Category: Benefit Plans
No Good Deed Goes Unpunished: Don’t Forget the Compensation Ratio Test
January 04, 2016
Most plan sponsors know that their retirement plans are subject to discrimination tests, generally designed to prevent highly compensated employees (HCEs) from obtaining a benefit that is disproportionately favorable when compared to the benefits of the non-highly compensated employees (NHCEs).
Continued Interest from the DOL in the Selection of Qualified Plan Auditors
December 09, 2015
In a previous blog, DOL Audit Quality Study: Employee Benefit Plan Auditors Are not Making the Grade, we discussed the results of the 2015 Audit Quality Study performed by the Department of Labor (DOL).
What’s in a Name? Are Retirement Plans of Entities with Religious Names Automatically Church Plans?
November 18, 2015
Posted by Maria T. Hurd, CPA Juliet: “What’s in a name? That which we call a rose By any other name would smell as sweet.” Let us consider what a name is. It is the grouping of letters that represent the identification of a person, object, or entity. However, the words may not be exactly representative … Continued
The Special 15-Year 403(b) Catch-Up Contribution: How does it really work?
August 06, 2015
The amount available under the 15-year catch-up provision is based on the number of years of service and the total contributions previously made.
The Voluntary Fiduciary Correction Program – How to File an Application
July 23, 2015
In my previous blog, “The Voluntary Fiduciary Correction Program – Overview”, I discussed the Voluntary Fiduciary Correction Program (VFCP).
The Voluntary Fiduciary Correction Program – Overview
July 07, 2015
By filing through the VFCP, a plan sponsor will receive a no-action letter from the EBSA indicating to the plan that the EBSA will not take civil action against the plan sponsor with regard to this specific transaction in the submission. It is also important to note that there is no application fee to file through the VFCP.
A Plan Sponsor’s Guide to Assessing the Qualifications of Retirement Plan Auditors
June 10, 2015
The DOL has released the report on its fourth study of audit quality. Revealing a shocking turn for the worse, 39% of the plan audits in the sample did not comply with professional audit standards, up from 33% in the 2004 study, 19% in 1997 study, and 23% in the 1988 study.
Qualified Plan Distributions: IRS Issues Guidance on Allocation of After-Tax and Pretax Amounts
February 11, 2015
Lack of clarity causes frustration. The topic of how to properly allocate the pretax and after-tax amounts attributable to distributions from qualified plan accounts that include Roth 401(a) accounts or after-tax accounts has been a source of much debate in the retirement plan community.