Category: 2018 Tax Change

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.

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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.

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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.

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Main Street Lending Launches Nonprofit Organization Loan Programs

On Friday, July 17th the Federal Reserve updated the Main Street Lending program to provide information related to nonprofit organizations ability to participate in the program as mandated by the CARES Act. The facility now includes 2 separate but similar facilities targeted at Nonprofit Organizations – the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).

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Guest Article: Rapid Launch to Virtual Visits: Telemedicine During COVID-19 and Beyond

There will never be a time where face-to-face visits will be obsolete, but COVID-19 has changed our world and brought a heightened awareness and acceptance of telemedicine. If your practice or organization has not mobilized virtual visits, I recommend you get on board quickly. Now is the time to evaluate and reset your practice or organization and find ways to expand your services via telemedicine.

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The Potential Benefits of Consumer Driven Health Plans

As healthcare costs continue to rise, your company may be seeking alternatives to minimize the financial strain. One effective cost management strategy is to expand your company’s health insurance offerings to include a consumer-driven health plan (CDHP) and to promote education and awareness about the benefits of enrollment in CDHPs to its employees.

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“Zero Based” Budgeting for Healthcare Organizations

For many organizations, the budgeting process typically relies on a baseline assumption of a dollar amount, often based on the prior years operating results, a standard increase, and then finally increases based on current year growth expectations. This process very often can be very much on “autopilot” without much critical analysis from department heads, the finance team and executive oversight.

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