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# Watkins Ross

Consulting, Actuarial & Administration Firm in Grand Rapids, MI

## Sitemaps

- [XML Sitemap](https://watkinsross.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Articles](https://watkinsross.com/articles/) - What’s been going on in the retirement & health plan fields? Here we’ll discuss the latest information & best practices for managing your plans.
- [Utilizing a Pre-Approved Plan](https://watkinsross.com/articles/2017-02-08-utilizing-a-pre-approved-plan/) - Feb 8, 2017 - Many employers adopt a pre-approved plan for their employees’ retirement plan. Adopting a pre-approved plan means the IRS has already issued an opinion letter or advisory letter regarding the acceptability of the type of plan. There are different types of pre-approved plans. A Master and Prototype Plan includes an adoption agreement accompanied by a basic
- [Cash Balance Plans Are On The Rise](https://watkinsross.com/articles/2017-08-09-cash-balance-plans-are-on-the-rise/) - Aug 9, 2017 - Several factors have contributed to the popularity of cash balance plans and findings show an increasing diversity in the companies adopting them.
- [Protect Your Qualified Plan From RMD Failures](https://watkinsross.com/articles/2018-04-16-protect-your-qualified-plan-from-rmd-failures/) - Apr 16, 2018 - Qualified retirement plans are subject to Required Minimum Distribution (RMD) rules. It's important to protect your qualified plan from RMD failures.
- [Michigan Now Requires More Disclosure from Local Governments Regarding their Pension and Retiree Health Systems](https://watkinsross.com/articles/2018-08-27-michigan-now-requires-more-disclosure-from-local-governments-regarding-their-pension-and-retiree-health-systems/) - Aug 27, 2018 - Michigan Public Act 202 requires more disclosure from local governments regarding their pension and retiree health systems.
- [Switch From Offering a Simple IRA to a 401(k) Plan](https://watkinsross.com/articles/2018-09-20-switch-from-offering-a-simple-ira-to-a-401k-plan/) - Sep 20, 2018 - Do you or your clients have a SIMPLE IRA but could benefit from establishing a 401(k) plan? It's not too late to make the change for 2018.
- [OMB Completes Review of the Presidential Executive Order on Increasing Retirement Security in America](https://watkinsross.com/articles/2018-10-22-omb-completes-review-of-the-presidential-executive-order-on-increasing-retirement-security-in-america/) - Oct 22, 2018 - As outlined in our recent article, Executive Order on Increasing Retirement Security in America, 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. It took the DOL less than a month to review and
- [Saver’s Tax Credit](https://watkinsross.com/articles/2023-07-07-savers-tax-credit/) - Jul 7, 2023 - Maximize your retirement savings with the Saver's Tax Credit. Claim up to $1,000 ($2,000 for couples) on your 2023 tax return. Find out if you qualify!
- [Long Term Part Time (LTPT) Employees: The Impact to Your Plan Beginning in 2024](https://watkinsross.com/articles/2023-06-05-long-term-part-time-ltpt-employees-the-impact-to-your-plan-beginning-in-2024/) - Jun 5, 2023 - Discover the SECURE Act's impact on plan eligibility and requirements for Long Term Part Time (LTPT) employees. Learn about changes, tracking hours, and employer contributions.
- [Secure 2.0 for Defined Benefit Plans](https://watkinsross.com/articles/2023-05-11-secure-2-0-for-defined-benefit-plans/) - May 11, 2023 - Secure Act 2.0 has important updates for Defined Benefit Plans, including increased RBD age and reduced excise tax on missed RMDs. Stay up-to-date with these crucial changes to ensure your retirement plan is compliant.
- [An Inherent Weakness in the Completion Factor Approach to Calculating an Incurred But Not Reported (IBNR) Reserve](https://watkinsross.com/articles/2023-04-27-an-inherent-weakness-in-the-completion-factor-approach-to-calculating-an-incurred-but-not-reported-ibnr-reserve/) - Apr 27, 2023 - Discover the inherent weakness of using the completion factor approach to calculate IBNR reserves in healthcare finance and how to avoid costly mistakes.
- [What a Failed ADP/ACP Test Means](https://watkinsross.com/articles/2023-03-13-what-a-failed-adp-acp-test-means-2/) - Mar 13, 2023 - Ensure your 401k retirement plan allows your employees to save the maximum amount allowed by understanding and utilizing ADP/ACP testing.
- [Defined Contribution Compliance Calendar](https://watkinsross.com/articles/2019-02-14-2019-defined-contribution-compliance-calendar/) - Feb 14, 2019 - A qualified retirement plan must meet various requirements throughout the year, check out our defined contribution compliance calendar today!
- [What A Failed ADP/ACP Test Means](https://watkinsross.com/articles/2018-02-12-what-a-failed-adp-acp-test-means/) - Feb 12, 2018 - If you want to maximize contributions for the Highly Compensated Employees, don't stress (or panic!) at the thought of failing the ADP/ACP testing.
- [2019 Defined Benefit Plan Compliance Calendar](https://watkinsross.com/articles/2019-02-13-2019-defined-benefit-plan-compliance-calendar/) - Feb 13, 2019 - If you are responsible for administering your company’s defined benefit plan, download our 2019 defined benefit plan compliance calendar.
- [Further Assistance for Troubled Multiemployer Retirement Plans](https://watkinsross.com/articles/2022-11-09-further-assistance-for-troubled-multiemployer-retirement-plans/) - Nov 9, 2022 - PBGC made several changes to the Final Rule issued on July 6, 2022. Learn about changes and benefits to retirement plans on the Watkins Ross blog.
- [The Importance of Maintaining Retirement Beneficiary Forms](https://watkinsross.com/articles/2022-10-20-the-importance-of-maintaining-retirement-beneficiary-forms/) - Oct 20, 2022 - It’s essential plan sponsors provide retirement beneficiary forms when enrolling a new employee in a retirement plan. Learn more on the Watkins Ross blog.
- [Maintaining Retirement Plan and Participant Records: Who’s Responsible and for How Long?](https://watkinsross.com/articles/2022-07-12-maintaining-retirement-plan-and-participant-records-whos-responsible-and-for-how-long/) - Jul 12, 2022 - Save your company time and money by maintaining complete records of your retirement plan and maintaining these records for the life of your plan.
- [Electronic Delivery of Participant Disclosure Materials](https://watkinsross.com/articles/2017-07-05-electronic-delivery-of-participant-disclosure-materials/) - Jul 5, 2017 - The DOL and the IRS have established guidelines when e-mail or other electronic delivery methods are used to distribute retirement plan information.
- [401(K) Plan Nondiscrimination Testing](https://watkinsross.com/articles/2018-02-05-401k-plan-nondiscrimination-testing/) - Feb 5, 2018 - To ensure a 401(k) plan is not favoring owners or highly paid employees, the IRS requires certain nondiscrimination testing is performed (ADP/ACP testing).
- [401(k) Plan Nondiscrimination Testing](https://watkinsross.com/articles/2023-02-15-401k-plan-nondiscrimination-testing-2/) - Feb 15, 2023 - Avoid penalties and fees by ensuring your retirement plan meets IRS 401k plan nondiscrimination test requirements.
- [Cash-out Rules for Small Balances](https://watkinsross.com/articles/2014-09-22-cash-out-rules-for-small-balances/) - Sep 22, 2014 - If your defined contribution plan contains a cash-out threshold of $1,000.00, participants with account balances below $1,000.00 must be forced to take their money out of the plan. Participants with small balances must be given the appropriate distribution form(s), along with the Special Tax Notice. If a response is not received by the end of
- [Automatic Rollover Rules](https://watkinsross.com/articles/2014-10-15-automatic-rollover-rules/) - Oct 15, 2014 - The Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) changed the cash-out rule to require that account balances between $1,000 and $5,000 must be rolled over to an individual retirement account (“IRA”). This only applies if the plan sponsor makes the appropriate election in the plan document and the participant does not elect
- [What is a Cross-Tested Plan?](https://watkinsross.com/articles/2015-06-24-what-is-a-cross-tested-plan/) - Jun 24, 2015 - A cross-tested plan is a type of retirement plan which favors older, long-term employees who are closer to retirement age.
- [Safe Harbor Contributions for Defined Contribution Plans](https://watkinsross.com/articles/2018-03-19-safe-harbor-contributions-for-defined-contribution-plans/) - Mar 19, 2018 - There are several types of safe harbor contributions for defined contribution plans. Here is a breakdown of each of the types available.
- [Attribution Rules – The Family Tree](https://watkinsross.com/articles/2018-03-26-attribution-rules-the-family-tree/) - Mar 26, 2018 - You don’t get to choose your family, and the same holds true with family attribution rules; but a company's ownership is critical for accurate testing.
- [Defined Contribution Plan Termination Procedure](https://watkinsross.com/articles/2018-04-30-defined-contribution-plan-termination-procedure/) - Apr 30, 2018 - There are various reasons a company decides to terminate their defined contribution retirement plan, but specific steps must be followed.
- [Why an Unbundled TPA is Better for a Defined Contribution Plan](https://watkinsross.com/articles/2018-05-29-why-an-unbundled-tpa-is-better-for-a-defined-contribution-plan/) - May 29, 2018 - Having one provider might seem like an effective and cost-saving solution, but having an unbundled TPA is better for several reasons.
- [Salary Deferral Limits in Defined Contribution Plans](https://watkinsross.com/articles/2018-07-02-salary-deferral-limits-in-defined-contribution-plans/) - Jul 2, 2018 - The 2018 contribution limit for salary deferrals is $18,500 and includes both pre-tax and after-tax Roth deferrals. This limit is aggregated across plans.
- [RMDs for Missing Participants in Defined Contribution Plans](https://watkinsross.com/articles/2018-07-23-rmds-for-missing-participants-in-defined-contribution-plans/) - Jul 23, 2018 - Minimum distributions are required for certain participants age 70½. How do you handle RMDs for missing participants in defined contribution plans?
- [National TPA Day](https://watkinsross.com/articles/2018-10-16-national-tpa-day/) - Oct 16, 2018 - John Hancock has declared October 16, 2018 the fourth annual National TPA Day as a way to acknowledge what TPAs do to make 401(k) plans work the way they should. We love helping our clients understand and implement retirement plans designed to meet their goals. As a TPA, we offer: customized plan designs to meet
- [Safe Harbor Plan Amendments](https://watkinsross.com/articles/2018-10-29-safe-harbor-plan-amendments/) - Oct 29, 2018 - Do you or your clients have a 401(k) plan that could benefit from amending to include a safe harbor provision?
- [2018 Census Request Reporting](https://watkinsross.com/articles/2018-10-31-2018-census-request-reporting/) - Oct 31, 2018 - The 2018 census request is a tool for plan administrators to report the employee data required for annual testing and other important business changes.
- [Bipartisan Budget Act of 2018](https://watkinsross.com/articles/2018-11-05-bipartisan-budget-act-of-2018/) - Nov 5, 2018 - The Bipartisan Budget Act of 2018 impacts hardship distributions from defined contribution plans.
- [Finding Missing Participants in Your Defined Contribution Plan](https://watkinsross.com/articles/2018-11-26-finding-missing-participants-in-your-defined-contribution-plan/) - Nov 26, 2018 - Finding missing participants can be frustrating but employers carry the responsibility to provide disclosures to them just as often as active employees.
- [Year-End Bonuses and Compensation (Defined Contribution Plans)](https://watkinsross.com/articles/2018-12-05-year-end-bonuses-and-compensation-defined-contribution-plans/) - Dec 5, 2018 - Your plan document will dictate if bonuses are excluded from the definition of compensation and special rules for the treatment of deferrals on bonuses.
- [Year-End Required Minimum Distributions (Defined Contribution Plans)](https://watkinsross.com/articles/2018-12-05-year-end-required-minimum-distributions-defined-contribution-plans/) - Dec 5, 2018 - Failure to take your required minimum distribution could result in tax penalties, such as a 50% excise tax on the amount that was not withdrawn.
- [Changes to Hardship Rules](https://watkinsross.com/articles/2018-12-27-changes-to-hardship-rules/) - Dec 27, 2018 - Regulatory changes as a result of the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 may impact certain provisions of your 401(k) Plan.
- [Who Retains The Beneficiary Forms?](https://watkinsross.com/articles/2019-02-19-who-retains-the-beneficiary-forms/) - Feb 19, 2019 - A beneficiary form determine who is entitled to the defined contribution retirement plan benefits upon the death of a participant. Is your form current?
- [ADP/ACP Testing Deadline](https://watkinsross.com/articles/2019-02-25-adp-acp-testing-deadline/) - Feb 25, 2019 - Corrective distributions must be processed by March 15 for a failed ADP/ACP test for a calendar plan year. Take these steps to prepare.
- [Initial Required Minimum Distributions (Defined Contribution Plans)](https://watkinsross.com/articles/2019-03-11-initial-required-minimum-distributions-defined-contribution-plans/) - Mar 11, 2019 - Are you meeting the initial required minimum distributions of your contribution plan? Learn more about what conditions need to be met with Watkins Ross!
- [2019 IRS Operational Compliance List](https://watkinsross.com/articles/2019-03-28-2019-irs-operational-compliance-list/) - Mar 28, 2019 - The 2019 IRS Operational Compliance List has been posted! This guide helps plan sponsors understand the compliance changes effective in the upcoming year.
- [2020 Plan Limits Released](https://watkinsross.com/articles/2019-11-07-2020-plan-limits-released/) - Nov 7, 2019 - The 2020 Cost-Of-Living Adjustments affecting employee benefit plans include the annual limits for Social Security Taxable Wage Base.
- [CARES Act – Suspension of Loan Payment Provision](https://watkinsross.com/articles/2020-08-17-cares-act-suspension-of-loan-payment-provision/) - Aug 17, 2020 - 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 31, 2020 may be delayed for 1 year and extends the 5-year repayment period accordingly. This applies to any
- [It is Time Again to Rewrite Your Defined Contributions Plans](https://watkinsross.com/articles/2020-09-04-it-is-time-again-to-rewrite-your-defined-contributions-plans/) - Sep 4, 2020 - IRS 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 deadline to do so is July 31, 2022. IRS goes through this process every six years. If you utilize the WR pre-approved defined contribution
- [SECURE Act: Plan Amendment Options](https://watkinsross.com/articles/2020-12-14-secure-act-plan-amendment-options/) - Dec 14, 2020 - The SECURE Act was signed into law on December 20, 2019. Your plan will require an amendment prior to the end of your 2022 plan year. Below are provisions that you will be able to elect in the plan amendment: Qualified Birth or Adoption Distribution (“QBAD”): A Participant may request a distribution of up to
- [The Importance of Beneficiary Forms](https://watkinsross.com/articles/2015-01-21-the-importance-of-beneficiary-forms/) - Jan 21, 2015 - 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 annually is crucial in maintaining your defined contribution plan.
- [Defined Benefit: Fast Facts & Planning Tips](https://watkinsross.com/articles/2016-04-14-defined-benefit-fast-facts-planning-tips/) - Apr 14, 2016 - The National Retirement Planning Coalition has designated April 11-15 as the 2016 National Retirement Planning week. In celebration, each day this week Watkins Ross will share some fast facts and planning tips on the various types of retirement plans we service. Thursday’s focus: FAST FACTS In 2015, the average cost to provide a traditional defined
- [The SECURE Act and Part-Time Employees](https://watkinsross.com/articles/2020-11-19-the-secure-act-and-part-time-employees/) - Nov 19, 2020 - 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 part-time, seasonal or temporary. The SECURE Act signed in December 2019 has made changes for plan years beginning after December
- [Retirement Plan Enrollment Best Practices](https://watkinsross.com/articles/2023-01-09-retirement-plan-enrollment-best-practices/) - Jan 9, 2023 - Ensure your company possesses the retirement plan enrollment processes, forms, standards, and records required to avoid costly penalties.
- [Retirement Plan Procedures, Practices, and Internal Controls](https://watkinsross.com/articles/2022-12-15-retirement-plan-procedures-practices-and-internal-controls/) - Dec 15, 2022 - With the New Year right around the corner, now is a good time to review your retirement plan’s policies, procedures, and internal controls.
- [What Is a Top-Heavy Retirement Plan?](https://watkinsross.com/articles/2022-09-16-what-is-a-top-heavy-retirement-plan/) - Sep 16, 2022 - What is a top heavy retirement plan and which action steps must be taken to stay IRS-compliant? Learn more on the Watkins Ross blog.
- [The New IRS Pre-Examination Retirement Plan Compliance Program](https://watkinsross.com/articles/2022-08-09-the-new-irs-pre-examination-retirement-plan-compliance-program/) - Aug 9, 2022 - Can a new IRS pre-examination retirement plan pilot program assist your business? Learn more about program requirements on the Watkins Ross blog.
- [IRS Update - Retirement Plan Documentation Deadline](https://watkinsross.com/articles/2022-06-16-irs-update-retirement-plan-documentation-deadline/) - Jun 16, 2022 - The IRS retirement plan documentation deadline is fast approaching. Read more about your retirement plan liability on the Watkins Ross blog.
- [Processing Retirement Plan Participant Contributions](https://watkinsross.com/articles/2022-05-19-processing-retirement-plan-participant-contributions/) - May 19, 2022 - The US Department of Labor requires all employers follow a strict set of rules regarding retirement plan participant contributions to avoid costly errors.
- [Retirement Plan Compensation Considerations](https://watkinsross.com/articles/2022-04-19-retirement-plan-compensation-considerations/) - Apr 19, 2022 - Avoid retirement plan compensation definition miscalculations by following these simple steps from Watkins Ross’ experienced retirement plan actuaries.
- [Enrolling New Participants in Your Retirement Plan](https://watkinsross.com/articles/2022-03-14-enrolling-new-participants-in-your-retirement-plan/) - Mar 14, 2022 - Looking to enroll new participants in your retirement plan? Visit the Watkins Ross blog to learn about retirement plan eligibility, deferrals, and forms.
- [What Are Controlled Groups and Controlled Group Rules?](https://watkinsross.com/articles/2022-02-10-what-are-controlled-groups-and-controlled-group-rules/) - Feb 10, 2022 - Learn more about controlled groups, retirement plan rules, brother-sister controlled groups, and attribution rules in Watkins Ross’ latest article.
- [402(g) Limit on Elective Deferrals – It’s Personal](https://watkinsross.com/articles/2022-01-10-402g-limit-on-elective-deferrals-its-personal/) - Jan 10, 2022 - Code section 402g limits the amount you can defer to a 401k plan. Did you know it applies at an individual level, not a plan level? Read on to learn more.
- [To Bond, or Not to Bond, That Is the Question](https://watkinsross.com/articles/2021-12-17-to-bond-or-not-to-bond-that-is-the-question/) - Dec 17, 2021 - Pension and/or Other Post-Employment Benefit plan sponsors are considering issuing taxable Pension Obligation Bonds to close retirement plan funding gaps. Let’s discuss the benefits and risks of doing so.
- [In-Service Distributions from Defined Benefit Plans](https://watkinsross.com/articles/2021-11-24-in-service-distributions-from-defined-benefit-plans/) - Nov 24, 2021 - The Bipartisan American Miners Act of 2019 allows in-service distributions for retirement plan participants to commence at age 59 ½. However, in a defined benefit plan, to receive in-service lump sum distributions at age 59 ½, the distribution must satisfy certain thresholds. Read on to learn more about defined benefit plan lump sum distribution requirements.
- [Financial Assistance to Troubled Multiemployer Pension Plans](https://watkinsross.com/articles/2021-10-21-financial-assistance-to-troubled-multiemployer-pension-plans/) - Oct 21, 2021 - On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA), which includes relief for multiemployer pension plans.
- [Best Practices for Missing Plan Participants](https://watkinsross.com/articles/2021-09-16-best-practices-for-missing-plan-participants/) - Sep 16, 2021 - In January 2021, the Department of Labor (DOL) released new guidance on dealing with former employees or missing plan participants.
- [Understanding Your Retirement Plan's Force-out Provisions](https://watkinsross.com/articles/2021-08-09-understanding-your-retirement-plans-force-out-provisions/) - Aug 9, 2021 - Are you aware of your plan’s force-out provisions? How force-out’s are handled is a plan document issue and must be followed.
- [Getting 401(k) Participants Back in the Game in a Post Pandemic World](https://watkinsross.com/articles/2021-06-23-getting-401k-participants-back-in-the-game-in-a-post-pandemic-world/) - Jun 23, 2021 - There is no doubt the coronavirus has impacted decisions many workers made during 2020. Read on to recover your 401(k) post pandemic.
- [Common Mistakes to Avoid in Your Employee Benefit Plan](https://watkinsross.com/articles/2021-05-14-common-mistakes-to-avoid-in-your-employee-benefit-plan/) - May 14, 2021 - Employee benefit plans are required to meet a number of requirements. In this article, we review the most common mistakes.
- [The American Rescue Plan of 2021: Pension Plan Benefits](https://watkinsross.com/articles/2021-04-01-the-american-rescue-plan-of-2021-pension-plan-benefits/) - Apr 1, 2021 - The American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11, 2021. It contains many provisions affecting pension plans.
- [What Business Deductions Can I Take In 2020? Set Up a Retirement Plan!](https://watkinsross.com/articles/2021-03-11-what-business-deductions-can-i-take-in-2020-set-up-a-retirement-plan/) - Mar 11, 2021 - The SECURE Act permits businesses to adopt a qualified retirement plan by the due date of the employer’s tax return, including extensions.
- [401(k) Retirement Plan Audit](https://watkinsross.com/articles/2020-09-10-401k-retirement-plan-audit/) - Sep 10, 2020 - 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) plan documents and (2) verify the 401(k) plan is compliant with the IRS and DOL rules. When is an audit
- [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](https://watkinsross.com/articles/2020-08-10-internal-revenue-service-provides-temporary-relief-and-other-guidance-on-mid-year-reductions-of-safe-harbor-contributions-to-401k-plans-due-to-covid-19/) - Aug 10, 2020 - On June 29, 2020, the Internal Revenue Service (the “IRS”) issued Notice 2020-52 that provides temporarily relief to plan sponsors that amend their safe harbor Section 401(k) or 401(m) plans (“Safe Harbor Plans”) mid-year to reduce or suspend employer safe harbor matching or nonelective contributions due to the COVID-19 pandemic. To qualify for the relief, a Safe
- [New Guidance for the Definition of a Qualified Individual](https://watkinsross.com/articles/2020-07-29-new-guidance-for-the-definition-of-a-qualified-individual/) - Jul 29, 2020 - If 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”. Participants defined as a qualified individual include: Individual diagnosed with the Coronavirus with a CDC approved test Individual whose spouse or dependent
- [Required Minimum Distribution (RMD) Law Changes to the SECURE Act and the CARES Act](https://watkinsross.com/articles/2020-04-27-required-minimum-distribution-rmd-law-changes-to-the-secure-act-and-the-cares-act/) - Apr 27, 2020 - The 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 affect how RMD’s are to be processed in 2020, 2021 and onward. The following is a clarification as to how the Required Minimum
- [Impacts of the SECURE Act on Defined Benefit Plans](https://watkinsross.com/articles/2020-03-24-impacts-of-the-secure-act-on-defined-benefit-plans/) - Mar 24, 2020 - The 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 plans. Unless your plan’s AFTAP has been certified for 2020, the effective AFTAP is going to decrease 10% on April 1, 2020.
- [Cash Balance Plans - Pitfalls of Using an Investment Rate of Return as the Plan's Interest Crediting Rate](https://watkinsross.com/articles/2019-10-28-cash-balance-plans-pitfalls-of-using-an-investment-rate-of-return-as-the-plans-interest-crediting-rate/) - Oct 28, 2019 - 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.
- [Cash Balance Plan Considerations](https://watkinsross.com/articles/2019-06-20-cash-balance-plan-considerations/) - Jun 20, 2019 - The number of new Cash Balance Plans continues to rise each year. Here are a few cash balance plan considerations as a popular retirement plan vehicle.
- [Review Your Retirement Plan](https://watkinsross.com/articles/2019-05-20-review-your-retirement-plan/) - May 20, 2019 - Retirement Plan errors can be costly & time-consuming. Periodically review your retirement plan to avoid issues and ensure it's operating in compliance.
- [Defined Benefit Plans’ Actuarial Equivalence Under Attack: Reasonable Becomes Unreasonable (Opinion)](https://watkinsross.com/articles/2019-03-04-defined-benefit-plans-actuarial-equivalence-under-attack-reasonable-becomes-unreasonable-opinion/) - Mar 4, 2019 - Recent class action lawsuits are targeting the reasonability of actuarial equivalence factors used in defined benefit plans.
- [2019 Government Shut Down Affects Lump Sum Payments from Defined Benefit Plans](https://watkinsross.com/articles/2019-01-22-2019-government-shut-down-affects-lump-sum-payments-from-defined-benefit-plans/) - Jan 22, 2019 - How the 2019 government shut down affected lump sump payments from defined benefit pension plans due to the timing of the interest rates.
- [1099-R](https://watkinsross.com/articles/2018-12-18-1099-r/) - Dec 18, 2018 - If your plan retirement plan had distributions from it this year, you must report these to the participants on a Form 1099-R.
- [Is Your Business a Good Candidate for a Cash Balance Plan?](https://watkinsross.com/articles/2018-11-12-is-your-business-a-good-candidate-for-a-cash-balance-plan/) - Nov 12, 2018 - Cash balance plans allow high-income earners to save more towards retirement than a defined contribution plan. For example, in a defined contribution plan, the maximum annual additions are limited to $56,000 per year (as indexed). However, since the annual allocation limit in a cash balance plan depends on age, the maximum annual allocation for someone
- [Sufficient Tax Withholding from Pension Payments](https://watkinsross.com/articles/2018-09-17-sufficient-tax-withholding-from-pension-payments/) - Sep 17, 2018 - The IRS urges everyone (including retirees) to use their Withholding Calculator to determine if they have sufficient tax withholding from pension payments.
- [Is This a Sham Termination?](https://watkinsross.com/articles/2018-09-10-is-this-a-sham-termination/) - Sep 10, 2018 - Is a distribution from a retirement plan valid if the participant is rehired after the distribution occurs or is this a sham termination?
- [Safe Harbor Hardship Withdrawal Guidelines](https://watkinsross.com/articles/2018-09-04-safe-harbor-hardship-withdrawal-guidelines/) - Sep 4, 2018 - The IRS requires Plan Sponsors to adhere to specific safe harbor hardship withdrawal guidelines for the distribution to take place.
- [Attention all PBGC Premium Filers](https://watkinsross.com/articles/2018-08-06-attention-all-pbgc-premium-filers/) - Aug 6, 2018 - The PBGC has a new mailing address! Make sure to update your files so that your filing and payment are sent to the correct address.
- [401(k) Plan Eligibility Requirements for Summer Help](https://watkinsross.com/articles/2018-07-30-401k-plan-eligibility-requirements-for-summer-help/) - Jul 30, 2018 -
- [How to Submit a Federal Withholding Tax Deposit](https://watkinsross.com/articles/2018-06-11-how-to-submit-a-federal-withholding-tax-deposit/) - Jun 11, 2018 - Although you cannot mail a check for a federal withholding tax deposit, there are a few options to submit these payments to the IRS electronically.
- [Unbundled Services in a Defined Benefit Plan](https://watkinsross.com/articles/2018-06-04-unbundled-services-in-a-defined-benefit-plan/) - Jun 4, 2018 - Unbundled services in a defined benefit plan mean the various functions are performed by separate entities, which presents advantages for employers.
- [Defined Benefit Plan Termination Procedure](https://watkinsross.com/articles/2018-05-21-defined-benefit-plan-termination-procedure/) - May 21, 2018 - There are many reasons a company may terminate the plan, but specific steps must be followed for the defined benefit plan termination procedure.
- [Reducing Risk in Your Pension Plan: Lump Sum Payments to Former Employees](https://watkinsross.com/articles/2018-05-14-reducing-risk-in-your-pension-plan-lump-sum-payments-to-former-employees/) - May 14, 2018 - Have you considered offering lump sums to former employee participants as a step toward reducing pension risk and expense?
- [Reducing Pension Plan Risk – Updated to Reflect IRS Notice 2019-18](https://watkinsross.com/articles/2019-03-10-reducing-pension-plan-risk-updated-to-reflect-irs-notice-2019-18/) - Mar 10, 2019 - Reducing pension plan risk has become a prudent consideration, especially for those plans that have frozen benefits. De-risk your pension plan today!
- [Changes To The 402(f) Special Tax Notice](https://watkinsross.com/articles/2018-04-23-changes-to-the-402f-special-tax-notice/) - Apr 23, 2018 - The 402(f) Special Tax Notice was revised as a result of the tax reform legislation known as the “Tax Cuts and Jobs Act."
- [Is Your Business a Good Candidate for an ESOP?](https://watkinsross.com/articles/2018-04-09-is-your-business-a-good-candidate-for-an-esop/) - Apr 9, 2018 - Are you wondering if your business is a good candidate for an ESOP? The rules are complex, so let's break it down for you.
- [Reporting And Disclosures Checklist](https://watkinsross.com/articles/2018-04-03-reporting-and-disclosures-checklist/) - Apr 3, 2018 - Qualified retirement plans are subject to many reporting and disclosure requirements. Download the reporting and disclosures checklist.
- [Requirements For A Qualified Domestic Relations Order (QDRO)](https://watkinsross.com/articles/2018-03-12-requirements-for-a-qualified-domestic-relations-order-qdro/) - Mar 12, 2018 - It is imperative for a Qualified Domestic Relations Order (QDRO) to meet the various requirements before a benefit is paid out of the plan.
- [Celebrating Your Employees](https://watkinsross.com/articles/2018-02-26-celebrating-your-employees/) - Feb 26, 2018 - 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 on a firm. And let's be honest....everyone likes to feel appreciated.
- [Starting a 401(k) Plan](https://watkinsross.com/articles/2018-02-19-starting-a-401k-plan/) - Feb 19, 2018 - Starting a 401(k) plan is a popular choice to help employees prepare for retirement, but can also help attract the talent needed to grow your business.
- [Retirement Plan Check-up](https://watkinsross.com/articles/2018-01-29-retirement-plan-check-up/) - Jan 29, 2018 - The best way to avoid long-running errors on your retirement plan is to complete a Retirement Plan Check-up twice a year; in the summer and winter.
- [New Loan Offset Rules](https://watkinsross.com/articles/2018-01-09-new-loan-offset-rules/) - Jan 9, 2018 - Beginning in 2018, the new law extends the 60-day rollover deadline to the participant’s tax return due date for the year the loan offset occurred.
- [Defined Benefit Plan Compliance Calendar](https://watkinsross.com/articles/2018-01-08-defined-benefit-plan-compliance-calendar/) - Jan 8, 2018 - 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 contributions to issuing the annual funding notice to participants, it can feel overwhelming. Let us help you
- [Defined Contribution Plan Compliance Calendar](https://watkinsross.com/articles/2018-01-02-defined-contribution-plan-compliance-calendar/) - Jan 2, 2018 - Download the 2018 defined contribution plan compliance calendar to help you stay on top of your 401(k) plan deadlines this year.
- [2017 Census Request: What Do I Report To My TPA?](https://watkinsross.com/articles/2017-10-30-2017-census-request-what-do-i-report-to-my-tpa/) - Oct 30, 2017 - The 2017 Census Request provides critical information your TPA needs to calculate contributions and complete the valuation report for the retirement plan.
- [Long Awaited but Never Forgotten… New Mortality Rates Apply in 2018](https://watkinsross.com/articles/2017-10-04-long-awaited-but-never-forgotten-new-mortality-rates-apply-in-2018/) - Oct 4, 2017 - The IRS has posted final regulations requiring new mortality rates for single-employer defined benefit plans to apply in 2018.
- [IRS Electronic Media Guidance](https://watkinsross.com/articles/2017-07-05-irs-electronic-media-guidance/) - Jul 5, 2017 - The IRS Electronic media guidance methods may be used to deliver most plan information required under the Internal Revenue Code.
- [DOL Electronic Disclosure Guidance](https://watkinsross.com/articles/2017-07-05-dol-electronic-disclosure-guidance/) - Jul 5, 2017 - The DOL Electronic Disclosure guidelines recognize two Safe Harbor methods in addition to two supplemental methods
- [Census Request & The Data Requested](https://watkinsross.com/articles/2016-12-07-census-request-the-data-requested/) - Dec 7, 2016 - It's important to understand the census request and the data requested from your TPA to avoid inaccurate tests and potential penalties.
- [Updated IRS Procedures for Correcting Retirement Plan Errors](https://watkinsross.com/articles/2016-11-29-updated-irs-procedures-for-correcting-retirement-plan-errors/) - Nov 29, 2016 - IRS Revenue Procedure 2016-51 modifies the procedures for correcting retirement plan errors under the Employee Plans Compliance Resolution System (EPCRS).
- [Eligibility – Know Your Retirement Plan’s Provisions and Apply Correctly](https://watkinsross.com/articles/2016-10-18-eligibility-know-your-retirement-plans-provisions-and-apply-correctly/) - Oct 18, 2016 - It is important you understand the provisions of your retirement plan eligibility to make sure all eligible employees, and only those eligible, are included as participants. Mistakes can easily occur if eligibility is not tracked accurately. During the Plan Year, you should continually update your list of employees to determine if anyone has met the
- [Have You Reviewed Your Fidelity Bond Coverage? Should You?](https://watkinsross.com/articles/2016-10-05-have-you-reviewed-your-fidelity-bond-coverage-should-you/) - Oct 5, 2016 - A Third Party Administrator (TPA) must collect plan information from Plan Sponsors each year in order to complete the valuation and required filings. Providing accurate information to your TPA is critical, but one area often overlooked is reporting accurate fidelity bond information. The fidelity bond is required to protect the plan and participants from fraud.
- [Have Your Clients Missed The PPA Restatement Deadline?](https://watkinsross.com/articles/2016-07-19-have-your-clients-missed-the-ppa-restatement-deadline/) - Jul 19, 2016 - IF YES: WR CAN ASSIST YOUR CLIENTS IN CORRECTING THIS FAILURE! The deadline for your clients to restate their 401(k), profit sharing and money purchase plans onto a pre-approved PPA document was April 30, 2016. To ensure these plans stay qualified, WR can assist your clients in updating their plans for PPA by using the
- [2016 Michigan Employee Owner of the Year](https://watkinsross.com/articles/2016-07-14-2016-michigan-employee-owner-of-the-year/) - Jul 14, 2016 - Watkins Ross is pleased to announce that Sharon Miller-Walcott, QKA, Certified ESOP Specialist, was elected as the 2016 Employee Owner of the Year by the Michigan Chapter of The ESOP Association. The ESOP Association, a non-profit trade association founded in 1978, is the largest employer sponsored advocacy and education association focused on retirement savings in
- [OPEB: Fast Facts & Planning Tips](https://watkinsross.com/articles/2016-04-15-opeb-fast-facts-planning-tips/) - Apr 15, 2016 - The National Retirement Planning Coalition has designated April 11-15 as the 2016 National Retirement Planning week. In celebration, each day this week Watkins Ross will share some fast facts and planning tips on the various types of retirement plans we service. Friday’s focus: Other Post-Employment Benefits (OPEB). WHAT IS AN OPEB? FAST FACTS Large firms offering
- [Cash Balance Plans: Fast Facts & Planning Tips](https://watkinsross.com/articles/2016-04-13-cash-balance-plans-fast-facts-planning-tips/) - Apr 13, 2016 - The National Retirement Planning Coalition has designated April 11-15 as the 2016 National Retirement Planning week. In celebration, each day this week Watkins Ross will share some fast facts and planning tips on the various types of retirement plans we service. Wednesday's focus: Cash Balance Plans. DID YOU KNOW? The number of cash balance plans in
- [ESOP: Fast Facts & Planning Tips](https://watkinsross.com/articles/2016-04-12-esop-fast-facts-planning-tips/) - Apr 12, 2016 - The National Retirement Planning Coalition has designated April 11-15 as the 2016 National Retirement Planning week. In celebration, each day this week Watkins Ross will share some fast facts and planning tips on the various types of retirement plans we service. Tuesday's focus: Employee Stock Ownership Plans (ESOPs). FAST FACTS Additionally ESOPs make significant contributions to
- [401(k) Plans: Fast Facts & Planning Tips](https://watkinsross.com/articles/2016-04-11-401k-plans-fast-facts-planning-tips/) - Apr 11, 2016 - The National Retirement Planning Coalition has designated April 11-15 as the 2016 National Retirement Planning week. In celebration, each day this week Watkins Ross will share some fast facts and planning tips on the various types of retirement plans we service. Monday's focus: 401(k)/Profit Sharing Plans. FAST FACTS Additionally Experts estimate that it costs a company
- [Safe Harbor Plans: is it Safe to Amend?](https://watkinsross.com/articles/2016-03-03-safe-harbor-plans-is-it-safe-to-amend/) - Mar 3, 2016 - If you have a safe harbor plan and wanted to make a change during the year, the IRS restricted what you could and could not amend, even if the change didn’t affect the safe harbor provisions. Recently, the IRS issued additional guidance for both traditional and qualified automatic contribution arrangements (QACA) safe harbor plans, allowing
- [Price Slashing at the IRS!](https://watkinsross.com/articles/2016-02-03-price-slashing-at-the-irs/) - Feb 3, 2016 - If you have identified an operational error with your qualified retirement plan (401(k) plan, profit sharing plan, defined benefit plan) and are considering correcting it through the IRS Voluntary Correction Program (VCP), you’ll be glad to know that the IRS has just reduced its fees for VCP submission for most employers. Here’s a chart that
- [Policies, Procedures & Internal Controls](https://watkinsross.com/articles/2016-01-13-policies-procedures-internal-controls/) - Jan 13, 2016 - With the New Year just beginning, now is a good time to review your policies, procedures and internal controls for your retirement plan. Having strong internal controls and documenting policies/procedures is important to ensure you are operating your plan properly; as well as detect and prevent errors. Below are some guidelines to assess your policies,
- [A Case for Defined Benefit Plans – PART 1](https://watkinsross.com/articles/2016-01-05-a-case-for-defined-benefit-plans-part-1/) - Jan 5, 2016 - Traditional pension plans, or defined benefit plans, are the original backbone of the corporate pension system. Retired employees who have worked for a company with one of these plans are enjoying benefits provided well into old age. Middle aged employees of today who were hired into a company with a pension plan most likely have
- [OPEB Reporting – Summary of Changes to GASB Statements](https://watkinsross.com/articles/2015-12-14-opeb-reporting-summary-of-changes-to-gasb-statements/) - Dec 14, 2015 - The Governmental Accounting Standards Board (GASB) recently released Statements 74 and 75, which replace statements 43 and 45, respectively for reporting related to other postemployment benefits (OPEB) plans. The purpose of the update was to provide increased consistency and transparency about the information being reported for OPEB plans across entities. For public employers who also
- [Census Request Overview](https://watkinsross.com/articles/2015-12-03-census-request-overview/) - Dec 3, 2015 - The information reported on a census requests is crucial for your TPA to provide accurate annual testing. But, what do they need?
- [An ESOP Safari Adventure](https://watkinsross.com/articles/2015-11-19-an-esop-safari-adventure/) - Nov 19, 2015 - Having attended the Great Lakes Regional ESOP Conference in October, I arrived back to work the following Monday a bit smarter. It was either because most of the break-out sessions had the word ‘fiduciary’ in the program title or because I discovered that putting your raffle ticket in the bucket that has the least amount
- [PBGC Premiums Will Increase Again in 2016, and Then…](https://watkinsross.com/articles/2015-11-04-pbgc-premiums-will-increase-again-in-2016-and-then/) - Nov 4, 2015 - The PBGC has announced the 2016 premium rates for defined benefit pension plans. The flat rate premium is $64 per participant for single employer defined benefit pension plans and $27 for multi-employer plans. We knew that the variable rate premium (per $1,000 of unfunded benefit liability) would be at least $29 with a possible increase
- [Do You Have the ESOP Factor?](https://watkinsross.com/articles/2015-10-22-do-you-have-the-esop-factor/) - Oct 22, 2015 - Succession planning, exit strategy, sustainable business, retain passion, create liquidity, leave a legacy … if these words caught your attention, you may have the ‘ESOP Factor.’ What is an ESOP? An Employee Stock Ownership Plan (ESOP) is a qualified defined contribution retirement plan that invests primarily in the common stock of the sponsoring company. Employee
- [Get Your KSOP on by October 1, 2015](https://watkinsross.com/articles/2015-09-24-get-your-ksop-on-by-october-1-2015/) - Sep 24, 2015 - The typical Employee Stock Ownership Plan (ESOP) is designed to reward those who stay with the company, providing an annual allocation of contributions. The typical 401(k) plan is designed to encourage employees to make salary deferral contributions. When a single plan combines the two – that is a KSOP – and when the KSOP adds
- [Must your plan cover leased employees?](https://watkinsross.com/articles/2015-09-17-must-your-plan-cover-leased-employees/) - Sep 17, 2015 - Does your Company utilize the services of Leased Employees? If so, it is important to be aware of the rules governing qualified retirement plans and leased employees. There are certain requirements that must be met in order for an individual to be considered a leased employee. They are: The individual is not a common-law employee
- [Old Mortality Rates Survive Another Year](https://watkinsross.com/articles/2015-08-26-old-mortality-rates-survive-another-year/) - Aug 26, 2015 - The IRS published the 2016 required mortality rates for purposes of minimum funding in defined benefit plans via Notice 2015-53. The 2016 rates will NOT be based on the newly published Society of Actuaries (SOA) RP2014 rates along with the improvement scale MP2014, but will be an extension of the “old” RP2000 rates required in
- [Take Me Out to the Ball Game](https://watkinsross.com/articles/2015-08-19-take-me-out-to-the-ball-game/) - Aug 19, 2015 - This was my grandson’s first year of baseball. He was new to the game. I wanted him to succeed. I wanted him to love it. As an ESOP administrator, I love working with new ESOP clients. A new ESOP can be much like a child learning baseball; they must learn the basic fundamentals when they
- [Lump Sums to Retirees: A Controversial De-risking Tactic Removed From the Table](https://watkinsross.com/articles/2015-08-12-lump-sums-to-retirees-a-controversial-de-risking-tactic-removed-from-the-table/) - Aug 12, 2015 - On July 9, 2015 the IRS issued a Notice of its intent to disallow lump sum offerings to retirees who are already receiving monthly benefits from the plan. Current law prohibits payments to retirees that would increase later in the annuity payment period (with limited exceptions such as for cost of living adjustments and plan
- [Push for Representatives and Senators to co-sponsor H.R.2096 and S.1212](https://watkinsross.com/articles/2015-08-05-push-for-representatives-and-senators-to-co-sponsor-h-r-2096-and-s-1212/) - Aug 5, 2015 - There is overwhelming evidence that ESOP Companies are more productive, more profitable and more sustainable by providing locally controlled Jobs. The Pro-Private ESOP Company Tax Bill introduced in House and Senate would expand the availability of ESOPs in S Corporations. Pro-ESOP Bill, S. 1212, Introduced in Senate; May 2015 and Pro-ESOP Bill, H.R. 2096, Introduced
- [What is an Actuary?](https://watkinsross.com/articles/2015-07-29-what-is-an-actuary/) - Jul 29, 2015 - The Highly Ranked Profession that Almost No One Understands You know the scene. It happens at every party or barbecue you’ve ever attended. You meet someone new and chat for a while. Eventually the conversation runs dry so you turn to those tried and true small talk topics. Once you are finished talking about the
- [Watkins Ross Launches Green Initiative](https://watkinsross.com/articles/2015-07-21-watkins-ross-launches-green-initiative/) - Jul 21, 2015 - As many of you know, we moved to our new location (200 Ottawa NW Suite 600) in late October 2014. It was a very exciting challenge and certainly a learning experience, since you never know how much you have until you have to move it! Watkins Ross is doing our part as stewards of our environment and
- [Watkins Ross Advocates Pro-ESOP Bills by Seeking a Congressional Visit](https://watkinsross.com/articles/2015-07-08-watkins-ross-advocates-pro-esop-bills-by-seeking-a-congressional-visit/) - Jul 8, 2015 - Watkins Ross is 100% employee owned – we believe in ESOPs – we believe that ESOP laws should be continued and expanded. ESOP’s are in the law and Congress can take them away. It is important to keep advocating laws that encourage the creation and operation of ESOPs so that ESOP companies and their engaged,
- [BINGO to Avoid an Audit Trigger on Your ESOP Form 5500](https://watkinsross.com/articles/2015-06-11-bingo-to-avoid-an-audit-trigger-on-your-esop-form-5500/) - Jun 11, 2015 - 2I – 2O – 2P – 2Q – 3I, Bingo! Entering incorrect information on the return or report, or leaving a field blank when there should be an entry increases the likelihood that you’ll be selected for an Employee Plans Compliance Unit compliance check. Plan characteristic codes under item 8 are one of the four
- [Escalating PBGC Premiums](https://watkinsross.com/articles/2014-09-18-escalating-pbgc-premiums/) - Sep 18, 2014 - 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 and well-intended, it doesn’t make the escalating premiums any easier to
- [Escalating PBGC Premiums](https://watkinsross.com/articles/2015-03-30-escalating-pbgc-premiums-2/) - Mar 30, 2015 - 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 and well-intended, it doesn’t make the escalating premiums any easier to
- [Who Should Consider a Cash Balance Plan?](https://watkinsross.com/articles/2015-06-02-who-should-consider-a-cash-balance-plan-2/) - Jun 2, 2015 - The content below was originally posted 06/02/2015 and has since been updated. Click here to read the updated information. Cash balance plans allow high-income earners to save more towards retirement than a defined contribution plan. Unlike a defined contribution plan where the maximum annual additions are limited to $53,000 per year (as indexed), the annual
- [Questions to Ask When Choosing an Actuary For Your Cash Balance Plan](https://watkinsross.com/articles/2018-03-05-questions-to-ask-when-choosing-an-actuary-for-your-cash-balance-plan/) - Mar 5, 2018 - Accurate administration of a Cash Balance Plan is critical! The following questions can help you when choosing an actuary for your cash balance plan.
- [What is a Cash Balance Plan?](https://watkinsross.com/articles/2015-05-26-what-is-a-cash-balance-plan/) - May 26, 2015 - A cash balance plan is a defined benefit plan that specifies the benefit as a hypothetical account balance. Each year, the hypothetical account is credited with a principal credit and an interest credit, as defined in the plan document. These plans are required to permit an annuity form of payment, but the standard form is
- [Watkins Ross Named Silver ESOP Award Winner](https://watkinsross.com/articles/2015-05-20-watkins-ross-named-silver-esop-award-winner/) - May 20, 2015 - Watkins Ross has been named a Silver ESOP Award winner by The ESOP Association. The Silver ESOP Awards recognize companies for their work in sustaining their ESOP for 25 years or more. Watkins Ross is one of 48 corporate members of the Association to be honored in 2015 with a Silver ESOP Award. The ESOP
- [Hardship and Participant Loan Documentation](https://watkinsross.com/articles/2015-05-13-hardship-and-participant-loan-documentation/) - May 13, 2015 - The IRS recently published guidelines for Plan Sponsors to adhere to regarding the documentation of hardship distributions and participant loans. Generally speaking, plan participants sign a distribution form certifying that they qualify for a hardship distribution. However, this is not sufficient documentation. Along with the distribution form, the proper documentation proving the financial need for
- [2015 401(a)(17) Compensation Limit](https://watkinsross.com/articles/2015-04-22-2015-401a17-compensation-limit/) - Apr 22, 2015 - Section 401(a)(17) provides an annual compensation limit for each employee under a qualified plan.
- [Do You Ooze ESOP?](https://watkinsross.com/articles/2015-04-15-do-you-ooze-esop/) - Apr 15, 2015 - ESOP-Owned Companies are unique through their values, integrity, teamwork and passion. Do you ooze ESOP?
- [Can a Business Owner Receive a Safe Harbor Contribution?](https://watkinsross.com/articles/2015-01-28-can-a-business-owner-receive-a-safe-harbor-contribution/) - Jan 28, 2015 - 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 that use a cross-tested allocation method may exclude owners and/or highly compensated employees from receiving
- [A Prying TPA Keeps the IRS Away](https://watkinsross.com/articles/2015-01-14-a-prying-tpa-keeps-the-irs-away/) - Jan 14, 2015 - 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 have occurred in the previous year and provide employee census
- [Mortality Improvements](https://watkinsross.com/articles/2014-12-15-mortality-improvements/) - Dec 15, 2014 - 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 purposes, such as calculating the minimum funding requirement and calculating lump sum benefit payments. For other
- [Who is Considered a Leased Employee?](https://watkinsross.com/articles/2014-12-08-who-is-considered-a-leased-employee/) - Dec 8, 2014 - 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 year on a substantially full-time basis. Substantially full-time service means 1,500 hours
- [Prospective 409(p) Testing](https://watkinsross.com/articles/2014-12-01-prospective-409p-testing/) - Dec 1, 2014 - 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 year. The Anti-Abuse Rule provides that Disqualified Persons cannot have
- [Safe Harbor Contributions](https://watkinsross.com/articles/2014-11-17-safe-harbor-contributions/) - Nov 17, 2014 - Employers with qualified 401(k) plans that fail nondiscrimination testing each year may find that a plan amendment to add a safe harbor contribution is an effective solution. A safe harbor provision requires a mandatory employer contribution, 100% immediate vesting of safe harbor funds, and an annual notice for all plan participants. But, it may also
- [The Current Trend of Pension De-Risking](https://watkinsross.com/articles/2014-10-21-the-current-trend-of-pension-de-risking/) - Oct 21, 2014 - Pension plan “de-risking” has recently become a hot discussion topic for pension plan sponsors. De-risking involves employing strategies to make the plan less sensitive to factors that affect required pension funding levels, such as market swings and life expectancy improvements, and therefore lessening the risk of future volatility in required contributions. In very general terms,
- [Michigan Chapter of the ESOP Association Annual Fall Conference](https://watkinsross.com/articles/2014-09-10-michigan-chapter-of-the-esop-association-annual-fall-conference/) - Sep 10, 2014 - Watkins Ross, a Conference Sponsor, will be attending the Michigan Chapter of The ESOP Association Annual Fall ESOP Conference in Lansing, Michigan on Thursday, September 25, 2014. This Fall’s Theme is 'On The Go For ESOPs.' Morning speakers J. Michael Keeling, President and Chief Government Relations Officer of the ESOP Association, will warn all that
- [Employee Ownership Month](https://watkinsross.com/articles/2014-09-15-employee-ownership-month/) - Sep 15, 2014 - For over 20 years, The ESOP Association and its member companies have been celebrating Employee Ownership Month every October. It is a celebration of the incredible spirit of employee ownership and an opportunity to educate employee owners about the tremendous benefits of employee stock ownership plans (ESOPs). It’s not too early to start planning! Chili
- [All the Boring Actuaries](https://watkinsross.com/articles/2014-09-09-all-the-boring-actuaries/) - Sep 9, 2014 - According to Wikipedia, an Actuary is a business professional who deals with the financial impact of risk and uncertainty. Basically, actuaries are super smart individuals, with an unfair reputation for being super boring. But not all actuaries are boring. Did you know that an actuary even appeared in 4 issues of the Batman comic? “Actuary
- [Proud of Our Past, Committed to the Future](https://watkinsross.com/articles/2014-09-02-proud-of-our-past-committed-to-the-future/) - Sep 2, 2014 - WR Mission Statement “Proud of our Past, Committed to the Future in providing specialized employee benefit services” This statement was commissioned by Dick Ross several years ago and has significant meaning, still today. Watkins Ross has been in business for over 65 years and has had an ESOP in place for over 25 years. The
- [Highway and Transportation Funding Act (HATFA)](https://watkinsross.com/articles/2014-08-25-highway-and-transportation-funding-act-hatfa/) - Aug 25, 2014 - On August 8, the president signed the Highway and Transportation Funding Act (HATFA). Part of the revenue-raising in the Act provides for “pension smoothing” which is accomplished by resetting required interest rates used in minimum funding calculations back to the original corridor set in 2012 by MAP-21. The initial effect of this will increase the
- [Expanded Leadership](https://watkinsross.com/articles/2014-08-08-expanded-leadership/) - Aug 8, 2014 - Rick Zweering will retire this October, after 38 years of service with the company. Rick successfully managed Watkins Ross, as President, since 1993 and was instrumental in strengthening the long standing reputation Watkins Ross has within the retirement plan industry. In conjunction with Rick’s retirement, Watkins Ross is pleased to announce that, effective July 1,
- [New ESOP Legislation](https://watkinsross.com/articles/2014-06-16-new-esop-legislation/) - Jun 16, 2014 - According to the National Center for Employee Ownership, about 12,000 companies in the United States, employing 11-million Americans, have embraced Employee Stock Ownership Plans, commonly known as ESOPs, or other similar trust-based plans. The concept can motivate and reward employees, the NCEO noted on its website, and are used to take advantage of borrowing incentives
- [Watkins Ross Adds New Service](https://watkinsross.com/articles/2014-03-05-watkins-ross-adds-new-service/) - Mar 5, 2014 - Watkins Ross is pleased to announce a new service to our clients. We are now able to offer the ERISA Wrap Summary Plan Description (SPD) for a fee of $300.00. ERISA requires group health plans to have a written SPD document in place and to provide this SPD to plan participants upon enrollment in the
- [What Is a Third-Party Administrator (TPA)? A Guide for 401(k) Plan Sponsors](https://watkinsross.com/articles/2026-07-27-what-is-a-third-party-administrator-tpa/) - Learn what a Third-Party Administrator (TPA) does, how TPAs help keep 401(k) plans compliant, and how to choose the right retirement plan partner.
- [Understanding the Key Roles in Qualified Retirement Plan Administration](https://watkinsross.com/articles/2026-06-12-understanding-the-key-players-in-qualified-retirement-plan-administration/) - Learn the roles of plan sponsors, administrators, trustees, recordkeepers, and TPAs in qualified retirement plan administration and compliance.
- [Saving for Retirement: Why So Many Americans Are Falling Behind](https://watkinsross.com/articles/2026-05-19-saving-for-retirement-why-so-many-americans-are-falling-behind/) - Saving for retirement has become increasingly difficult for many Americans. Learn what’s causing the savings gap and how retirement readiness can be improved.
- [What is Retirement Plan Compliance Coverage Testing? A Simple Guide for Employers](https://watkinsross.com/articles/2026-04-20-what-is-coverage-testing-a-simple-guide-for-employers/) - Learn how coverage testing supports retirement plan compliance, why the 70% rule matters, and how compliance testing providers can help employers stay compliant.
- [Your Guide to 2026 Elective Deferral Limits](https://watkinsross.com/articles/2026-03-03-your-guide-to-2026-elective-deferral-limits/) - Mar 3, 2026 - Each year the IRS sets limits on the amount an individual can contribute (known as income they defer) through elective contributions to their retirement accounts. The limit applies to any 401(k), 403(b), SAR-SEPs, and SIMPLE-IRA plans, with the total contributions counted during a calendar year. As a plan sponsor, these annual updates to IRS Code
- [Understanding Annual 401(k) Compliance Testing](https://watkinsross.com/articles/2026-02-12-understanding-annual-401k-compliance-testing/) - If you administer a 401(k), your plan is subject to rigorous compliance tests. Learn about 401(k) compliance testing you might see and how to prepare.
- [How to Prepare for 401k Compliance Testing: 5 Key Areas](https://watkinsross.com/articles/2025-12-22-how-to-prepare-for-401k-compliance-testing-5-key-areas/) - Accurate data is essential for 401k compliance testing. Learn what your TPA needs to reduce testing errors, corrections, and audit exposure.
- [Understanding the New Roth Catch-Up Contribution Rules](https://watkinsross.com/articles/2025-11-26-understanding-the-new-roth-catch-up-contribution-rules/) - Learn how SECURE 2.0’s new Roth catch-up rules affect highly paid participants in 401(k) and 403(b) plans. See what plan sponsors must do to stay compliant.
- [How To: Get Your 401(k) Plan Organized in the New Year](https://watkinsross.com/articles/2026-01-22-how-to-get-your-plan-organized-in-the-new-year/) - Get a roadmap for your 401(k) record retention, complete with simple folder tree suggestions. Keep your data organized for easier compliance.
- [Involuntary Distributions and Force Out Limits](https://watkinsross.com/articles/2025-10-30-involuntary-distributions-and-force-out-limits/) - Learn how 401(k) forced distributions and forced IRA withdrawals help employers manage small inactive accounts, cut costs, and stay compliant with regulations.
- [Potential Consequences of Not Providing Notices and Required Disclosures (Pt. 3 of 3)](https://watkinsross.com/articles/2025-09-30-potential-consequences-of-not-providing-notices-and-required-disclosures-pt-3-of-3/) - Avoid penalties and legal risks. Learn when and how to properly distribute notices and required disclosures to your retirement plan participants.
- [Plan Sponsor Best Practices: Understanding Disclosures and Notices (Pt. 2 of 3)](https://watkinsross.com/articles/2025-08-29-plan-sponsor-best-practices-disclosures-and-notices-part-2-of-3/) - Learn best practices for plan sponsor disclosures and notices. Part 2 of our series helps ensure compliance and clear communication with participants.
- [Protect Your Participants: Understanding Plan Participant Disclosures and Notices (Pt. 1 of 3)](https://watkinsross.com/articles/2025-08-21-protect-your-participants-understanding-plan-participant-disclosures-and-notices-pt-1-of-3/) - Learn the essentials of plan participant disclosures and notices. Part 1 breaks down key requirements to help plan sponsors stay compliant.
- [401k Plan Audit Requirements: A Guide for Employers](https://watkinsross.com/articles/2025-06-25-401k-audit-requirements-a-guide-for-employers/) - Ensure compliance with 401k audit requirements. This employer's guide covers key thresholds, deadlines, and what to expect during the audit process.
- [Form 5500 Made Simple: What Every Plan Administrator Needs to Know](https://watkinsross.com/articles/2025-05-29-form-5500-made-simple-what-every-plan-administrator-needs-to-know/) - Discover what every plan administrator needs to know about Form 5500 in this easy-to-understand guide covering key requirements, deadlines, and compliance tips.
- [Dividing Pensions in a Divorce: What You Need to Know](https://watkinsross.com/articles/2025-01-23-dividing-pensions-in-a-divorce-what-you-need-to-know/) - Dividing pensions in a divorce can be complex. Learn what you need to know about the process and how pensions are handled in divorce settlements.
- [Your Plan Document: The Backbone of Retirement Plan Administration and Legal Compliance](https://watkinsross.com/articles/2025-04-28-your-plan-document-the-backbone-of-retirement-plan-administration-and-legal-compliance/) - Learn how the Plan Document serves as the foundation for retirement plan administration, ensuring legal compliance and smooth plan operations.
- [Defined Contribution Plan Annual Review: Key Steps for Plan Administrators](https://watkinsross.com/articles/2025-03-24-defined-contribution-plan-annual-review-key-steps-for-plan-administrators/) - Learn key steps for plan administrators to conduct annual reviews of a Defined Contribution Plan, ensuring compliance, efficiency, and plan success.
- [Why Plan Sponsors Need a Strong Cybersecurity Policy for 401(k) Plans](https://watkinsross.com/articles/2025-02-24-why-plan-sponsors-need-a-strong-cybersecurity-policy-for-401k-plans/) - Learn why a strong cybersecurity policy is essential for 401(k) plans. Protect sensitive data and ensure the safety of your retirement plan participants.
- [Why Accurate Compensation Plan Definitions Are Essential for Your 401(k) Plan](https://watkinsross.com/articles/2024-12-18-why-accurate-compensation-plan-definitions-are-essential-for-your-401k-plan/) - Accurate compensation plan definitions are crucial for the effective administration of your 401(k) plan. Learn why having clear definitions is essential.
- [Why Clean Year-End Data Matters for Your 401(k) Plan](https://watkinsross.com/articles/2024-11-27-why-clean-data-matters-for-your-401k-plan/) - Ensuring clean data for your year-end 401k plan matters. Discover the reasons why it is crucial for compliance and how it can impact your business.
- [How Mergers and Acquisitions Impact 401k Plans: What Plan Sponsors Should Know](https://watkinsross.com/articles/2024-11-05-how-mergers-and-acquisitions-impact-401k-plans-what-plan-sponsors-should-know/) - Key insights for plan sponsors on how mergers and acquisitions impact 401k plans. Learn how to navigate this aspect successfully and make informed decisions.
- [Tracking Payroll Deposits to a 401(k): A Guide for Plan Sponsors](https://watkinsross.com/articles/2024-09-30-tracking-payroll-deposits-to-a-401k-a-guide-for-plan-sponsors/) - This guide provides essential information for sponsors on tracking payroll deposits to 401(k) accounts, ensuring accuracy and compliance with regulations.
- [Catching Up to the New Age-Based Catch-Up Contribution Limits](https://watkinsross.com/articles/2024-08-30-catching-up-to-the-new-age-based-catch-up-contribution-limits/) - Learn about the updated contribution limits and age-based catch-up options for retirement savings accounts to ensure you are maximizing your investments.
- [Part 2: Contributions to and benefit payments from Retiree Healthcare Plan Assets – What does it mean that a plan is 100% funded?](https://watkinsross.com/articles/2024-06-07-part-2-contributions-to-and-benefit-payments-from-retiree-healthcare-plan-assets-what-does-it-mean-that-a-plan-is-100-funded/) - Explore the contributions and benefit payments from Retiree Healthcare Plan assets. Learn about how funds are utilized to support retiree healthcare needs.
- [Part 3: Contributions to and benefit payments from Retiree Healthcare Plan Assets - If the recommended contribution is $-0-, may benefits be paid from the OPEB plan trust?](https://watkinsross.com/articles/2024-06-28-part-3-contributions-to-and-benefit-payments-from-retiree-healthcare-plan-assets-if-the-recommended-contribution-is-0-may-benefits-be-paid-from-the-opeb-plan-trust/) - Learn about the contributions and benefit payments from Retiree Healthcare Plan Assets. Find out how these assets can support healthcare benefits for retirees.
- [Part 4: OPEB Funding Considerations: Understanding Laws & Benefits](https://watkinsross.com/articles/2024-07-31-part-4-contributions-and-benefit-payments-from-retiree-healthcare-plan-assets-what-other-funding-consideration-should-be-kept-in-mind/) - Jul 31, 2024 - Explore essential funding considerations for OPEB plans in Part 4 of our series. Understand VEBA rules, state laws, and strategies for effective benefit payments.
- [Contributions To And Benefit Payments From Retiree Healthcare Plan Assets](https://watkinsross.com/articles/2024-04-30-contributions-to-and-benefit-payments-from-retiree-healthcare-plan-assets/) - Explore the impact of contributions to and benefit payments from retiree healthcare plan assets, ensuring a secure and sustainable healthcare plan for retirees.
- [2024 Plan Limits Released](https://watkinsross.com/articles/2024-01-22-2024-plan-limits-released/) - Discover the latest IRS 2024 plan limits for your retirement and cost of living adjustments. Stay updated on the changes to maximize your retirement savings.
- [Guidance for Roth Employer Contributions](https://watkinsross.com/articles/2024-02-29-guidance-for-roth-employer-contributions/) - Discover the guidelines for Roth employer contributions. Learn how this retirement savings option can help you build a tax-free nest for the future.
- [GASB Discount Rate Calculation - A Proposal For A Different Approach](https://watkinsross.com/articles/2019-09-04-gasb-discount-rate-calculation-a-proposal-for-a-different-approach/) - Sep 4, 2019 - You are tasked with determining an appropriate discount rate for determining the Net OPEB liability under the Governmental Accounting Standards Board Statement (GASB) Nos. 74/75 for a closed, underfunded retiree healthcare plan whose plan sponsor plans to make minimal if any future contributions to the existing OPEB trust. The plan sponsor will, however, continue to
- [An Explanation of 401(k) Plan Forfeitures, How and When They Should be Used](https://watkinsross.com/articles/2023-12-10-an-explanation-of-401k-plan-forfeitures-how-and-when-they-should-be-used/) - Dec 10, 2023 - Discover the ins and outs of 401(k) plan forfeitures – when and how to leverage them effectively. Uncover the key insights for smart financial planning.
- [New Audit Rules for 2023 5500 Forms](https://watkinsross.com/articles/2023-11-10-new-audit-rules-for-2023-5500-forms/) - Nov 10, 2023 - Navigate the 401(K) 'Large Plan' Status: Understand the 80-120 Rule, Audit Requirements, and Changes for 2023. Ensure Compliance and Save Time
- [New Simplified Disclosure Rules for Plan Participants in DC Plans](https://watkinsross.com/articles/2023-10-17-new-simplified-disclosure-rules-for-plan-participants-in-dc-plans/) - Oct 17, 2023 - Discover simplified disclosure rules for DC plan participants under SECURE 2.0. New options for plan sponsors explained. Effective Dec 31, 2022.
- [Mandatory Roth Catch-Up Contributions – Another Secure Act 2.0 Provision](https://watkinsross.com/articles/2023-07-27-mandatory-roth-catch-up-contributions-another-secure-act-2-0-provision/) - Jul 27, 2023 - Explore mandatory Roth catch-up contributions and vital insights for plan sponsors. Prepare for upcoming changes now.
- [Required Minimum Distributions (RMDs)](https://watkinsross.com/articles/2023-09-07-required-minimum-distributions-rmds/) - Sep 7, 2023 - Understand RMDs: Mandatory withdrawals from retirement accounts explained. Learn deadlines, calculations, exemptions.

## Pages

- [Home](https://watkinsross.com/) - Watkins Ross is a 100% employee owned consulting, actuarial and administration firm based in Grand Rapids, MI providing retirement & health plans.
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- [Cash Balance Plans](https://watkinsross.com/services/cash-balance-plans/) - Cash balance plans are defined benefit plans that specify the benefit as a hypothetical account balance, popular with professional service corporations.
- [Defined Benefit Plans](https://watkinsross.com/services/defined-benefit-plans/) - Defined benefit (DB) plans are retirement plans that provide a specific benefit to eligible participants in the plan at their retirement date.
- [401(k) Plans](https://watkinsross.com/services/401k-plans/) - At Watkins Ross, we partner with you to clearly define your objectives and create 401(k) plans that will be successful for your business.
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- [457 Plans](https://watkinsross.com/services/457-plans/) - State & local governmental employers can establish 457 plans that are non-qualified, tax-advantaged plans established for your employees. Start a 457 plan!
- [403(b) Plans](https://watkinsross.com/services/403b-plans/) - Public school systems, hospitals, and certain 501(c)(3) tax-exempt organizations can establish ERISA 403(b) plans, also known as a tax sheltered annuity.
- [Advisor Relations](https://watkinsross.com/advisor-relations/) - Watkins Ross is committed to our partnerships with Financial Advisors. Our diverse skill set enables us to consult on retirement & health plans!
- [Make a Payment](https://watkinsross.com/pay/) - Access our easy & secure online payment portal here. We accept ACH transfers and credit cards. We appreciate your business!
- [Other Post-Employment Benefits](https://watkinsross.com/services/other-post-employment-benefits/) - Other Post-Employment Benefits (OPEB) provide retirement benefits other than pensions – typically health, life, disability.
- [Calculation of IBNR Reserves](https://watkinsross.com/services/calculation-of-ibnr-reserves/) - At Watkins Ross, we apply multiple models to determine unpaid claim liabilities. Calculate your incurred but not reported (IBNR) reserves today!
- [Profit Sharing Plans](https://watkinsross.com/services/profit-sharing-plans/) - A profit sharing plan is a creative strategy to motivate and reward your employees. Contact Watkins Ross to implement your profit sharing plan today!
- [Plan Documents](https://watkinsross.com/services/plan-documents/) - Our document specialist monitors plan documents for compliance with federal regulations. Contact Watkins Ross to discuss your plan document needs!
- [Non-Qualified Plans](https://watkinsross.com/services/non-qualified-plans/) - Watkins Ross assists clients in maintaining & determining how to best coordinate the benefits of the non-qualified with other retirement plan offerings.
- [Multiemployer Plans](https://watkinsross.com/services/multiemployer-plans/) - Multiemployer pension plans are collectively bargained plans sponsored by more than one employer & a labor union. Start a multiemployer retirement plan!
- [Employee Stock Ownership Plans](https://watkinsross.com/services/employee-stock-ownership-plans/) - Employee Stock Ownership Plans (ESOP) are qualified, defined contribution employee retirement plans that invest primarily in company stock.
- [Our Services](https://watkinsross.com/services/) - Watkins Ross' services help you bring quality retirement and health plans to your employees in ways that meet your goals. Contact us today to get started!
- [Contact Us](https://watkinsross.com/contact/) - Have a question or want an appointment? Tell us about your retirement and health plan needs and we will contact you to discuss more ASAP!
- [About Our Firm](https://watkinsross.com/about-our-firm/) - Established in 1948, Watkins Ross administers employer or union-sponsored retirement benefits and health plans nationwide.
- [Disclaimer](https://watkinsross.com/disclaimer/) - Before accessing this website please carefully read this disclaimer.
- [Resources](https://watkinsross.com/resources/) - We've assembled a collection of our most useful information for you to reference and use in your business. Download here!
- [Careers](https://watkinsross.com/careers/) - Are you technical and looking to contribute to a team? We are 100% employee-owned and see our employees as our greatest assets. Apply now!
- [2023 Cash Balance Plan Maximum Contributions Table](https://watkinsross.com/2023-cash-balance-plan-maximum-contributions-table/) - Download our 2023 Cash Balance Plan maximum contributions table today. Boost profits, minimize taxes, and maximize retirement savings with Watkins Ross.

## Categories

- [401(k) Plans](https://watkinsross.com/articles/categories/defined-contribution-categories/401k-plans/) - A 401(k) plan helps your employees save for their future by giving them the opportunity to invest a portion of their paycheck into an employer-sponsored retirement account. Employees can select to invest either pre-tax or after-tax dollars into diversified investment lineup within their 401(k) portfolio. Many 401(k) plans offer employer matching, to entice employees to contribute a specific percentage of their paycheck into the plan in exchange for a matching investment from you, their employer. Employer 401(k) benefits include tax deductions and competitive retirement plan packages to attract top talent to your team. Curious about 401(k) plan options, regulatory details, and contribution rules? Head over to the Watkins Ross blog to browse 401(k) articles written by our retirement plan experts who have your goals and interests in mind. Looking for a retirement plan partner who understands the intricacies of your business and can help guide your 401(k) plan goals and compliance efforts? Connect with the Watkins Ross retirement team here.
- [Health Plans](https://watkinsross.com/articles/categories/health-plans/) - Seeking information on how to stay compliant with state and local governmental health plans or self-insured employer health plan actuarial requirements? Discover our collection of health plan articles on the Watkins Ross blog, written specifically for government and self-insured employers. From other post employment benefit (OPEB) financial reporting to calculations of incurred but not reported (IBNR) reserves or liability, Watkins Ross provides the health plan expertise you need to stay compliant and penalty-free. Our Watkins Ross health plan team is well-versed in navigating the various health plan benefit options available for your retired employees and determining your health plan financial reporting liabilities. We’re also experienced in assisting self-insured employers with mandatory health plan reporting regulations to comply and protect against penalties. Contact us to learn how Watkins Ross can assist with your business’s post-employment health plan service financial reporting and reserve liabilities and together let’s discover a way to attract your employees to retirement while adhering to regulatory requirements and cost control strategies.
- [Retirement Plans](https://watkinsross.com/articles/categories/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.
- [Plan Documents](https://watkinsross.com/articles/categories/plan-documents/) - Retirement plan documents form the backbone of a retirement benefit’s standards of operation and regulatory compliance. As legally binding agreements, your business’s retirement plan documents function as both proof of IRS compliance and an up-to-date record of retirement plan operating details, plan participant qualifications and rights, and your responsibilities within the plan as an employer. Failure to properly maintain retirement plan documents can result in penalties and legal recourse. Protect your business’s retirement plans by familiarizing yourself with the plan document articles shared on the Watkins Ross blog. We unpack the rules and regulations surrounding plan documents and provide sound advice for employers seeking to create or improve their plan documents. Looking for a solid, proven plan document solution for your business’s retirement plans? Watkins Ross document services specialists are experts at ensuring your plan documents meet federal compliance rules. Connect with us here to learn more about Watkins Ross plan document services and how together we can protect your business.
- [Latest News](https://watkinsross.com/articles/categories/latest-news/) - 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.
- [Multiemployer Plans](https://watkinsross.com/articles/categories/multiemployer-plans/) - In the world of multiemployer retirement and pension plans, it pays to ensure your business’s multiemployer retirement benefits are compliant, up-to-date, and properly funded. Multiemployer plans incur the same regulatory compliance standards as traditional qualified retirement plans, but at a much higher level of complexity given the number of parties involved. Multiemployer plans require coordination between a joint board of union and management trustees and fall under the governance of not only the Employee Retirement Income Security Act but also the Multiemployer Pension Plan Act of 1980. Multiemployer plans require qualified actuary approval and composition of yearly minimum funding requirements and zone certifications. Withdrawal liability calculations when an employer leaves a multiemployer plan are equally important; these calculations identify unfunded liability based on plan influences like discount rates and employment figures. Ensure you have the tools you need to manage your multiemployer plan by reading our multiemployer articles on the Watkins Ross blog and partnering with Watkins Ross actuaries. Together we can protect against penalties and verify your multiemployer plan meets all funding qualifications, reporting requirements, and deadlines.
- [403(b) Plans](https://watkinsross.com/articles/categories/defined-contribution-categories/403b-plans/) - Are you a benefit plan administrator for a public school district, hospital group, or 501(c)(3) organization? 403(b) plans provide retirement benefits for employees in these specific nonprofit business sectors. Like a 401(k), 403(b) plans allow participants to diversify their investment allocations and tailor their portfolios to meet their long-term retirement goals. Unlike 401(k) plans, 403(b) plans incur limits in terms of investment options and employer matching potential. Leveraging a 403(b) plan to meet your nonprofit business goals can be tricky and complicated. Expand your 403(b) plan knowledge by exploring our 403(b) articles on the Watkins Ross blog. From minimum distribution requirements to IRS updates, Watkins Ross has everything you need to customize your retirement plan and ensure your benefits align with your long-term objectives. Contact us here to learn more about 403(b) plan designs and administration features.
- [Cash Balance Plans](https://watkinsross.com/articles/categories/cash-balance-plans/) - Are you a member of a medical practice group, a partner in a multi-generational family-owned business, or the owner or shareholder of a single-member S-Corp with large S-Corp distributions? A cash balance plan may be the perfect fit for you. Cash balance plans allow high-income earners to benefit beyond the limitations of a profit sharing plan or typical 401(k) by providing a principal credit and interest credit each year within an individual “hypothetical” account. Each cash balance plan maintains a set of funding limits, requirements, and risks outlined in the plan documents; maximum allocation limits typically exceed limits in defined contribution plans. Learn more about cash balance plans, including details about annuity forms of payment, tax-deferred savings, and minimum funding requirements by browsing our cash balance plan articles on the Watkins Ross blog. Interested in discovering how a cash balance plan can enhance your retirement plan benefits? Connect with the Watkins Ross cash balance plan administration team to capitalize on our decades of experience designing and administering cash balance plans for a variety of business types and industries.
- [Defined Benefit Plans](https://watkinsross.com/articles/categories/defined-benefit-plans/) - Defined benefit plans, also known as pensions, enhance employer retirement plan benefit packages by providing specific benefits to eligible participants upon their retirement date. Defined benefit plans are attractive to potential employees due to lifetime benefit payments, clear contribution rules, and low financial risk for non-contributing employees. Despite sounding straightforward, defined benefit plans carry a unique set of considerations and requirements for employers and plan administrators. Defined benefit plans almost always obtain funds entirely from employers, meaning employers carry the majority of investment risk, not plan beneficiaries. Defined benefit plans must prove financial stability on a yearly basis for plan funding and reporting purposes. Reduce your defined benefit plan risk by researching applicable defined benefit plan risk articles on the Watkins Ross blog. Our Watkins Ross retirement plan team has the experience and knowledge to design your defined benefit plans to fit your business’s goals; connect with us here to learn more.
- [Defined Contribution Categories](https://watkinsross.com/articles/categories/defined-contribution-categories/) - A Defined Contribution plan is a retirement plan in which employees contribute a fixed amount or percentage of their compensation to an individual account under the plan. Contributions are invested on the employee’s behalf and they will ultimately receive the balance in their accounts upon retirement. Examples of defined contribution plans include 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans. For-profit companies can offer a 401(k) plan to help their employees save for their future by giving them the opportunity to defer pre-tax or after-tax dollars via payroll deduction into their account and select from a diversified investment menu. 403(b) plans provide retirement benefits for employees of public school districts, hospital groups, or 501(c)(3) organizations in these non-profit business sectors. An employee stock ownership plan (ESOP) is an employee benefit plan that gives workers ownership interest in the company; this interest takes the form of shares of stock. Profit-sharing plans are a way for a company to share profits with its workers and align the financial well-being of workers with the company’s success. 457 plans cover retirement benefits for state and local government employees and some non-profit businesses. There are benefits to Employers for sponsoring retirement plans; research applicable defined contribution articles on the Watkins Ross blog. Our Watkins Ross retirement team has the experience and knowledge to help you design a plan to meet your business goals; connect with us here to learn more.
- [457 Plans](https://watkinsross.com/articles/categories/defined-contribution-categories/457-plans/) - 457 plans cover retirement benefits for state and local government employees and some non-profit businesses. 457 plans are non-qualified, meaning they fall outside the guidelines, rules, and regulations of the Employee Retirement Income Security Act of 1974(ERISA). Plan administrators can choose to allow employees to contribute either pre-tax or after-tax dollars to their 457 plan, similar to a 401(k) plan. A 457 plan hasdifferent contribution limits and early withdrawal provisions than a 401k, and offers a unique “Double Limit Catch-Up” provision that allows almost-retired participants to make up for any eligible contribution years they missed. Wondering how a 457 plan might fit into your government retirement plan benefits package? Explore additional 457 plan details by reading our 457 plan articles on the Watkins Ross blog and connect with us here to get a customized look into how a 457 plan can impact your benefit structure.
- [Employee Stock Ownership Plans](https://watkinsross.com/articles/categories/defined-contribution-categories/employee-stock-ownership-plans/) - An employee stock ownership plan (ESOP) is an employee benefit plan that gives workers ownership interest in the company in the form of shares of stock. Employers can use ESOPs to align the interests of their employees with those of their shareholders. ESOPs boost employee satisfaction, retention, and job performance by linking your business’s financial success to employee retirement benefits; the better your business performs as a whole, the more your employees will benefit from their hard work. Watkins Ross is 100% ESOP-owned; we understand the intricacies and unique provisions of employee stock ownership plans. Discover the specific benefits of employee stock ownership plans by exploring our ESOP articles on the Watkins Ross blog. Wondering if an ESOP can enhance your business’s retirement benefits? Connect with us here to obtain professional insight from our retirement plan team and discover whether an employee stock ownership plan is the right fit for your business.
- [Profit Sharing Plans](https://watkinsross.com/articles/categories/defined-contribution-categories/profit-sharing-plans/) - Seeking a creative way to attract and retain employees while offering them an opportunity to earn rewards? A profit sharing plan may be the perfect motivational strategy for your business. Whether you’re a large corporation or a small family-owned business, profit sharing plans are strategic tools used to encourage your employees to care about and improve your business’s year-end financials. Profit sharing plans function by giving employers the opportunity to assess year-end revenue reports to determine how much they can contribute to their employees’ retirement plans. The better your business’ finances at the end of the year, the more likely you can make significant contributions to your employees’ retirements through your profit sharing plan. Learn more about profit sharing plan specifics by touring our profit sharing plan articles on the Watkins Ross blog. Hoping to add a profit sharing plan to your employee retirement benefits and retention program? Contact the Watkins Ross retirement plan team to get a customized, professional look into your retirement plan options.
- [IBNR](https://watkinsross.com/articles/categories/ibnr/) - Does your business struggle to itemize and compile financial figures resulting from outstanding, unreported, and unpaid medical or prescription drug claims? Watkins Ross specializes in calculating Incurred But Not Reported, or IBNR, reserves and liability. Our IBNR calculation strategies include claim triangle or lag methodology, detailed and transparent views into historical payment patterns, and consideration of IBNR-impacting factors like plan updates, provider network changes, and external factors such as extreme weather and workplace shutdowns. IBNR calculations play a vital role in determining the financial health of your employer-sponsored health plans and IBNR end-of-year reports reveal outstanding accounts receivable liabilities. Interested in learning more information about IBNR calculations and reporting requirements? Visit our Watkins Ross IBNR blog articles to learn more about IBNR reserves and how the proper calculations can reduce your liabilities and provide vital insight into the health and wellness of your health plans. Ready to partner with a professional to complete your IBNR calculations? Reach out to the experienced Watkins Ross actuarial team here.
- [Other Post-Employment Benefits](https://watkinsross.com/articles/categories/other-post-employment-benefits/) - A great way to encourage employees to maintain employment until retirement is with the strategic use of other post-employment benefits, or OPEB. OPEB benefits commence after retirement to enhance and add value to standard retirement plans and pensions. Examples of other post-employment benefits include legal services, health plans to supplement or precede Medicare coverage, disability plans, and life insurance plans. By providing other post-employment benefits outside of a simple monthly pension or retirement plan payment, business owners provide motivational incentives to encourage employee retention and growth within the business. Other post-employment benefits do, however, come with some specific financial reporting liabilities. Ensure you’re compliant by reviewing our expertly-written OPEB articles on the Watkins Ross blog or connect with us here to receive a professional OPEB valuation. With the help of our experienced OPEB team, Watkins Ross can enhance your other post-employment benefits strategy, design the perfect plan structure for you, and provide solutions to reduce or eliminate your OPEB liability.
- [Pension Risk](https://watkinsross.com/articles/categories/pension-risk/)
- [401K Plan Compliance](https://watkinsross.com/articles/categories/401k-plan-compliance/)
- [Pensions in a divorce](https://watkinsross.com/articles/categories/pensions-in-a-divorce/)
- [pensions](https://watkinsross.com/articles/categories/pensions/)
- [dividing pensions in divorce](https://watkinsross.com/articles/categories/dividing-pensions-in-divorce/)
- [Cybersecurity policy](https://watkinsross.com/articles/categories/cybersecurity-policy/)

## Tags

- [Business Management](https://watkinsross.com/articles/tags/business-management/)
- [Retirement Plans](https://watkinsross.com/articles/tags/retirement-plans/)
- [Enroll](https://watkinsross.com/articles/tags/enroll/)
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- [401k Plans](https://watkinsross.com/articles/tags/401k-plans/)
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- [Plan Deposits](https://watkinsross.com/articles/tags/plan-deposits/)
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- [ESOP](https://watkinsross.com/articles/tags/esop/)
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- [Employee Owned](https://watkinsross.com/articles/tags/employee-owned/)
- [ESOP Association](https://watkinsross.com/articles/tags/esop-association/)
- [PBGC Premiums](https://watkinsross.com/articles/tags/pbgc-premiums/)
- [Defined Benefit Plans](https://watkinsross.com/articles/tags/defined-benefit-plans/)
- [Defined Contribution Plans](https://watkinsross.com/articles/tags/defined-contribution-plans/)
- [Cash-Out](https://watkinsross.com/articles/tags/cash-out/)
- [Fidelity Bond](https://watkinsross.com/articles/tags/fidelity-bond/)
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- [EGTRRA](https://watkinsross.com/articles/tags/egtrra/)
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- [402(f) Notice](https://watkinsross.com/articles/tags/402f-notice/)
- [Rollover](https://watkinsross.com/articles/tags/rollover/)
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- [Retirement Trends](https://watkinsross.com/articles/tags/retirement-trends/)
- [Safe Harbor](https://watkinsross.com/articles/tags/safe-harbor/)
- [ADP/ACP](https://watkinsross.com/articles/tags/adp-acp/)
- [Top Heavy Plans](https://watkinsross.com/articles/tags/top-heavy-plans/)
- [409(p)](https://watkinsross.com/articles/tags/409p/)
- [Anti-Abuse](https://watkinsross.com/articles/tags/anti-abuse/)
- [Leased Employees](https://watkinsross.com/articles/tags/leased-employees/)
- [Mortality](https://watkinsross.com/articles/tags/mortality/)
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- [Highly Compensated Employees](https://watkinsross.com/articles/tags/highly-compensated-employees/)
- [Audit](https://watkinsross.com/articles/tags/audit/)
- [Form 5500](https://watkinsross.com/articles/tags/form-5500/)
- [401(a)(17)](https://watkinsross.com/articles/tags/401a17/)
- [Plan Limitations](https://watkinsross.com/articles/tags/plan-limitations/)
- [Distributions](https://watkinsross.com/articles/tags/distributions/)
- [Hardship](https://watkinsross.com/articles/tags/hardship/)
- [Awards & Accreditations](https://watkinsross.com/articles/tags/awards-accreditations/)
- [Cash Balance Plans](https://watkinsross.com/articles/tags/cash-balance-plans/)
- [Plan Services](https://watkinsross.com/articles/tags/plan-services/)
- [Plan Selection](https://watkinsross.com/articles/tags/plan-selection/)
- [Audits](https://watkinsross.com/articles/tags/audits/)
- [Cross-Tested Plans](https://watkinsross.com/articles/tags/cross-tested-plans/)
- [Optimization](https://watkinsross.com/articles/tags/optimization/)
- [Environment](https://watkinsross.com/articles/tags/environment/)
- [Industry Info](https://watkinsross.com/articles/tags/industry-info/)
- [Plan Administration](https://watkinsross.com/articles/tags/plan-administration/)
- [KSOP](https://watkinsross.com/articles/tags/ksop/)
- [Employer Matching](https://watkinsross.com/articles/tags/employer-matching/)
- [Census Request](https://watkinsross.com/articles/tags/census-request/)
- [OPEB](https://watkinsross.com/articles/tags/opeb/)
- [GASB](https://watkinsross.com/articles/tags/gasb/)
- [VCP](https://watkinsross.com/articles/tags/vcp/)
- [Plan Changes](https://watkinsross.com/articles/tags/plan-changes/)
- [PPA Document](https://watkinsross.com/articles/tags/ppa-document/)
- [Eligibility](https://watkinsross.com/articles/tags/eligibility/)
- [Plan Provisions](https://watkinsross.com/articles/tags/plan-provisions/)
- [EPCRS](https://watkinsross.com/articles/tags/epcrs/)
- [Plan Forfeitures](https://watkinsross.com/articles/tags/plan-forfeitures/)
- [Pre-Approved Plans](https://watkinsross.com/articles/tags/pre-approved-plans/)
- [Loan Offsets](https://watkinsross.com/articles/tags/loan-offsets/)
- [Plan Testing](https://watkinsross.com/articles/tags/plan-testing/)
- [QDRO](https://watkinsross.com/articles/tags/qdro/)
- [Attribution](https://watkinsross.com/articles/tags/attribution/)
- [Plan Disclosures](https://watkinsross.com/articles/tags/plan-disclosures/)
- [RMD](https://watkinsross.com/articles/tags/rmd/)
- [Qualified Plans](https://watkinsross.com/articles/tags/qualified-plans/)
- [Plan Termination](https://watkinsross.com/articles/tags/plan-termination/)
- [Lump Sum Payments](https://watkinsross.com/articles/tags/lump-sum-payments/)
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- [Federal Withholding](https://watkinsross.com/articles/tags/federal-withholding/)
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- [Deferral Limits](https://watkinsross.com/articles/tags/deferral-limits/)
- [RMDs](https://watkinsross.com/articles/tags/rmds/)
- [Temporary Employees](https://watkinsross.com/articles/tags/temporary-employees/)
- [Public Act 202](https://watkinsross.com/articles/tags/public-act-202/)
- [OMB](https://watkinsross.com/articles/tags/omb/)
- [Year End](https://watkinsross.com/articles/tags/year-end/)
- [1099-R](https://watkinsross.com/articles/tags/1099-r/)
- [Beneficiary Forms](https://watkinsross.com/articles/tags/beneficiary-forms/)
- [Opinion](https://watkinsross.com/articles/tags/opinion/)
- [SECURE Act](https://watkinsross.com/articles/tags/secure-act/)
- [CARES Act](https://watkinsross.com/articles/tags/cares-act/)
- [Part-Time Employees](https://watkinsross.com/articles/tags/part-time-employees/)
- [Missing Participants](https://watkinsross.com/articles/tags/missing-participants/)
- [Bonds](https://watkinsross.com/articles/tags/bonds/)
- [Elective Deferrals](https://watkinsross.com/articles/tags/elective-deferrals/)
- [402(g) Forms](https://watkinsross.com/articles/tags/402g-forms/)
- [Controlled Groups](https://watkinsross.com/articles/tags/controlled-groups/)
- [Attribution Rules](https://watkinsross.com/articles/tags/attribution-rules/)
- [Completion Factor](https://watkinsross.com/articles/tags/completion-factor/)
- [Claim Reserves](https://watkinsross.com/articles/tags/claim-reserves/)
- [Claim Patterns](https://watkinsross.com/articles/tags/claim-patterns/)
- [Secure Act 2.0](https://watkinsross.com/articles/tags/secure-act-2-0/)
- [Consolidated Appropriations Act of 2023](https://watkinsross.com/articles/tags/consolidated-appropriations-act-of-2023/)
- [Long Term Part Time Employees](https://watkinsross.com/articles/tags/long-term-part-time-employees/)
- [Tax Credits](https://watkinsross.com/articles/tags/tax-credits/)
- [Required Minimum Distributions (RMDs)](https://watkinsross.com/articles/tags/required-minimum-distributions-rmds/)
- [Clean Data Year end](https://watkinsross.com/articles/tags/clean-data-year-end/)
- [compensation plan](https://watkinsross.com/articles/tags/compensation-plan/)
- [401k plan Compliance](https://watkinsross.com/articles/tags/401k-plan-compliance/)
- [pensions in a divorce](https://watkinsross.com/articles/tags/pensions-in-a-divorce/)
- [pensions](https://watkinsross.com/articles/tags/pensions/)
- [dividing pensions in divorce](https://watkinsross.com/articles/tags/dividing-pensions-in-divorce/)
- [Cybersecurity](https://watkinsross.com/articles/tags/cybersecurity/)
- [401(k) plans](https://watkinsross.com/articles/tags/401k-plans-2/)
- [Defined Contribution Categories](https://watkinsross.com/articles/tags/defined-contribution-categories/)
- [Plan participant](https://watkinsross.com/articles/tags/plan-participant/)
- [Plan Sponsor](https://watkinsross.com/articles/tags/plan-sponsor/)