DOL is Targeting Defined Contribution Plans. Tips to Stay in Compliance
In 2016, the Department of Labor (DOL) began a pilot program in one regional office to review how large defined benefit pension plans notified and paid benefits to terminated vested participants, particularly to those participants that are considered “lost” or “missing.” The DOL found that many plans were not taking adequate steps to locate lost […]
Transitioning Your Business
Please note that CPE is not available for webinars on-demand. CPE is available for live events only. Transitioning from your business to retirement, or to another project, is a normal part of the lifecycle of an entrepreneur. That’s why you need to know your options when it comes to cashing in on all your hard […]
Consider NQDC plans to boost key employee retirement savings
Are you looking for a retention tool for key employees or a way to build your own tax-deferred retirement savings? You might look into adopting a nonqualified deferred compensation (NQDC) plan. What are NQDC plans? NQDC plans are agreements between owners and executives and their dealerships to pay out tax-deferred compensation at some future time, […]
The traits of a quality auditor
While finding an auditor with the appropriate technical skills is relatively easy, finding one whom you trust, who has experience and who will provide ongoing value to your organization after the audit is over is more difficult. Not all auditors are created equal. So then, what does a quality auditor look like? The right professional […]
Employee Benefit Plans: Top 10 Year-End Considerations
As the end of the year approaches, it’s a good time to review your employee benefit plan to ensure it’s compliant and up to date. Following are the “top 10” items to consider: Does your plan require an audit? Generally, most existing benefit plans require an audit once the number of eligible employees exceeds 120 […]
Hiring the Right Auditor is your Responsibility
As a plan fiduciary, you have a standard of conduct to follow and various responsibilities imposed by ERISA. Obviously, you’re charged with representing the best interests of the plan participants by acting with care, skill, prudence and diligence. But you’re also responsible for other duties, such as hiring service providers to help ensure the compliance […]
Cost-of-living adjustments: Gift tax exclusion rises, others increase modestly
The IRS recently issued its 2018 cost-of-living adjustments. In a nutshell, to account for inflation, many amounts increased, but some stayed at 2017 levels. As you implement 2017 year-end tax planning strategies, be sure to take these 2018 adjustments into account in your planning. (However, keep in mind that, if Congress passes a new tax […]
Covering more than 100 employees? Don’t overlook Form 5500 for a welfare benefit plan.
The Department of Labor (DOL) has targeted plan sponsors who have missed welfare benefit plan filings. They have contacted plan sponsors who file a large plan Form 5500 for a retirement plan asking if they should also be filing a Form 5500 for a welfare benefit plan. Late filed returns are subject to penalties from […]
Plan Fiduciaries: Stay in compliance with disclosure requirements
Being a plan fiduciary involves a lot of responsibility. Among other duties, ERISA requires plan fiduciaries to act prudently when selecting service providers. There are generally three categories of covered service providers (CSPs): Fiduciaries and Registered investment advisors (excludes advisors who do not provide services directly to a plan, such as fund managers or financial […]
DOL’s overtime rule lands in limbo
Employers must comply with a variety of laws involving the minimum wage and overtime. As you may know, the overtime rules were going to change dramatically last year before a federal court stepped in to delay the changes. Now, the Trump administration is signaling that it may revise the current rules and is seeking feedback […]