Category: 403b Plans
Did You Hear that the IRS made Hardship Distributions “a Little Less Hard”?
January 10, 2019
The IRS is striving to make the process of taking hardship distributions “a little less hard” through proposed regulation issued on November 14th, 2018, ushered by the Bipartisan Budget Act of 2018 (BBA).
IRS Announces Increases on Benefits and Contributions Dollar Limitations
November 08, 2018
The IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes.
Below is a chart that outlines employee benefit plan limits for 2019:
Hardship Distributions Made Easier Under New Budget Act
May 11, 2018
There has been a lot of talk about changes brought by the Tax Cuts and Jobs Act (Tax Act) that President Trump signed last December.
Accounting Treatment of Refund of Excess Contributions
February 09, 2017
There is a popular philosophical question that asks if a tree falls in a forest, and no one is around to hear it, does it make a sound?
Internal Controls in a Retirement Plan
January 12, 2017
As auditors, we are required to review the controls in place at a plan sponsor of a retirement plan and its service providers to assess the risk of material misstatement resulting from control risk. In doing so, we constantly evaluate the adequacy of the control structure and recommend improvements to strengthen the processes to prevent errors.
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.
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).
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.
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.
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.