What Is Changing? 401(k) plans no longer can have a service condition that prevents an employee from making 401(k) salary deferrals if they have worked for your company at least 500 hours for 3 consecutive years. Example: Your 401(k) plan requires employees to complete a year of service (1,000 hours) before they are eligible to… [keep reading…]
Category: Employee Benefit Plans
EFAST Login Changes – What You Need To Know
New ERISA Credentials Requirement: In an effort to enhance security and protect the integrity of Form 5500 filings, the Department Of Labor has introduced a new credentialing process for individuals signing the form. This credentialing process ensures that only authorized individuals with the appropriate qualifications and knowledge of ERISA regulations can sign off on these… [keep reading…]
Changes That Could Impact Your Employee Benefit Plan
Staying informed of these changes is important to maintain compliance. Participant Count Change The rules that dictate if a defined contribution employee benefit plan must include an audited financial statement with the Form 5500 filing are based on the employee count. For an employee benefit plan to require an audit, the plan must be a… [keep reading…]
Additional Best Practices for Establishing a 401(k) Plan
As a follow-up to our article on August 19, 2022, we continue to look at best practices for establishing a 401(k) Plan. It is a great benefit for employees but employers must be aware of their fiduciary responsibilities. To ensure your Plan is compliant and running well, consider the following end of year items. Annual… [keep reading…]
Best Practices for Establishing a 401(k) Plan
Establishing a 401(k) Plan for your employees is a great benefit, but employers must be aware of their fiduciary responsibilities. To ensure your Plan is compliant and running well, consider the following best practices. Plan document review Every six years the Internal Revenue Service requires that Plan Documents be restated to properly reflect changes that… [keep reading…]
The Department Of Labor Guidance On Locating Missing Participants
The Department of Labor (DOL) issued guidance and best practices on January 12, 2021 to pension plans in hopes that Plan Sponsors can locate missing participants. The guidance provides various communication strategies and ways to search for missing participants. The end goal is to have zero missing plan participants, which may be difficult to accomplish,… [keep reading…]
SAS No. 136: Upcoming Changes for Employee Benefit Plans
Auditing Standards No 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to the Employee Retirement Income Security Act of 1974 (ERISA), will be effective for audits ending after December 15, 2021. In a previous article, we discussed the upcoming changes to employee benefit plan financial statements in detail. SAS… [keep reading…]