The Retirement Plan Blog, published by National Benefit Services, Inc., focuses on retirement plan compliance, legislative updates, and practical guidance for employers and plan sponsors. It covers topics such as required pension plan restatements, implications of major retirement legislation like SECURE 2.0, transitioning from SIMPLE IRAs to 401(k) plans, and strategies to improve plan success including deferral rates. The blog also addresses IRS deadlines, correction programs for missed compliance, and operational considerations for various retirement plan types. It aims to clarify complex regulatory requirements and assist fiduciaries in managing retirement plans effectively.
On October 23, 2014 the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. The chart below highlights the new limits for 401(k) and other defined contribution plans.
The…
There used to be a brief three month respite between October 15, the final due date for extended Form 5500s, and the following January 1, when the annual administrative cycle began again.
Not any more. The Affordable Care Act (“ACA”)…
That’s a picture of the second-story writing studio that adjoins the Key West house in which Ernest Hemingway lived in the 1930s. He wrote many of his best and most famous stories and books there. His house is now a…
So, you’ve transferred your 401(k) retirement nest egg into an individual retirement account (IRA). This gives you more control over management and distribution of IRA assets. But, you may have concerns about creditors and their ability to attack your retirement…
With thanks to All Finance Tax, Ltd., a Cork, Ireland-based firm providing tax, accounting, and strategic business consulting services.
A recent court decisions and the Settlement Agreement in a Department of Labor (DOL) enforcement action against an institutional ESOP trustee provide new guidelines for trustees and other ESOP fiduciaries involved in the purchase or sale of company stock.
Bear…
In theory, employee ownership through an Employee Stock Ownership Plan (ESOP) is an almost perfect idea, since it benefits employees and businesses equally and simultaneously.
Shares are allocated to, rather than purchased by, the employees, which puts ownership within the…
Remember DB(k) plans?
If you were in the retirement plan business back in 2006, you probably do. If you’re new in the business, you may not know about them at all.
A DB(k) Plan, formally called an “Eligible Combined Plan”,…
It’s a clunker of a headline, but there’s an important point to make.
Yes, it’s good news that Fidelity reported last Friday. The average account balance for participants in 401(k) plans they administered rose to $91,000 for the quarter ended…
Image courtesy of Ron Surz at Target Date Solutions and Paladin Registry
