Retirement Plan Legislative: Act 2 - SECURE Act Scene 2

Retirement Plan Legislative Update: Act 2 – SECURE Act Scenes 2-4

Posted By: Christopher Ciminera, CPA Act 2 – The SECURE Act…Continued In our last two blogs, we discussed the beneficial changes of the Bipartisan Budget Act of 2018 and Title 1 of the SECURE Act. But it doesn’t stop there because there were more changes included in the SECURE Act, which we will now discuss in this blog. The SECURE … Continued

403b Common Mistakes

Top Five Operational Errors of 403(b) Plans

Posted By: Maria Hurd, CPA Top Five Operational Errors of 403(b) Plans Oops! I did it again… No matter how hard we try, there are mistakes we are doomed to make again and again, even when we know the rules all too well. The reasons are valid, and they are countless: mindlessness, being in a rush, employee turnover, deadlines, distractions, … Continued

How Does the 403(b) Special 15-Year Catch-Up Contribution Work?

Posted by Maria T. Hurd, CPA Where have you worked, for how long, and how much have you contributed to the 403(b) plan? These are all the questions that make up the puzzle pieces necessary to compute each participant’s available 403(b) catch-up. Participants in a 403(b) plan can make an additional contribution once they have 15 years of service with … Continued

Retirement Plan Legislative Update: Act 2 - Scene 1: The SECURE Act

Retirement Plan Legislative Update: Act 2 – Scene 1: The SECURE Act

Posted By: Christopher Ciminera, CPA Act 2 – The SECURE Act In Act 1 of our play, Retirement Plan Legislative Update: Act 1 – Bipartisan Budget Act, we covered the Bipartisan Budget Act of 2018. This was positive legislation, but a major change to legislation was yet to come – the Setting Every Community Up for Retirement Enhancement Act, or … Continued

Retirement Plan Legislative Update: Act 1 – Bipartisan Budget Act

Posted By: Christopher Ciminera, CPA  The world has gone through many sudden and unpredictable changes in the last few years. The retirement plan industry has seen many changes, as well, which has had impactful legislation and guidance that changed the retirement landscape in many positive ways. With all these changes, it seems the world and retirement plan industry is part … Continued

401(k), 403(b), 457(b): Why Are the Rules Different?

Posted By: Maria Hurd, CPA Why Ask Why? Why should the rules that determine how and how much a person can save for retirement be different depending on whether the person works for a government entity, a nonprofit, or a for-profit employer? People are people, and their retirement needs are not different based on what type of entity employs them. … Continued

Correcting Retirement Plan Eligibility Errors: Improper Exclusion Leads to Corrective Contributions

Posted By: Maria Hurd, CPA But They Got the Money in their Paycheck, Why Should They Get Even More? When an organization does not give employees the opportunity to make salary deferrals, or ignores their election to make salary deferral contributions, correcting the mistake in accordance with the IRS Correction Program called Employee Plan Compliance Resolution System (EPCRS) can be … Continued