Tax Reform Impact on Retirement Plans

Tuesday, May 29, 2018

While the Tax Cuts and Jobs Act of 2017 (Act), which was signed into law last December, will impact most individuals and business taxpayers, the changes regarding retirement plans were not as significant as had been contemplated in some of the original proposals. The following is a summary of the specific retirement plan provisions that […]

Fiduciaries Responsible for Locating Missing Participants

Tuesday, May 29, 2018

An important fiduciary duty for a plan sponsor is the timely processing of distributions to former employees and beneficiaries. Employers can lose track of former employees and benefits can remain unclaimed for long periods of time. The Department of Labor (DOL) has published guidelines for employers with steps to locate missing participants. The following article […]

IRS Changes User Fees

Tuesday, May 29, 2018

On January 2 of this year, the IRS published Revenue Procedure 2018-4 (Procedure), which outlined new fees for Voluntary Compliance Program (VCP) submissions to correct plan errors. Prior to the new Procedure, fees were based on participant count, with a scale ranging from $750 for plans with less than 20 participants, to $25,000 for plans […]

Compliance Spotlight: Compensation

Tuesday, May 29, 2018

One of the most challenging aspects of plan administration has to do with the proper treatment of participant compensation for contribution and nondiscrimination testing purposes. Plan sponsors must use compensation as defined in the plan document, and misapplication of compensation is one of the most common errors requiring correction in the administration of retirement plans. […]

Tax Reform Pending in Congress

Tuesday, December 5, 2017

As of this writing, the House and Senate have each passed their versions of tax reform. It appears that the proposed changes to qualified plan limitations have not been realized in either version. There are other provisions in both the House and Senate bills that could affect the retirement plan system. We will provide a […]