by Edward Smith | Nov 9, 2022 | Latest News, Multi-Employer Plans
The Pension Benefit Guaranty Corporation (PBGC) has already approved financial assistance to 32 troubled multiemployer retirement plans under the Interim Final Rule released in July 2021. The PBGC asserts that as of October 4, 2022, it has approved over $7.7 billion...
by Kendra Higgins | Sep 16, 2022 | Retirement Plans
The IRS requires several annual nondiscrimination tests for defined contribution retirement plans, and the top-heavy test is one of those. A retirement plan is top-heavy when, as of the last day of the preceding plan year (the determination date), the total value of...
by Kendra Higgins | Apr 19, 2022 | 401(K) Plans, Retirement Plans
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...
