The 25th issue of the Lesson Plan featured an article on how school districts can save money by having the retirees subscribe to a different health insurance product. According to the Bureau of Labor Statistics (BLS), employees in the age categories 55 to 64 and age...
New regulations at both the NY City and NY State levels may now require employers, including physician practices, to establish a pension plan for the benefit of their employees. Summary – NY City Regulations On May 11, 2021, New York City Mayor De Blasio signed into...
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...
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,...
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...
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...
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...
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...
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...
