401(k)

The IRS has new requirements for employers that utilize a fully discretionary matching contribution formula in their pre-approved plans.

Posted on October 1, 2021 By Kushner & Company, Consulting Services
Categories: 
401(k), 
Blog, 
Defined Contribution Plan, 
ERISA-ACA Compliance, 
HR Compliance, 
Profit Sharing, 
Retirement Plans

The US Department of Labor (DOL) is the responsible agency for overseeing compliance with ERISA, the Employee Retirement Income Security Act of 1974. Penalties for a variety of ERISA violations are contained within the law and are indexed annually for inflation. They've increased substantially.

Posted on February 22, 2021 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Administration, 
All Articles, 
Benefits, 
Blog, 
ERISA-ACA Compliance, 
FSA / HSA / HRA, 
Health Reimbursement Arrangements (HRA), 
HR Compliance, 
IRS Form 5500 Services (BDA), 
IRS Form 5500 Services (RPS), 
Retirement Plans

The Consolidated Appropriations Act contains many benefit changes, all of which are optional on the part of the employer. We know this is coming long after open enrollment has ended for most plans, but employers will want to pay close attention and decide which (if any) they'd like to adopt.

Posted on December 28, 2020 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Benefits, 
Blog, 
Flexible Spending Accounts (FSA), 
FSA / HSA / HRA, 
Health Savings Accounts (HSA), 
HR Compliance, 
Retirement Plans, 
Team Rewards, 
Total Rewards

The IRS has now released all of the 2021 benefit limits. Earlier this year, they also released the High Deductible Health Plan (HDHP) and Health Savings Account (HSA) limits.

Posted on October 26, 2020 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Administration, 
Benefits, 
Blog, 
Defined Contribution Plan, 
Flexible Spending Accounts (FSA), 
FSA / HSA / HRA, 
Retirement Plans

The same IRS Notice (2020-68) that addresses Qualified Birth or Adoption Distributions (QBADs) also deals with how to handle the SECURE Act’s inclusion of long-term part-time employees and their eligibility for 401(k) plans.

Posted on September 23, 2020 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Blog, 
Defined Contribution Plan, 
Profit Sharing, 
Retirement Plans, 
Total Rewards

While QBADs have been permissible since January 2020 under the SECURE Act, many employers have been waiting for some IRS guidance on how these distributions would be implemented before making a decision as to whether to include a QBAD as a plan feature. IRS Notice 2020-68 does that (and a bit more).

Posted on September 23, 2020 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Blog, 
Defined Contribution Plan, 
Profit Sharing, 
Retirement Plans, 
Total Rewards

Much has been written about the calculations necessary to compute the amount of payroll costs that must be a major component of PPP loan forgiveness. In fact, at least 60% of the forgivable amount (previously 75%) must come from allowable payroll costs. So what constitutes payroll costs?

Posted on June 8, 2020 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Benefits, 
Blog, 
Compensation, 
COVID-19, 
Defined Contribution Plan

The Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27, 2020. It's a mammoth bill of over 880 pages, and contains many employee benefit-related items. This post, the second in the CARES Act series deals with the qualified retirement plan provisions in the Act.

Posted on March 31, 2020 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Administration, 
Benefits, 
Blog, 
Cash Balance, 
Combo Plans, 
COVID-19, 
Defined Contribution Plan, 
Money Purchase, 
Plan Document Services (RPS), 
Profit Sharing, 
Retirement Plans, 
Team Rewards, 
Total Rewards

On February 26, 2020, the US Supreme Court ruled in Intel Corporation Investment Policy Committee v Sulyma that under ERISA a plan participant "must have 'actual knowledge' of the information contained in required disclosures he receives but does not read or cannot recall reading."

Posted on February 26, 2020 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Blog, 
ERISA-ACA Compliance, 
Team Rewards, 
Total Rewards

Much later than usual, the IRS released the 2020 retirement plan contribution limits. Earlier this year, they also released the High Deductible Health Plan (HDHP) and Health Savings Account (HSA) limits. We now also have the cafeteria plan, adoption credit, and transit benefit limits as well.

Posted on November 6, 2019 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Benefits, 
Blog, 
Cash Balance, 
Combo Plans, 
Compensation, 
Defined Contribution Plan, 
ERISA-ACA Compliance, 
Flexible Spending Accounts (FSA), 
FSA / HSA / HRA, 
Health and Welfare Team, 
Health Savings Accounts (HSA), 
HR Compliance, 
HR Outsourcing, 
HR Policies and Procedures, 
Money Purchase, 
Plan Document Services (BDA), 
Plan Document Services (RPS), 
Profit Sharing, 
Qualified Small Employer HRA (QSEHRA), 
Retirement Plans, 
Team Rewards, 
Total Rewards

The US Department of Labor has suddenly realized that employers and their employees use a newfangled means of communicating in the real world: e-mail and the internet. In a bold move proposing their latest regulations he DOL has proposed new rules.

Posted on October 28, 2019 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Benefits, 
Blog, 
Cash Balance, 
Combo Plans, 
Compensation, 
Defined Contribution Plan, 
ERISA-ACA Compliance, 
IRS Form 5500 Services (RPS), 
Money Purchase, 
Nonqualified Plans (Executive Compensation), 
Plan Document Services (RPS), 
Profit Sharing, 
Retirement Plans, 
Team Rewards, 
Total Rewards

The U.S. Department of Labor (DOL) recently published an Information Letter that confirms the general preemption under ERISA of state civil laws that require employers to obtain written consent before withholding amounts from employees’ wages for contribution to a benefit plan subject to ERISA.

Posted on February 18, 2019 By Gary B. Kushner, SPHR, CBP, President and CEO
Categories: 
401(k), 
Benefits, 
Blog, 
COBRA, 
Compensation, 
Defined Contribution Plan, 
ERISA-ACA Compliance, 
Flexible Spending Accounts (FSA), 
FSA / HSA / HRA, 
Health and Welfare Team, 
Health Savings Accounts (HSA), 
HR Compliance, 
HR Outsourcing, 
HR Policies and Procedures, 
Retirement Plans, 
Team Rewards