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Retirement plans, post-employment health plan benefits, and self-insured business financial and liability reporting requirements continually evolve and change over time. Retirement and health plan regulatory parties must consequently update terms, conditions, and reporting obligations regularly. Keep your business up-to-date and compliant by connecting with the latest retirement and health plan news on the Watkins Ross blog. From 401(k) rules and pension benefit specifics to deferrals, distributions, and incurred liability considerations, Watkins Ross breaks down the latest news and important retirement and health plan updates so you can ensure your business provides the best possible benefits for your employees at the least amount of regulatory reporting risk. Interested in obtaining an expert look into your business’s current benefits and exploring how they fit within an ever-changing regulatory climate? Contact the Watkins Ross actuaries and retirement and health plan teams to obtain an in-depth assessment of your plan positioning, reporting liabilities, and cost-saving opportunities.
Escalating PBGC Premiums
Plan sponsors of defined benefit pension plans who are subject to PBGC coverage receive an email each year from the PBGC requiring input (and payment). What’s also required is a deep breath and a strong heart. Although the purpose of the PBGC is meaningful...
Will Your ESOP Require a Plan Audit For Form 5500?
Will your ESOP require a plan audit for Form 5500 this year? If so, there is much to do in the next few months! A plan audit is required if the number of ESOP Participants reported on the Form 5500 is 100 or greater, as of the beginning of the Plan Year. There...
Can a Business Owner Receive a Safe Harbor Contribution?
Owners and highly compensated employees who are eligible participants in a safe harbor 401(k) plan are typically allowed to receive an employer contribution using the same safe harbor formula that is applied to the rank-and-file plan participants. However, some plans...
The Importance of Beneficiary Forms
It’s an easy detail to overlook. Participants occasionally overlook the importance of updating their beneficiary form. It is even more important to update their form if their status has changed, such as divorce, marriage, etc. Maintaining updated beneficiary forms...
A Prying TPA Keeps the IRS Away
January 1st brings anticipation for the future, a fresh start, and a chance to follow through on those New Year’s resolutions. But it also means that it’s retirement-plan reporting season as well. It’s time again to notify your TPA of any business changes that may...
The GreatBanc and DOL Settlement Agreement
The DOL recently reached a settlement of its lawsuit alleging violations of ERISA against GreatBanc. As part of the settlement, GreatBanc was required to enter into a “Fiduciary Process Agreement.” The agreement applies only to GreatBanc and is not a Regulation, Field...
Mortality Improvements
Defined Benefit plan actuaries use various assumptions to calculate a plan’s benefit liabilities for various purposes. One of the main assumptions employed is the rate of mortality for the plan’s population. The IRS requires specific mortality tables for some...
Who is Considered a Leased Employee?
Does your Company employ leased employees? An employee is considered “leased” if all of the following criteria is met: The services must be performed under an agreement between the recipient and a leasing organization. The services must be performed for at least one...
Prospective 409(p) Testing
The end of the year is a good time for S Corporations to conduct prospective anti-abuse testing under IRC 409(p) for their ESOP Plan. The anti-abuse test under IRC 409(p) is a complex ownership concentration test that must pass on every day of the plan...