Category: Benefit Plans

How Do I Correct Late Salary Deferral Deposits?

April 28, 2020

Posted by Christopher J. Ciminera, CPA, QKA Update – April 29, 2020 On Wednesday, April 29, 2020 the Employee Benefits Security Administration (EBSA) also posted a Disaster Relief Notice 2020-01. In this notice, the EBSA provides relief to plan sponsors regarding the possibility of lags in deposits due to the recent COVID-19 issues which was … Continued

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Are Retirement Savings More Secure under the SECURE Act?

January 29, 2020

Posted by Tyler Starr, CPA The passing of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) at the end of 2019 included significant changes impacting qualified retirement plans. In fact, the retirement plan industry has not seen such extensive changes in one act since the passing of the Pension … Continued

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Are Employer Matching Contributions for Student Loan Repayments Allowed?

June 18, 2019

Posted by Tyler Starr, CPA The IRS issued a private ruling on August 17, 2018, to allow an unnamed company to implement a new type of benefit for employees with student loan debt who were eligible to participate in its 401(k) plan. Prior to the private ruling, the company offered a 5% match contribution if … Continued

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Without extra fanfare: What are the available safe harbor plan formulas?

April 24, 2019

By special request, following is a summary of the basic available safe harbor formulas, with no extra editorials. See bullet points for information about enhanced match opportunities.

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All Good Things Come to an End: A Tale of Significant Changes in VCP Fees Affecting Small Benefit Plans

September 12, 2018

In the 14th century epic poem the Troilus and Criseyde, Geoffrey Chaucer portrays a tragic love tale between Troilus, a Trojan warrior, and Criseyde, the daughter of a Greek fortuneteller.

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Avoiding the Curveball of a Taxable 401(k) Loan under New Law

May 15, 2018

The Tax Cuts and Jobs Act (Tax Act) resulted in major changes to the US income tax code.

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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?

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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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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