Newsletter Articles
We’ve archived a series of newsletters, titled Benefit Insights, to help answer questions you might have about the operation and administration of retirement plans, as well as changes in legislation. You’ll find a new article here every quarter.
It doesn’t hurt to double check! We’re here for you!
As situations arise during the plan year, it’s always better to double check the plan provisions rather than address a plan failure after the fact. In some situations, it’s easier to ask for forgiveness rather than permission, but that isn’t true in retirement plans....
Are Changes Needed to the Plan?
As time goes by, the needs of a company and the needs of the participants evolve, and a plan may need to be amended to keep up with those changes. This is a good time of year to review plan provisions and determine if any changes are needed before the next plan year....
Bonds: Is your plan covered?
The Employee Retirement Income Security Act (ERISA) requires coverage to protect the plan from losses due to fraud and dishonesty. There are three main types of bond coverage for retirement plans: fidelity bonds, fiduciary liability insurance, and cyber liability...
Stay tuned! Secure 2.0 Act of 2022 includes some action items that may produce beneficial changes in the future.
Within 18 months: Effectiveness of notice provided for eligible rollover distributions: A 402(f) notice, often referred to as a Special Tax Notice, must be provided to the recipient of a distribution that is eligible for rollover. The notice must contain required...
Is it already time to complete another year-end data request?
When Plan Sponsors are asked to provide company and employee census information for a recent plan year, the details being collected affect the contributions that must be calculated and funded as well as which compliance tests the plan must satisfy. The same questions...
SECURE 2.0 is a GO!
In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act increased the Required Minimum Distribution (RMD) age for retirement plan participants from age 70 1/2 to 72. Additionally, it introduced opportunities for Long Term Part Time (LTPT)...
Deadline for CARES Act and SECURE Act Amendments Extended
The original due date of the CARES Act and SECURE Act amendments for qualified plans, other than governmental plans, was the last day of the first plan year beginning on or after January 1, 2022, which means December 31, 2022, for calendar year plans. This has been...
Save or Toss? Proper Plan Record Storage a Must!
As the year comes to a close, you may wonder what plan records must be kept and what items can be tossed. Historical plan records may need to be produced for many reasons: an IRS audit, a DOL investigation or simply questions from participants about their benefits or...
New Plan Year Checklist
Each year, a great deal of attention is paid to the upcoming year end work: census gathering, compliance testing, 5500s, oh my! But the year-end also brings with it a host of items that may need attention before the year closes. Below are a few action items that may...
New Information on Participant Statements: Lifetime Income Illustrations
If you sponsor a defined contribution retirement plan, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 now requires additional information be provided to your plan participants on their quarterly account statements. Along with their...
Of course, we’d be happy to hear your questions personally. We’ve got answers.
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Phone: (732) 747-1540
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