Art of the Qualified Plan Audit

…a Lot to Catch Up About Effective January 1, 2025, plan sponsors can opt to add a plan provision to allow participants who are between the ages of 60 and 63 at the end of 2025 (and subsequent years) to contribute an additional catch-up contribution…a super catch-up. For 401(k) and 403(b) plans, the super catch-up … Continued

The DOL Update at the AICPA Conference At the AICPA National Conference, the DOL Update was presented by Marcus Aron, the Chief of the Division of Accounting Services at the Office of the Chief Accountant (OCA) of the Employee Benefit Security Administration (EBSA), with an impromptu guest appearance from Scott Albert, who heads up the … Continued

When is the First RMD due (the Required Beginning Date-RBD)? The first RMD must be taken by April 1 of year following the later of the year the participant turns 73 or the year of retirement (if allowed by the plan). Employees must be separated from service to be considered retired, such that employees who … Continued