Category: 403b Plans

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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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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Elective Deferral Election Benefit Plan Administration

April 18, 2016

One of the most common operational errors when administering retirement plans is the failure to implement a participant’s elective deferral election or change in percentage.

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Preparing For An Employee Benefit Plan Audit

February 22, 2016

When it comes to an employee benefit plan audit, having the right information ready in a timely fashion is imperative for a smooth and efficient audit. Since the retirement plan audit season is now going strong I am providing a link to the AICPA’s EBPAQC 403(b) Retirement Plan Audits Sample Auditor Request List for Plan Information.

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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).

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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).

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Amending a Plan’s Eligibility Provisions Could Delay a Financial Statement Audit Requirement

December 02, 2015

It may be counter-intuitive, but reducing the number of employees who are eligible to participate in a retirement plan could be the greater good in certain situations.

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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

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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