PPP Loan Eligibility for Labor Unions
The American Rescue Plan Act expanded Paycheck Protection Program (PPP) loan eligibility to certain labor unions and employee benefit plans.
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.
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.
SECURE Act Impact on 401(k) Plans
The changes to 401(k) plans brought on by the SECURE Act, signed into law in December 2019, may have been lost in the chaos of [...]
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.
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 If an overpayment occurs and funds need to be withdrawn, the ability to pull them out depends on if the excess is employee or employer money.
Is Your 401(k) Plan Document Out of Date?
If your 401(k) plan document was created before 2014, chances are the document is outdated.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.
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.
Company Retirement Plans Made Easier
Company retirement plans receive special tax treatment, so the IRS has restrictions on when money can be withdrawn from a 401k account in order to prevent people from using it as a regular bank account. Here are four optional ways to withdraw money from a retirement plan if the provisions are included in the plan document.