Retirement Plan Insights
Backdoor Roth IRA Planning: A Tax-free Financial Strategy
Backdoor Roth planning: a simple tool to save you more in the long-term Roth IRAs are a great tool and a basic financial planning strategy. Roth IRAs work well and have strong appeal due
Correcting Errors in 401(k) Plan Employee Deferral Elections
How to correct a frequent error: not withholding the proper amount of 401(k) deferrals Administering a 401(k) plan can be complicated and challenging, creating the opportunity for errors to occur. One of the most
What Happens with your 401(k) Plan after a Merger or Acquisition?
During the process of buying or selling a business, employers with retirement plans must decide whether to (1) merge the plans; (2) terminate one or more of the plans; or (3) maintain the plans separately.
Compensation Definition in 401(k) Plans
When we hear the word “compensation,” many of us think about the dollars that are reported as gross pay on our check stubs. Although, in many instances, that is not what is considered “compensation” for
Department of Labor Deposit Requirements: What Employers Need to Know
The timely deposit of elective deferrals and loan payments concerning 401(k) plans continues to be a major emphasis of examinations conducted by the Department of Labor (DOL). These examinations were implemented to safeguard any contributions
2017 Manufacturing Report
Trends and strategies to help manufacturers understand growth challenges and opportunities. Sikich is excited to announce the release of its third-annual "Manufacturing Report: Trends and strategies to help manufacturers understand growth challenges and opportunities."
Auto-IRA Initiative in Illinois Meets Exemption Challenges
Illinois may face challenges during attempts to implement a binding, state-based auto-individual retirement account (IRA) program for private employers. During the initial proposal of a payroll-deduction auto-IRA, Illinois government officials aimed to create a state-run
Should a Retirement Plan Implement a Fee Policy Statement?
Like all other fiduciary actions, the value of a fee policy statement is a function of how well it is written and how consistently a plan sponsor describes or practices the process documented. For the
Auto Enrollment/Escalation in Retirement Plans – Its Success Often Depends Upon Employer Actions
There’s no disagreement that saving for retirement is something everyone needs to be doing. Yet, still today, not everyone is doing it. As companies continually look at ways to increase employee participation in their sponsored
401(k) Hardship Distributions Come With Strings Attached for Employers
Do You Have Appropriate Documentation and Protocols in Place for Safe Harbor Distributions? The IRS has indicated via memorandum the concern that not all employers properly substantiate that a hardship exists before granting a hardship distribution. With
IRS eases rules for retirement plan rollovers
The IRS has released taxpayer-friendly final regulations regarding certain retirement plan rollovers. Specifically, the new rules should make it easier — and less costly — to transfer after-tax funds from designated Roth accounts to Roth
7 Tips to Help You Get Ready for Retirement
“I would like to retire in five years, but I am not sure I will be able to afford it. What do I need to do to prepare?” We often hear variations of the question
4 Things Retirement Plan Sponsors Need to Know about Leased Employees
Cost and flexibility are two reasons employers might be interested in hiring leased employees. Although they are not “common-law” employees of the organization for which they are performing services (the “recipient” employer), when certain conditions
This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
