Retirement Planning is a Team Sport Some would say that retirement plan administration is a team sport! Putting together technical and compliance competence with ongoing investment and fiduciary expertise is key to keeping your plan healthy and participants happy. So, what roles and responsibilities should you look to fill for your firm to have a …
Upcoming Compliance Deadlines for Calendar-Year Plans 1st February 2021 IRS Form 1099-R – Deadline to distribute Form 1099-R to participants and beneficiaries who received a distribution or a deemed distribution during the prior plan year. IRS Form 945 – Deadline to file IRS Form 945 to report income tax withheld from qualified plan distributions made during the …
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. Here are the highlights from the …
ELECTRONIC DELIVERY COULD SAVE BILLIONS ON MAY 21, 2020, THE U.S. DEPARTMENT OF LABOR AND THE EMPLOYEE BENEFITS SECURITY ADMINISTRATION (EBSA) ANNOUNCED THE PUBLICATION OF A FINAL RULE THAT WILL ALLOW EMPLOYERS TO COMMUNICATE THE REQUIRED RETIREMENT PLAN DISCLOSURES AND OTHER PLAN INFORMATION ELECTRONICALLY. The rule finishes a 2018 DOL initiative aimed at reducing administrative …
UNDERSTANDING THE CARES ACT ON FRIDAY, MARCH 27, 2020, THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT), A MASSIVE RELIEF BILL FOR THOSE SUFFERING AS A RESULT OF THE CORONAVIRUS PANDEMIC, WAS SIGNED INTO LAW. Besides the generalized financial relief afforded to individuals, as well as loans and other concessions for businesses, …
WHO IS AN EMPLOYEE? MAINTAINING A RETIREMENT PLAN FOR YOUR EMPLOYEES IS NO EASY TASK. At various points during the year, employers and HR departments field participant questions, help with enrollments, deliver notices and statements, and participate in the distribution process. However, an additional responsibility, and one of the most important, is the collection of …