Form 5500 Insights

August 2, 2022    282    282   

Every year, most employers file a Form 5500 for each qualified plan that they sponsor. The purpose of the Form 5500 is to provide required information to the Department of Labor (DOL), but it can also provide valuable insight to the plan sponsor.

New IRS Pre-Examination Compliance Program Announced

August 2, 2022    250    250   

In June 2022, the IRS began piloting a pre-examination retirement plan compliance program. This is beneficial to plan sponsors because it provides an opportunity for plan sponsors to correct mistakes at a reduced cost and possibly avoid a full IRS examination.

Q&A Corner

August 2, 2022    249    249   

Q&A Corner

New Information on Participant Statements: Lifetime Income Illustrations

May 12, 2022    304    304   

If you sponsor a defined contribution retirement plan, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 now requires additional information be provided to your plan participants on their quarterly account statements.

Timing of Deposits 401(k)/403(b) Deferrals and Loan Repayments

May 12, 2022    814    814   

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.

2022 – An Ideal Time to Review Plan Design

February 7, 2022    385    385   

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 myriad of changes that have come into effect in the last few years. 

SECURE Act Provisions for Long-Term Part-Time Employees

February 7, 2022    778    778   

Historically, 401(k) plans could exclude individuals who worked less than 1,000 hours in the plan year. However, in its effort to expand access to employer retirement plans, the Setting Every Community Up for Retirement Enhancement (SECURE) Act introduced the concept of a “long-term, part-time employee” (LTPT).

Navigating the Labyrinth of Required Minimum Distributions

February 7, 2022    353    353   

Since the passage of the Tax Reform Act of 1986, taxpayers have been required to withdraw previously untaxed dollars from their qualified plan and IRA accounts. 

Participant Distribution Fraud in the “New Normal”

November 10, 2021    590    590   

The Coronavirus pandemic, without a doubt, has changed the way we do business. It has also created some unanticipated vulnerabilities. For instance, since the start of the “new normal,” there has been an increase of cyberattacks on retirement plans and participant accounts through unauthorized distributions. How did this happen?

Form 5500 Filing Extension for FEMA Designated Disaster Areas

November 10, 2021    476    476   

On August 31st, 2021, the IRS issued guidance extending tax filing deadlines for Form 5500 in areas designated by the Federal Emergency Management Agency (FEMA) as qualifying for assistance due to Hurricane Ida and other recent natural disasters. This extension applies not only to Form 5500 filings but also to Form 8955-SSA.