Roth elective deferral contributions have been permitted in qualified retirement plans since 2006. Section 604 of SECURE 2.0 provided for an optional provision that allows employees to designate their employer contributions, whether it be matching nonelective, as Roth. This applies to 401(k) Plans and 403(b) Plan. This was effective December 29, 2022; however, several challenges delayed implementation of this provision.
Jonny Rosch, Partner and CPA from PBMares, explores how executive benefits can be a powerful retention strategy for nonprofit organizations.
In the intricate world of 401(k) plan management, understanding the distinction between fidelity bonds and fidelity insurance is crucial. Explore how to strategically leveraging both fidelity bonds and fidelity insurance, to safeguard your plan’s assets and uphold your fiduciary responsibilities with confidence.
Fidelity bonds serve as a safeguard against losses caused by fraudulent or dishonest acts by individuals who handle 401(k) plan assets. Like any financial tool, there are potential pitfalls and challenges associated with fidelity bonds that could compromise your plan’s security. Learn more about what could go wrong and how you can proactively mitigate these risks.
Learn what exemptions there are from the SECURE 2., Section 101 mandating automatic enrollment for new 401(k) and 403(b) Plans.
Learn about the Securing a Strong Retirement Act of 2022 (SECURE 2.0), which allows plan sponsors of 401(k), 403(b), and Governmental 457(b) plans to accept employee self-certification as proof that necessary conditions for a hardship withdrawal have been met.
Discover how SECURE 2.0 Act provides more flexibility for retirement plan participants.
Understand how to read and rely on a SOC 1 report as a Government Contractor Plan Sponsor of an Employee Benefit Plan.
There are several reasons to replace a SIMPLE plan with a 401(k) Plan. Learn how it can provide greater deferral limits, a vesting schedule for discretionary employer contributions, and plan design flexibility.
Change is ongoing in the world of employee benefit plans, and this year is no different. With these plans becoming increasingly complex and heavily regulated, it is crucial for government contractors to stay updated on the latest audit requirements.
As Internet Explorer will discontinue browser security updates by August of 2021, this site is best viewed using Google Chrome, Safari or Microsoft Edge.
