Newsletter

Spring 2022 – Benefit Insights Newsletter

Timing of Deposits 401(k)/403(b) Deferrals and Loan Repayments One of the questions asked by your TPA during the annual census collection may be whether your participant contributions and loan payments were transmitted within the Department of Labor (DOL) safe harbor time frame. It’s an important question because both the DOL and the Internal Revenue Service …

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401k Plan Sponsor

Winter 2022 – Benefit Insights Newsletter

2022 – An Ideal Time to Review Plan Design Each year, those in the retirement community collect, analyze and calculate data to ensure plan compliance with the laws that govern qualified retirement plans. The calendar of deadlines repeats each year, challenging plan sponsors and service providers to focus on the current plan compliance along with the …

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Fall 2021 – Benefit Insights 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 …

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Spring 2021 – Benefit Insights Newsletter

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 …

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PEP vs. MEP

Winter 2021 – Benefit Insights Newsletter

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 …

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CBC 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. Here are the highlights from the …

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CBC Summer 2020 Newsletter

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 …

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CBC Spring 2020 Newsletter

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, …

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CBC Spring Newsletter 2018

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 …

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