Employee Benefit Plan Audit Changes Under SAS 136

Statement on Auditing Standards (SAS) No. 136 is quickly coming up on the employee benefit plan horizon. Plan sponsors should familiarize themselves with the changes so they can be fully compliant for periods after December 15, 2021.

2021-07-29T13:24:05-04:00July 29, 2021|Categories: Employee Benefit Plans|Tags: , , , |

American Rescue Plan Act Provides Aid to Pension Plans

The American Rescue Plan Act provides significant aid and funding for suffering pension plans, in part through direct financial assistance.

How the New Employee Benefit Plan Auditing Standard (SAS No. 136) Will Impact Plan Audits

Statement on Auditing Standards No. 136 prescribes certain new performance requirements for an audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the related auditor's report. Read more.

2021-07-29T10:21:20-04:00February 26, 2021|Categories: Employee Benefit Plans, Retirement|Tags: , , , , |

IRS Issues Guidance on 401(k) and 403(b) Plans

IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements and plan loan offset rollovers. Source: RSM US LLP. 

2021-03-08T10:29:05-05:00January 28, 2021|Categories: Accounting, Employee Benefit Plans, Retirement|Tags: , , |

Handling Rehired Employees in a 401(k) Plan

Handling rehired employees correctly in a retirement plan can be difficult. Just because you allowed your last rehire to reenter the plan immediately doesn’t mean you will do it with your next rehire. Learn the requirements to consider when you reenroll an employee.

2020-01-28T16:25:22-05:00July 3, 2019|Categories: Employee Benefit Plans|Tags: |

Options Following Overpayment into a Retirement Plan

The government penalizes employers for not putting enough money into a retirement plan and for putting too much into the plan. If an overpayment occurs and funds need to be withdrawn, the ability to pull them out depends on if the excess is employee or employer money.

2020-02-10T15:46:22-05:00April 4, 2019|Categories: Employee Benefit Plans, Retirement|Tags: , |

Is Your 401(k) Plan Document Out of Date?

If your 401(k) plan document was created before 2014, chances are the document is outdated. The IRS allows you to “tack-on” amendments to your existing document but may decide it is time to restate your entire plan document whether you think it needs it or not.

2020-02-10T15:47:27-05:00February 25, 2019|Categories: Employee Benefit Plans, Retirement|Tags: , |

Causes and Resolutions for a Top-Heavy Company Retirement Plan

As an abridged explanation, a company retirement plan is considered top-heavy when plan assets at the end of the previous plan year were more than 60 percent owned by the “key employees”. Learn how to deal with the causes and challenges.

2020-01-28T15:20:59-05:00November 20, 2018|Categories: Employee Benefit Plans, Retirement|Tags: , |
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