Posted by Maria T. Hurd, CPA, RPA UPDATED 7/11/19 Tips and Traps of Compensation: Part I – The Trouble with True-Ups or Lack of True-Ups When 401(k) and 403(b) plans provide that the match contribution is calculated annually, but administratively, the deposit is done on a payroll by payroll basis, it is important for the plan sponsor to understand and … Continued
Posted by Maria T. Hurd, CPA, RPA The Truth Will Set You Free, but First, It Will Make You Miserable When it comes to reporting prohibited transactions (PT) with parties-in-interest, it’s better to come clean, confess, and report on the supplementary schedules to the audited financial statements than to deny any wrongdoing. Withholding information results in inaccurate supplementary schedules, … Continued
In late 2018, the Auditing Standards Board (ASB) voted to issue a final balloted draft of SAS 13X, which addresses the auditor’s responsibility to form an opinion and report on the audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).
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.
In my previous blog, “How to Order a Triple Stack Match for your Plan,” I discussed the basics of the triple stack match formula.
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).
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:
All Good Things Come to an End: A Tale of Significant Changes in VCP Fees Affecting Small Benefit Plans
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.
The Tax Cuts and Jobs Act (Tax Act) resulted in major changes to the US income tax code.
Delinquent 401(k) and 403(b) Deposits: Same Prohibited Transaction, But Only ONE is Subject to Penalties
With the October 15th deadline in the past and a majority of Form 5500s having been filed, many plan sponsors, auditors, and third-party administrators have breathed a sigh of relief.