Benefit Insight Newsletter

Winter 2023 Newsletter

SECURE 2.0 is a GO!

In this edition, we discuss the effective date of enactment for SECURE Act 2.0, year-end data requests, action items for SECURE 2.0 coming soon, and upcoming deadlines for calendar-year plans.

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Fall 2022 Newsletter

Cost of Living Adjustments for 2023

In this edition, we discuss the new IRS Cost of Living Adjustments for 2023, proper plan record storage, new plan year checklist, deadline extension for the CARES Act and SECURE Act Amendments, and important 2022 deadlines.

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Summer 2022 Newsletter

Form 5500 Insights

In this edition, we discuss Form 5500 insights, the new IRS pre-examination compliance program announced in June, and upcoming compliance deadlines.

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Spring 2022 Newsletter

Timing of Deposits, 401(k)/403(b) Deferrals and Loan Repayments

In this edition, we discuss important 2022 deadlines, including timing of deposits for 401(k) and 403(b) deferrals and loan repayments, as well as new information on participant statements with lifetime income illustrations.

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Winter 2022 Newsletter

2022- An Ideal Time to Review Plan Design

In this edition, we discuss important 2022 deadlines, including Cycle 3 restatements, 401(k) plans for long-term part-time employees, and navigating the labyrinth of required minimum distributions.

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Fall 2021 Newsletter

Save More for Retirement in 2022

On November 4, 2021, the IRS announced the cost of living adjustments affecting the dollar limitations for retirement plans for 2022. In October, the Social Security Administration announced a benefit increase of 5.9%, the largest increase in nearly 40 years. Following suit, many retirement plan limits have increased as well over the 2021 levels.

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Summer 2021 Newsletter

Missing Participants: Ready or Not, Here I Come!

Missing participants are former employees who left an account balance in a retirement plan and did not keep their contact information up to date. In addition, they may no longer actively manage their accounts. Most Plan Sponsors can relate to the trials of having missing participants in their retirement plan, at times, it may feel like you are on the losing end of an intense game of hide-and-seek.

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Spring 2021 Newsletter

Retirement Planning is a Team Sport

Though many employers act as the named Plan Administrator of the plan, to ensure a successful outcome, they assemble a team of professionals to fulfill the key roles that keep a plan on track. The team's goal, following the direction of the Plan Sponsor, is to deliver a program that provides retirement security for the plan participants.

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Winter 2021 Newsletter

The MEP/PEP Debate: Are We Better Together?

Prior to the enactment of the SECURE Act on December 20, 2019, all employers participating in the MEP had to share a common interest other than the retirement plan. The SECURE Act essentially reversed the DOL position by creating a new type of MEP, the Pooled Employer Plan (PEP).

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Fall 2020 Newsletter

Cost of Living Adjustments for 2021

On October 26, 2020 the IRS announced the Cost of Living Adjustments affecting the dollar limitations for retirement plans. Contribution and benefit increases are intended to allow participant contributions and benefits to keep up with the "cost of living" from year to year.

Click Benefit Insight Newsletter Fall 2020 to read more!

Spring 2020 Newsletter

C.A.R.E.S. Act

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into Law on Friday, March 27, 2020. Besides the generalized financial relief afforded to individuals, as well as loans and other concessions for businesses, the massive relief bill for those suffering as a result of the Coronavirus Pandemic includes many provisions to help participants and employer sponsors of retirement plans

Click Benefit Insight Newsletter Spring 2020 to read more!

Winter 2020 Newsletter

SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into Law on December 20, 2019. The SECURE Act represents some of the most significant changes to retirement plan law since the passage of the Pension Protection Act of 2006, over thirteen years ago. The provisions of the Act are broad ranging and span many different effective dates.

Upcoming Compliance Deadlines

Click Benefit Insight Newsletter Winter 2020 to read more!

Fall 2019 Newsletter

IRA Announces Limits for 2020

Every Fall, the coming year's Cost-of-Living Adjustments (COLAs) are released by the Internal Revenue Service. The benefit increases counteract the effects of inflation and keep up with the "cost of living." See the limits for 2020.

Safe Harbor 401(k) Plan Design

Safe Harbor 401(k) Plans can eliminate a host of testing issues for traditional 401(k) Plans. If HCE contributions in your plan have resulted in corrective distributions in the past, you may consider a Safe Harbor plan in 2020. The deadline is quickly approaching, so be sure to contact us before December 1st to make 2020 plan changes.

Upcoming Compliance Deadlines

The December and January deadlines for 12/31 calendar year plans.

The Final Rule on Hardship Distributions

The IRS published the final rule regarding participant hardship distributions from defined contribution plans. Hardships get a little easier with expanded qualification rules and streamlined review process.

Click Benefit Insight Newsletter Fall 2019 to read more!

Summer 2019 Newsletter

Bucket List: Retirement
The economy continues at its strong pace, keeping unemployment rates at its lowest rate in nearly 50 years. While this is usually good news, employee financial vulnerability is clouding this sunny forecast. The repercussions are impacting their ability to save for retirement.

Complying with Safe Harbor Deadlines
All 401(k) plan contributions have deposit deadlines, and it’s up to 401(k) fiduciaries to meet them. Yet, many are unclear about the deadlines applicable to their 401(k) plan. That confusion can lead to late contributions.

Upcoming Compliance Deadlines
The September and October deadlines for 12/31 calendar year plans.

It's All In The Design...
For many new Plan Sponsors, and even those well-seasoned at running a company retirement plan, understanding plan design can be daunting. Industry terminology, IRS code sections, and complicated illustrations can make understanding difficult.

Click Benefit Insight Newsletter Summer 2019 to read more!

Spring 2019 Newsletter

Automatic Enrollment is on the Rise

With the future of Social Security in question, it is becoming ever increasingly important for workers to self-prepare for post-retirement living. Studies show that approximately one out of every three eligible workers...

Protect Your 401(k)

Though some employers may not think so, the truth is that in today’s world 401(k) Plans are subject to fraudulent activity, and that the often-overlooked retirement plan can be the perfect place for it to occur. For example, in late 2017, several news outlets reported...

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Winter 2019 Newsletter

It's Testing Season!
Know Your Options
The 401(k) Turns 40

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Hardships Get a Little Easier?
Helping Hands
Cost of Living Adjustments
'Tis the Season
Port in the Storm