Employee Benefit Audits Archives

By the Numbers: How is your retirement plan doing compared to America’s overall savings programs?

Most plan sponsors want to know how their 401(k) plan stacks up to the average plan. This is often the first question asked when…

IRS Approves Request for 401(k) Plan-related Student Loan Benefit Program

The IRS recently released a letter in response to and in favor of an employer’s proposal to amend its plan to offer a student loan benefit…

Updates to Form 1099-R and New Guidance

The IRS released an updated 2018 Form 1099-R, “Distributions from Pensions, Annuities, Retirement or Profit-sharing Plans, IRAs, and Insurance Contracts” and related 2018 guidance for the form. …

Department of Labor and Internal Revenue Service Regulatory Agendas: What Employee Benefit Professionals Need to Know

To better serve business owners and plan sponsors, The U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) publish regulatory agendas that can help professionals…

ACA Mandate: 2019 ACA Rates Issued

The Internal Revenue Service (IRS) recently issued Revenue Procedure 2018-34, which included the 2019 required contribution rate to satisfy the affordability standard. Background If an Applicable Large Employer (ALE) (an…

Department of Labor: Association Health Plan Final Regulations

Associations now have new options to sponsor health plans for their members. These final Association Health Plan (AHP) regulations make it easier for small businesses to offer…

Oversight Over Outsourced Service Providers and Review of a SOC 1 Report

Many employee benefit plans (the Plan) engage consultants (such as record keepers, trustees, and custodians) to provide services and process transactions on behalf of…

Forfeitures, Revenue Sharing and ERISA Accounts: Here’s What You Need To Know

Forfeitures in Defined Contribution Plans The term forfeiture comes from Internal Revenue Code Section 411, which addresses vesting requirements for qualified plans. Forfeitures are…

Want to be Eligible for the New 2018 Employer Tax Credit? Take the Time to Document Your Family Medical Leave Policy

Congress signed a new tax act into law in January that will have federal tax credit implications for 2018. To take advantage of the…

HSA Contribution Limit: Changes and What It Means for You

Under the Tax Cuts and Jobs Act, Health Savings Account (HSA) contributions for family coverage decreased from $6,900 to $6,850. The $50 reduction for…

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…

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…