A qualified benefit plan is designed to help guard and protect an employee’s retirement benefits, whether that be a defined contribution, benefit, or health and welfare plan. Generally, most employee benefit plans with more than 100 eligible participants are required to submit an audited financial statement with their Form 5500.
In the coming year, plan administrators may be approached to join a new type of pooled 401(k) plan. The SECURE Act established a new type of multiple employer plan called a “pooled employer plan” (PEP). These plans allow unrelated employers to participate in a single, shared 401(k) plan. The U.S.
Retirement plans were in the news a lot during 2020, but one thing that may have been missed or overlooked are the changes made to hardship withdrawal rules. The following changes were made as of January 1, 2020, with some being mandatory and some being optional. We’ve outlined the most
Many companies have had to make very difficult employment decisions during 2020. Those that were fortunate enough to receive a Paycheck Protection Program (PPP) loan may have been able to defer employment reductions in the short term. Unfortunately, for many businesses, the COVID-19 environment has lasted longer than the PPP
COVID-19 has had a monumental impact on the economic landscape in 2020, and the repercussions will be felt long after the year is over. While economic studies of retirement contributions for 2020 have found that most participants stayed the course during the pandemic and continued regular retirement contributions, the overwhelming
Some businesses’ 401k and retirement plans are too small to need an external audit. Generally speaking, only when your participant count exceeds 100 will you be required to conduct a benefit plan audit. However, there is one exception to this general rule. The “80-120 rule,” as it is commonly known,