Newsletter Articles
Secure 2.0 Webinar
The register link will now take you to our interactive Secure 2.0 website, which includes the webinar recording and other useful information.
Upcoming Compliance Deadlines for Calendar-Year Plans
February 28thIRS Form 1099-R Copy A – Deadline to submit 1099-R Copy A to the IRS for participants and beneficiaries who received a distribution or a deemed distribution during the prior plan year. This deadline applies to scannable paper filings. For electronic...
Stay tuned! Secure 2.0 Act of 2022 includes some action items that may produce beneficial changes in the future.
Within 18 months: Effectiveness of notice provided for eligible rollover distributions: A 402(f) notice, often referred to as a Special Tax Notice, must be provided to the recipient of a distribution that is eligible for rollover. The notice must contain required...
Is it already time to complete another year-end data request?
When Plan Sponsors are asked to provide company and employee census information for a recent plan year, the details being collected affect the contributions that must be calculated and funded as well as which compliance tests the plan must satisfy. The same questions...
SECURE 2.0 is a GO!
In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act increased the Required Minimum Distribution (RMD) age for retirement plan participants from age 70 1/2 to 72. Additionally, it introduced opportunities for Long Term Part Time (LTPT)...
Upcoming Compliance Deadlines for Calendar-Year Plans
December 1stParticipant Notices – Annual notices due for Safe Harbor elections, Qualified Default Investment Arrangement (QDIA), and Automatic Contribution Arrangements (EACA or QACA).December 30thADP/ACP Corrections - Deadline for a plan to make ADP/ACP...
Deadline for CARES Act and SECURE Act Amendments Extended
The original due date of the CARES Act and SECURE Act amendments for qualified plans, other than governmental plans, was the last day of the first plan year beginning on or after January 1, 2022, which means December 31, 2022, for calendar year plans. This has been...
Save or Toss? Proper Plan Record Storage a Must!
As the year comes to a close, you may wonder what plan records must be kept and what items can be tossed. Historical plan records may need to be produced for many reasons: an IRS audit, a DOL investigation or simply questions from participants about their benefits or...
New Plan Year Checklist
Each year, a great deal of attention is paid to the upcoming year end work: census gathering, compliance testing, 5500s, oh my! But the year-end also brings with it a host of items that may need attention before the year closes. Below are a few action items that may...
Cost of Living Adjustments for 2023
Save even more for retirement in 2023 due to record breaking increases in limits. On October 21, 2022, the IRS announced the Cost of Living Adjustments (COLAs) affecting the dollar limitations for retirement plans for 2023. Retirement plan limits increased well over...