plans

The H.R. 1 tax act impacts the rules governing qualified retirement plans and fringe benefit plans. The new loan offset rules and the income inclusion and deduction rules for certain fringe benefits were both impacted. DrinkerBiddle’s recent Plan Sponsor Update (The...

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New Loan Offset Rules

Beginning in 2018, the new law extends the 60-day rollover deadline to the participant’s tax return due date (including extensions) for the year the loan offset occurred. The new rule gives participants more time to deposit the funds and avoid unexpected taxation. To...

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Defined Benefit Plan Compliance Calendar

A qualified retirement plan must meet various requirements throughout the year in order to retain the qualified status. If you are responsible for administering your company’s defined benefit plan, it’s critical to meet these deadlines. From making quarterly...

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Defined Contribution Plan Compliance Calendar

A qualified retirement plan must meet various requirements throughout the year in order to retain the qualified status. If you are responsible for administering your company's defined contribution plan, it's critical to meet these deadlines. From processing failed...

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2017 Census Request: What Do I Report To My TPA?

It's hard to believe we are already in the 4th quarter of 2017. This means it's time to start thinking about completing the 2017 census request. Whether you're a longtime vet or new to this process, it's important to remember why we ask for this data. The census...

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Cash Balance Plans Are On The Rise

According to the new research released in the Kravitz Inc. 2017 National Cash Balance Research Report, the number of new cash balance plans adopted by employers increased 17% in 2015. So, cash balance plans now account for over 34% of all defined benefit plans (up...

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