IRS provides error correction guidelines for EPCRS
Correcting Participant Deferral Errors One of the most common errors that occur in 401(k) plans is the improper implementation of elective deferrals. There are two types of failures that can happen when trying to correctly withhold and deposit deferrals. One is the failure to implement a traditional deferral election. The other is the failure to […]
An employee stock ownership plan could be worthwhile
Are you looking for a smart way to exit your business while benefiting the managers and employees you leave behind? If so, you might consider an employee stock ownership plan (ESOP). This type of plan can be a tax-efficient technique for sharing equity with employees as well as a powerful retirement and estate planning tool. […]
Keep Your Top Talent from Jumping Ship with Bonus Grants
CPE is not available for recorded events. New generations in the workforce and changes in the economy have altered the employment landscape. Job hopping has become the norm, and in the war for talent, your company’s top performers are regularly being courted by the competition. If you’re looking for a creative way to hold onto […]
Keep Your Top Talent from Jumping Ship with Bonus Grants
New generations in the workforce and changes in the economy have altered the employment landscape. In an environment where job hopping has become the norm, bonus grant programs are a creative way to hire and keep the best employees. This webinar covers: How, when and why bonus grants work The difference between non-qualified and qualified […]
The Department of Labor Proposes Updated Overtime Rule
The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees (HCEs). It also increases the total annual compensation requirement for HCEs that’s required to qualify […]
FMLA Designation is Not Discretionary for Either an Employer or an Employee
The U.S. Department of Labor (DOL) issued a new Opinion Letter on March 14, 2019 clarifying that an employer cannot delay the designation of FMLA-qualifying leave as FMLA leave. The question initially posed to the DOL was whether an employer may permit employees to use or exhaust some or all available paid time off (vacation, […]
Top 10 year-end checklist for Plan Sponsors
As the end of the year quickly approaches, it’s a great time to review and assess your employee benefit plans to ensure they’re compliant and up to date. Below are the “Top Ten” strategies you should consider prior to December 31: Is your plan on track to require an audit? Generally, most existing benefit plans […]
Catch-up retirement plan contributions can be particularly advantageous post-TCJA
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions […]
Form 5500: From the basics to the “Accountant’s Report” – Part 2
It’s been several years since Form 5500 underwent changes that significantly altered the reporting processes of employee benefits plans. But over the past several years, we have noticed an uptick in the frequency of IRS and Department of Labor audits triggered from the 5500 Series forms, which are used to satisfy annual reporting requirements under […]
Form 5500: From the basics to the “Accountant’s Report” – Part 1
It’s been several years since Form 5500 underwent changes that significantly altered the reporting processes of employee benefits plans. But over the past several years, we have noticed an uptick in the frequency of IRS and Department of Labor audits triggered from the 5500 Series forms, which are used to satisfy annual reporting requirements under […]