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Corporate Retirement Plans

401(k) Plan Sponsors’ Nondiscriminatory Testing Responsibilities By Sean Deviney, CFP®*

Posted October 2, 2024

Employers sponsoring non-safe harbor 401(k) plans must perform annual ERISA- and IRS-mandated testing to ensure they do not disproportionately favor highly compensated employees (HCEs) over rank-and-file non-HCEs. It is critical businesses understand the formulas for these nondiscriminatory tests and the steps they must take to fix a failure or risk losing their plans’ tax benefits. […]

401(k) Plans Help Employers Attract, Retain Workers Without Increasing Costs, Administrative Headaches By Olga Ismail

Posted November 16, 2023

Ongoing economic uncertainty, persistently high inflation and a tight labor market have made it increasingly difficult for employers to attract and retain top talent. However, according to the result of a recent survey, one of the best ways employers can differentiate themselves from the competition is to offer a retirement savings plan with an employer […]

Streamlined Annual Reporting Available to More Employee Benefit Plan Sponsors for 2023 Plan Year By Sean Deviney, CFP®*

Posted August 24, 2023

Earlier this year, the IRS, Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) issued final changes to the annual reporting requirements of employee benefit plan sponsors for their 2023 filings of IRS Forms 5500 and 5500-SF. The revisions were introduced as part of the Setting Every Community Up for Retirement Enhancement Act of […]

Secure Act 2.0 Brings Big Changes to Retirement Plans in 2023 By Olga Ismail

Posted February 1, 2023

The beginning of a new year often comes with many changes. For 2023, some of the most significant transformations are occurring in the retirement industry, thanks to the recent passage of the SECURE Act 2.0. While some of the new law’s provisions will not take effect until future years, others will need to be addressed […]

401(k) Plan Sponsors Get More Time to Adopt Amendments By Olga Ismail

Posted August 17, 2022

The IRS recently issued guidance extending the deadline for retirement plans and individual retirement accounts (IRAs) to adopt amendments reflecting legislation passed into law in 2019 and 2020. The previous deadline for calendar year plans has been postponed from December 31, 2022, to December 31, 2025. The additional time is good news for sponsors and […]

Are More Changes Ahead for Retirement Savings? By Brendan T. Hayes

Posted August 3, 2022

Since Congress first passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) in 2019, it has been working on a secondary package of regulations to further expand taxpayers’ access to workplace retirement plans and improve their financial security during their golden years. The proposed regulations, commonly referred to as Secure Act 2.0, […]

Employee Education Can Help Protect Your Company’s Retirement Plan from Leakage By Olga Ismail

Posted February 2, 2022

The pandemic and ensuing “Great Resignation” are accelerating an already concerning rate of leakage from employers’ 401(k) plans, negatively impacting both employers’ costs and plan participants’ retirement readiness. In this environment, it is especially critical for businesses to educate employees about the rules for early withdrawals and separations from service and the options available to […]

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