In the fall of 2019, we discussed how to carve out your retiree population and the strategy behind it. Baby Boomers are aging into retirement at a rate of more than 10,000 per day! That’s a lot of retirees. As people are living longer, a school district’s retiree...
Secure Act 2.0
Five Things your Internal Plan Trustee Should Know
Terminating your DB Plan
Changes to your Retirement Plan’s Limited-Scope Audit
Partial Plan Terminations: What Employers and Plan Sponsors Should Know
Payroll Tax Deferral Guidance
Guest Article: Cybersecurity and ERISA: Who is responsible?
Cybersecurity risks are not new. We’ve been dealing with data breaches for years, and if we’ve learned one thing, it’s that hackers are smart. Hackers can infiltrate even the most complex security systems in the pursuit of personal information. It was only a matter of time until retirement plans, rich with personal information and money, fell victim to data breaches too. And like most companies navigating the aftermath of a data breach, retirement plan sponsors and service providers can easily find themselves in the midst of intense litigation.
New Comparability Plan… Is it Right for You?
Pension plans should be an important part of every business’ benefits package. Not only do they let business owners/executives and employees to set aside funds for their retirement, but they provide the added ability for companies to assist in the process and make contributions on behalf of their staff, to help them better position themselves for retirement.
Why Testing is Important for Pensions
As auditors, we are always busy performing different types of testing, especially controls and compliance-based test work. While there is a common stigma about auditors and audits in general, and they have a “gotcha” sort of mentality, there is a tremendous benefit that a company can derive from the work they perform. The truth is, our goal is to ensure that companies and organizations are complying with rules and regulations so that they can avoid costly errors, especially when it comes to defined contribution pension plans.
Life Insurance Options for Pensioners
Many employees of school districts across the Island are approaching retirement age and may not be aware of how to maximize their pension benefits. Some may not realize that with the right kind of planning, they may be able to retire sooner than they think.
There’s No Time to Wait: Plan Sponsors must Update Cybersecurity Practices Now
Aug 30, 2021
In April, the Department of Labor (DOL) issued its first guidance on cybersecurity practices for ERISA retirement plans. The guidance, which was largely in response to a US Government Accountability Office report urging the DOL to issue cybersecurity recommendations,...
Is it too Soon for Crypto to Come to the 401(K)?
Aug 30, 2021
Cryptocurrencies have increasingly gained traction throughout the last decade. As technology progressed, cryptocurrency, or crypto for short, has gained momentum as not only a medium for exchange, but also as an investment opportunity. There are thousands of different...
Secure Act 2.0
Aug 30, 2021
Retirement plans have experienced some regulation changes over the past year thanks to the SECURE Act. The SECURE Act was put into place to make retirement plans more accessible and beneficial to participants and employers. There is a new bill going through Congress...
Five Things your Internal Plan Trustee Should Know
May 14, 2021
Being a plan trustee comes with a stringent set of responsibilities and necessitates having certain knowledge of the plan document, provisions, administrative operations, IRS filing requirements, and ERISA guidelines. Here are five things that should be considered on...
Terminating your DB Plan
May 14, 2021
There once was a time when employees worked 25-30 years for the same employer and were rewarded for their loyalty and hard work with the benefits that come from an employer sponsored defined benefit (“DB”) plan. Unfortunately, these employees retired at age 65 and had...
Changes to your Retirement Plan’s Limited-Scope Audit
May 14, 2021
In July 2019, the AICPA issued a new standard, Statement on Auditing Standards (“SAS”) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS No. 136 brings significant changes to the auditor’s report in a...
Partial Plan Terminations: What Employers and Plan Sponsors Should Know
Sep 24, 2020
The COVID-19 pandemic has brought so many different concerns to the forefront for employers, whether it be business owners or executive directors, such as PPP Loans, SBA EIDL loans, CARES Act tax credits, unemployment insurance reimbursements and frankly, just keeping...
Payroll Tax Deferral Guidance
Sep 1, 2020
On Friday evening, August 28th, 2020, the IRS and Department of the Treasury released Notice 2020-65 providing brief guidance as it relates to the August 8th, 2020 executive order allowing for a potential employee payroll tax deferral. Executive Order Deferring...