Year: 2016

Leveling Out ADP and ACP Tests with Refunds, QNECs/QMACs, Bottom-Up QNECs, or One-to-One Contributions

December 27, 2016

Discrimination. It’s a concept that most people don’t associate with retirement plan savings.

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Will the Real Gross Wages Please Stand Up! (Gross Wages Aren’t On The W-2 Like You Thought They Were)

December 19, 2016

The use of the wrong definition of compensation is the most common error found in employee benefit plan audits, and it can be a very costly mistake to correct in accordance with the provisions of the IRS’ Employee Plan Compliance Resolution System (EPCRS).

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How to Order a Triple Stack Match for Your Plan

December 08, 2016

We often ask the question, “How does our 401(k) plan stack up?”

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What am I signing? – A quick guide to management representation letters

November 30, 2016

Plan administrators probably view the management representation letter as a document they must sign so they likely do so without reading it closely.

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2017 Plan Limits Announced: Don’t Forget to Update Your Deferral Election

November 08, 2016

Along with the presidential election on Tuesday, November 8, another election that participants should have on their mind is the deferral for their retirement plan.

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DOL Fiduciary Rule

October 27, 2016

On April 6, 2016, the U.S. Department of Labor (DOL) issued its final rule expanding the definition of investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and modifying the complex list of prohibited transaction exemptions as it relates to the expanded definition.

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The 5500-EZ Delinquent Filer Program

June 28, 2016

In the retirement plan industry, 2 + 2 can be 4, or many other amounts depending on the actuarial assumptions used. Similarly, one-participant plans can actually cover hundreds of participants.

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Correction Program Options for Retirement Plan Errors

June 06, 2016

Posted by Maria T. Hurd, CPA Disclaimer: All blog posts are valid as of the date published. In a highly regulated industry with complicated rules that always have exceptions (except when the exception does not apply) it is inevitable that sooner or later a failure to follow the plan document will take place. Such operational … Continued

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Know Your Limits

June 01, 2016

Our lives are filled with limits; speed limits, credit limits, time limits, and a number of different retirement plan limits.

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Mid-Year Amendments to Safe Harbor Plans

May 19, 2016

It is not often that we can give our clients good news as a result of new guidance from the Internal Revenue Service, but thanks to Notice 2016-16, Mid-Year Changes to Safe Harbor Plans and Safe Harbor Notices, we have fantastic news.

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Belfint Lyons Shuman is a Certified Public Accounting (CPA) firm that audits Defined contribution plans (profit-sharing, 401(k), 403(b) , 401(a), 457(b))), and Defined benefit plans (pension and cash balance), and Health and welfare plans. We serve a variety of plan sponsors including for-profit, nonprofit, governmental, and Taft-Hartley collectively-bargained plans located in Delaware, Pennsylvania, New Jersey, Maryland, Washington, D.C., Virginia, Massachusetts, and nationally. For additional information contact us at