by Taylor Brown | May 10, 2023 | Newsletters
DEFINED CONTRIBUTION PLANS: FORM 5500 NEWS! Effective for plan years beginning on or after January 1, 2023, the determination of a large or small plan will be based on the number of participants with an account balance as of the beginning of the year, rather than the...
by Taylor Brown | May 9, 2023 | Newsletters
As part of the enrollment process, participants are asked to elect a beneficiary. The Problem However, this step is often not completed or kept up to date as time goes on, which can make death distributions more complicated than they need to be. When a participant...
by Taylor Brown | May 8, 2023 | Newsletters
As a plan sponsor, do you feel your employees have a clear understanding of the company’s retirement plan? Do most utilize it as a tool to save for retirement—and, if not, do they understand the benefit that they are missing? According to the 2022 PLANSPONSOR...
by Taylor Brown | Feb 20, 2023 | Newsletters
In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act increased the Required Minimum Distribution (RMD) age for retirement plan participants from age 70 1/2 to 72. Additionally, it introduced opportunities for Long Term Part Time (LTPT)...
by Taylor Brown | Feb 19, 2023 | Newsletters
WITHIN 18 MONTHS: Effectiveness of notice provided for eligible rollover distributions: A 402(f) notice, often referred to as a Special Tax Notice, must be provided to the recipient of a distribution that is eligible for rollover. The notice must contain required...
by Taylor Brown | Feb 18, 2023 | Newsletters
When Plan Sponsors are asked to provide company and employee census information for a recent plan year, the details being collected affect the contributions that must be calculated and funded as well as which compliance tests the plan must satisfy. The same questions...
