• ASK THE EXPERTS – Jeff Thornton, Senior Actuary

    March 30, 2023 - Jeff Thornton is a Senior Actuary at The Retirement Advantage, Inc. TRA. He has 18 years of experience in cash balance plans, financial accounting, nondiscrimination and coverage testing, plan design and government reporting. In this article, Jeff talks about nondiscrimination testing in defined benefit plans. Continue
  • CASE OF THE WEEK – The New Way to Count Participants for Form 5500 Audits
    March 24, 2023 - The Form 5500 filing regulations, among other things, change the method of counting participants for purposes of determining when a defined contribution plan must file as a small plan, which also factors into whether the plan may be exempt from the IQPA audit requirement. Specifically, for 2023 and later plan years, plans are directed to count only the number of participants/beneficiaries with account balances as of the beginning of the plan year, as compared to the current rule that counts all the employees eligible to participate in the plan. Continue
  • CASE OF THE WEEK – Distributions Affect Saver’s Tax Credit
    March 17, 2023 - Every deduction and tax credit counts these days. Many IRA owners and plan participants may be unaware of the retirement plan-related tax credits for which they may qualify. Seeking qualified tax advice is essential to ensure accurate calculations. Continue
    March 10, 2023 - For 2023, switching from a SIMPLE IRA plan to another plan type mid-year is problematic, and may involve an IRS VCP filing (with fees). SECURE 2.0 provides relief for 2024 and later years for this scenario when adopting an eligible 401(k) replacement plan. Continue
  • CASE OF THE WEEK – Plan Establishment Deadline
    March 3, 2023 - From a timing perspective, both SECURE 1.0 and 2.0 have made it easier for business owners to set up retirement plans. This is in keeping with Congress’s goal to facilitate plan establishment with the end result being increasing employee coverage by workplace retirement plans. Continue
  • CASE OF THE WEEK – Startup Plan Tax Credit Changes
    February 24, 2023 - A sweeter tax deal may await small businesses that do not currently offer workplace retirement plans. SECURE 2.0 enhances current plan startup tax credit rules and adds a new tax credit for employer-provided contributions. Plus, the $500 spiff for adding an auto-enroll feature may apply. Continue
  • Plan Sponsors Ask…
    February 21, 2023 - Inflation 2022: 74% of Americans’ Retirement Planning Has Been Impacted, According to New Study Continue
  • Tackling the Trend
    February 14, 2023 - An August 2022 survey from Nationwide Retirement Institute found that 40% of workers age 45 and older plan to delay their retirement due to inflation and rising living costs. That figure is double the percentage of workers who said they delayed retirement last year due to the COVID-19 pandemic. While the current inflationary environment presents a host of retirement plan challenges for both employers and employees, tackling the trend with prudent and sensible solutions remains the best course of action.. Continue
  • CASE OF THE WEEK – New RMD Rules to Live By
    February 10, 2023 - The changes to RMD rules because of SECURE 2.0 are good news for plan participants. The IRS has some homework to accomplish in the form of final Treasury regulations and updated filing forms to facilitate the changes. It’s important for plan sponsors to get the new rules right. Financial advisors can help plan sponsors ensure recordkeepers and TPAs are correctly implementing the new RMD rules as well as other SECURE 2.0 enhancements. Continue
  • Reaching Retirement Readiness
    February 7, 2023 - Saving rates are fundamental to retirement wealth accumulations. Defined contribution plan participants are saving optimally in their current workplace retirement plan. Continue

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