Prepping for Your First Employee Benefit Plan Audit
As organizations grow, requirements change rapidly – and one of the biggest challenges for many growing companies and not-for-profits is the need for an employee benefit plan (EBP) audit. In this Q&A, we’ll unpack key requirements, how to prepare for your first EBP audit, what documents you’ll need to
The Securing a Strong Retirement Act of 2021 Aims to Boost Savings for More Americans
Congress is currently working on a bill designed to help savers of all ages: The Securing a Strong Retirement Act of 2021 will attempt to increase retirement savings and add to changes seen under the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act. This newest
A Simple Way to Identify a Qualified Plan Auditor
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.
New Pooled 401(k) Plans Coming in 2021
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.
Revisiting Changes to 401(k) Hardship Withdrawals
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
How Do Reductions in Your Workforce Impact Your Company’s 401(k) Plan?
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