Category: 403b Plans

Delaware’s Senator Roth and His Roth Account Legacy

February 18, 2025

Being from Delaware, I remember Senator Roth, the lone U.S. Representative from Delaware, and his two giant St. Bernards walking down Market Street, greeting all his constituents. Who knew that this affable man would leave behind a legacy that will benefit millions of people for generations to come? At the age of 76, he created … Continued

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The New Super Catch-up for 401(k) and 403(b) Plans

February 04, 2025

…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

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A Deficient Form 5500 Filing is Preferable to a Delinquent Filing

January 21, 2025

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

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Long-Term, Part-Time (LTPT) Guidance for 403(b) Plans

November 25, 2024

On October 2, 2024, the IRS released Notice 2024-73, which gave us long awaited guidance on the interplay between the historically permitted exclusions from participation available to 403(b) plans and the LTPT rules scheduled to become effective on 1/1/2025 for 403(b) plans covered by ERISA. This guidance corroborates many of our predictions in our original … Continued

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The Rules of Engagement for Correcting Inadvertent Benefit Overpayments, or Not!

November 12, 2024

October 15th: The Gift that Keeps on Giving… As if we didn’t have enough to celebrate on October 15th, the final deadline to attach our financial statement audits to calendar year Form 5500 filings, the IRS issued Notice 2024-77 to provide welcome guidance on inadvertent overpayments. Oops! I Did It Again, I Paid You Too … Continued

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IRS Announces Increases on Benefits and Contributions Dollar Limitations for 2025

November 06, 2024

  The Internal Revenue Service has announced adjustments on the limitations affecting retirement plans. In particular, participants can now elect to defer up to $23,500 to 401(k), 403(b), and 457(b) Plans in 2025 compared to $23,000 in 2024. Below is a chart that outlines updated employee benefit plan limits: PLAN LIMITS RETIREMENT & SOCIAL SECURITY … Continued

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403(b) Specific Financial Statement Audit Considerations

October 29, 2024

Updated October 29, 2024 Every Independent Qualified Public Accountant (IQPA)’s retirement plan audit is different. There are countless iterations of service providers, plan formulas, payroll companies, investment philosophies, and internal control setups that must be considered when designing an audit plan. There are many audit considerations that are specific 403(b) plans that plan auditors must … Continued

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How to Compute the 15-Year Special Catch-Up for 403(b) Plans

October 15, 2024

How Does the 403(b) Special 15-Year Catch-Up Contribution Work? Where have you worked, for how long, and how much have you contributed to the 403(b) plan? These are all 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 … Continued

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The Trouble with True-ups: Make Sure You Budget for the Maximum Match

October 07, 2024

The Basics of the True-Up Match Employers that give substantial bonuses tend to give their employees the opportunity to contribute the maximum 401(k) or 403(b) deferral amount out of their bonus pay. To ensure that employees who take advantage of this flexibility get the maximum match, the employers have to make sure that their plan … Continued

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Form 5500 Participant Count: Cash or Accrual Basis? To Audit or Not to Audit?

June 25, 2024

Timing Differences Can Make a Difference The number of participants as of the beginning of the year determines whether the plan’s financial statements must be audited. Starting in 2023, eligible participants who do not have an account balance on the first day of the plan year are no longer included in the participant count used … Continued

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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 info@belfint.com