403(b) plans have come a long way since added to the Internal Revenue Code in 1958. The Internal Revenue Service (“IRS”) issued regulations governing the plans in 1964, and published a comprehensive revision that was effective January 1, 2009 that
The Retirement Plan Blog
Helping get your retirement plan from where it is now to where it needs to be
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.
Latest from The Retirement Plan Blog - Page 7
Benefit Plan Regulators Have Been Busy – Very Busy
Benefit plan regulators were active in the period leading up to the Federal government’s June 30 fiscal year-end. Significant new rules and regulations were proposed for retirement plans, deferred compensation plans and group health plans.
It’s not a walk on…
Inside the Cash Balance Plan Black Box
By Jerry Kalish
In the world of science and engineering, a black box is a device, system or object which can be viewed solely in terms of its input and output without the user knowing how it works. In our ERISA world, a…
Pension Plans Continue to Enjoy Double Digit Annual Growth – Cash Balance Plans That Is
By Jerry Kalish
Cash Balance plans continue their impressive growth rate. Accordingly to the 2016 Cash Balance Research Report recently published by Kravitz, Inc., the number of new Cash Balance plans increased by 19% with assets increasing to $1 Trillion.
Historical Background
The…
The cost of ERISA non-compliance just got more expensive
By Jerry Kalish
The Department of Labor (“DOL”) will be increasing penalties, in some cases substantially, for violations of ERISA. Here’s why and how it will impact ERISA plans that are not in compliance.
Background
In 2015, Congress passed the Federal Civil Penalties…
10 Benefits Businesses Offer Employees: Infographic
By Jerry Kalish
You can also find more infographics at Visualistan
Form 5500 filing due date almost here … but what about those welfare benefit plans?
By Jerry Kalish
The July 31 due date for filing Form 5500 with the Department of Labor (DOL) for calendar year retirement plans is rolling around very quickly unless extended. But what about those welfare benefit plans? Do they also have to file…
401(k) Self-Directed Brokerage Accounts: A Cautionary Tale
By Jerry Kalish
A recently filed lawsuit rekindled some old concerns about self-directed brokerage accounts. What are they? Let’s start at the beginning.…
Miss the April 30, 2016 PPA Restatement Deadline? Use Plan B.
By Jerry Kalish
The deadline for restating a 401(k), profit sharing, or money purchase pension plan to a pre-approved Pension Protection Act document has come and gone. So what’s a fiduciary to do? It was, after all, a responsibility of the plan fiduciary…
Does your group health booklet measure up to ERISA?
If your employer provides group health coverage, you should have received a detailed booklet, usually prepared by an insurance company that describes your coverage. The booklet is a formidable document that describes your group health benefits and the applicable limitations…