The Employee Benefits Security Administration (EBSA) issued a disaster relief notice during 2020 that gave relief to plans that had participant payments and withholdings that were not made within prescribed timeframes if those delays were solely attributable to the COVID-19 pandemic. The relief period began on March 1, 2020 and
Have you ever thought about whether your 401(k) benefits are the same as other employees within your Plan? Are you getting the same benefits as someone who is more highly compensated? Luckily for you, Employee Benefit Plans are required to go through compliance testing to ensure that benefits within your
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
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
The SECURE Act (Setting Every Community Up for Retirement Enhancement), passed in late 2019, included the most updates to retirement legislation in over a decade. The legislation’s goal was to encourage more Americans to improve their retirement savings. As we noted at that time, the provisions of the SECURE Act
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.