Retirement Plans

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
Categories: 
401(k), 
Blog, 
Defined Contribution Plan, 
Profit Sharing, 
Retirement Plans, 
Total Rewards

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
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

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
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
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
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

The IRS has announced the limits for employee benefit plans for 2019.

Posted on November 15, 2018 By Gary B. Kushner, SPHR, CBP, President
Categories: 
401(k), 
Benefits, 
Blog, 
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, 
Money Purchase, 
Plan Document Services (BDA), 
Plan Document Services (RPS), 
Profit Sharing, 
Retirement Plans, 
Team Rewards

The IRS has recently sort of, kind of, maybe, in special circumstances enabled employers to make a matching contribution to their 401(k) plan on behalf of eligible plan participants who, instead of contributing to the 401(k), make certain qualifying student loan repayments instead.

Posted on October 18, 2018 By Gary B. Kushner, SPHR, CBP, President
Categories: 
401(k), 
Benefits, 
Blog, 
Compensation, 
Defined Contribution Plan, 
ERISA-ACA Compliance, 
Retirement Plans, 
Summary Plan Descriptions, 
Team Rewards, 
Work / Life Balance

A new Section 199A of the 2017 Tax Act passed by Congress in December of that year enables small business owners--especially sole proprietors, subchapter S corporations, and partnerships--to get up to a 20% deduction of qualified business income if they have total income below certain thresholds.

Posted on August 16, 2018 By Gary B. Kushner, SPHR, CBP, President
Categories: 
401(k), 
Benefits, 
Blog, 
Defined Contribution Plan, 
Retirement Plans, 
Team Rewards

When small employers make operational errors in their 401(k) or other retirement plans, and before the IRS or DOL provide a notice of an audit, the employer has the ability to self-correct under two different IRS programs.

Posted on January 9, 2018 By Gary B. Kushner, SPHR, CBP, President
Categories: 
401(k), 
Benefits, 
Blog, 
Cash Balance, 
Combo Plans, 
Compensation, 
Defined Contribution Plan, 
ERISA-ACA Compliance, 
HR Compliance, 
HR Outsourcing, 
IRS Form 5500 Services (RPS), 
Plan Document Services (RPS), 
Profit Sharing, 
Retirement Plans, 
Team Rewards

With IRS Notice 2017-64, we now have the applicable retirement and health and welfare benefit limits for 2018. Many (but not all) have increased from 2017. Earlier this year, the IRS announced the 2018 Health Savings Account (HSA) limits and plan designs.

Posted on October 23, 2017 By Gary B. Kushner, SPHR, CBP, President
Categories: 
401(k), 
Benefits, 
Blog, 
Combo Plans, 
Defined Contribution Plan, 
FSA / HSA / HRA, 
Health and Welfare Team, 
Health Savings Accounts (HSA), 
HR Compliance, 
HR Outsourcing, 
Retirement Plans, 
Team Rewards

It’s always a good idea to keep your retirement plan as clean as possible by maintaining good employee records. In the event you do lose track of a plan participant, below are some suggested ways to locate former employees.

Posted on April 12, 2017 By Gary B. Kushner, SPHR, CBP, President
Categories: 
401(k), 
Benefits, 
Blog, 
Cash Balance, 
Combo Plans, 
Defined Contribution Plan, 
HR Compliance, 
HR Outsourcing, 
IRS Form 5500 Services (RPS), 
Money Purchase, 
Nonqualified Plans (Executive Compensation), 
Plan Document Services (RPS), 
Profit Sharing, 
Retirement Plans, 
Team Rewards