Retirement Plan Newsletters

Relevant news, updates and resources for retirement plan sponsors and fiduciaries.

In our January 2022 Sikich Retirement Plan Services newsletter, please see articles with discussions on:

When Does a Participant Loan Become a Deemed Distribution?

A recent IRS snapshot affirms that a participant loan is a legally enforceable agreement, and terms of the loan agreement must comply with Internal Revenue Code (IRC Section 72(p)(2) and Treasury Regulation Section 1.72(p)-1). The terms of the loan agreement must be explicit in writing or deliverable electronically. More about deemed distributions and loan defaults can be found in the January 2022 issue of the Sikich Retirement Times.

Financial Wellness Needs a Long and Short Game to Work for Both Participant and Organization

In the retirement plan industry, all too often we tend to conflate financial wellness with retirement readiness — whether that means confidence in obtaining retirement goals or being on track to reach post-employment financial targets. However, that limited view may fail to paint a complete picture for many participants. With pandemic uncertainties lingering a year and a half into the global crisis, financial wellness has become more important than ever. Retirement-focused education and programming is necessary, but not sufficient to meet all participants’ and employers’ needs in an increasingly complex world. Be sure your financial wellness program can help your employees and organization plan and prepare for today and tomorrow. An explanation can be found in the Sikich Financial Times January 2022 edition.

The Auditors Are Coming – Are you ready?

With a new standard issued by the American Institute of Certified Public Accountants (AICPA), both auditors and plan sponsors are subject to new responsibilities. Plan sponsors are now required to acknowledge responsibility for administering the plan in the audit engagement letter. What’s more, at the end of the audit, they need to acknowledge additional responsibilities such as maintaining a copy of the plan document, ensuring transactions conform to the plan’s provisions, and maintaining sufficient participant records to determine benefits due to them. Please read more in the current issue of the Sikich Retirement Times.

10 Things to Know About Your Employer’s Retirement Plan

In this month’s Participant Handout, there is a list of questions all plan participants should know about their employer’s retirement plan. If you would like a customized handout based on your plan, please contact us.

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