That plan would be a SEP, the acronym for Simplified Employee Pension, an IRA-based retirement plan. Unlike a “qualified” retirement plan (401[k}, profit-sharing, or defined benefit) which must be in place no later than the last day of the year,
National Benefit Services, Inc.
National Benefit Services, Inc. is an organization that provides services related to retirement plans, particularly focusing on pre-approved pension plans such as Defined Benefit and Cash Balance plans. Their publications primarily address compliance with Internal Revenue Code and IRS regulations, including required restatements of pension plans and legislative updates like the SECURE 2.0 Act. They offer guidance on plan administration, amendments, and operational checklists to help employers manage retirement plans effectively. Topics often include plan restatement deadlines, legislative impacts on retirement savings, transitioning between plan types (e.g., SIMPLE IRA to 401(k)), and strategies to improve plan success such as increasing deferral rates.
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COVID-19: DOL provides filing and disclosure relief
This is what we have been waiting for. In our earlier post, we reported that the Internal Revenue Service (IRS) extended various deadlines for retirement plan filing and payment obligations. At the time of that publication, the Department of…