80-120 Rule: Do you Need a Retirement Plan Audit Infographic

Related Content: A buyer’s guide: Hiring the right auditor for your benefit plan Helping you and other plan fiduciaries make an informed decision when hiring a quality auditor for your employee benefit plan audit. This guide covers your fiduciary responsibilities, the timing of a plan audit, audit quality, finding the right auditor and more. Download […]

Covid-related health care benefit deadline extensions

health care benefit deadline extensions

The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain Covid-19-related health care benefit deadline extensions. Health care benefit deadline extensions to continue The DOL and IRS issued guidance last year specifying that the Covid-19 outbreak period — defined as […]

Recent changes may impact retirement savings laws

retirement savings laws

If you’re approaching retirement, you’ve got to be aware of any changes to retirement savings laws. After all, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, […]

Tax deductions for medical expenses: Can you qualify?

health care benefit deadline extensions

You may be able to get tax deductions for medical expenses, at least some of them, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers […]

Maximize 401(k) plans to save for retirement

401(k) plan

Contributing to a 401(k) or other tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing your contribution rate. […]

What Do the 2021 COLA Numbers Mean for You?

Cost of Living 2021 COLAs

The IRS has announced its 2021 cost-of-living adjustments. Many increased to account for inflation, but some remained at 2020 levels. Under the Tax Cuts and Jobs Act (TCJA), annual inflation adjustments are calculated using the chained consumer price index (also known as C-CPI-U). This increases tax bracket thresholds, the standard deduction, certain exemptions and other […]

IRS Guidance Provides RMD Rollover Relief

The CARES Act was enacted to mitigate the economic effects of the Covid-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called coronavirus-related distributions (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs taken between January […]

CARES Act Impact for Retirement Plan Sponsors

Our society continues to be affected by the COVID-19 pandemic and employers are confronted with difficult decisions regarding staffing and expense reductions. These decisions often negatively impact employees and their families. The recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act provides relief to qualified individuals through increased access to their retirement savings. Furthermore, […]

Common compensation errors and how to fix them

How to Correct Compensation Issues (Part 3 of 3) (click here to see Part 1) / (click here to see Part 2) As previous articles have detailed, qualified retirement plan compensation is not an easily defined term and there are many variables that a plan sponsor should contemplate prior to selecting the definition of compensation that […]

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