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.
Every Summary Plan Description has to include one, a claims procedure that set forth the requirements for processing benefit claims and appeals.
The underlying ERISA statute was written in a paternalistic manner with explicit provisions intended to offer protection to…
OK, so you sponsor an insured group health plan and employ at least 50 full-time employees including full-time equivalents, or “FTEs” (that’s ACA jargon for 30 hours of work each week performed by more than one employee so that, for…
The IRS recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. For the third time in six years, most of the limitations were unchanged because the increase in the…
Back in the 1980s, I thought MacGyver could fix anything. Using everyday items, he invented ways to fix critical problems.
These inventions became synonymous with the character and became known as “MacGyverisms”. Just a little more than halfway through Season…
That’s the question employers ask regarding who pays 401(k) fees. The “us” being, of course, the employer, and the “them” being the plan participants.
The number of “thems” has been increasing. According to Deloitte’s 2015 Annual…
As the sign under the clock pictured above says, tempus fugit, or ‘time flies’ translated from the Latin.
This being The Retirement Plan Blog there’s an ERISA connection, of course. Much of ERISA involves meeting deadlines. This one is about establishing…
If you are an employer that sponsors a Non-Qualified Deferred Compensation Plan (“NQDC Plan”), we’ve got some good news and some bad news.…
That’s limitations as in “limitation periods”. A recent court case reminds ERISA plans to have such limitation periods and to communicate it to someone claiming a plan benefit.
Let’s start with the basics.
What’s a “limitation period”? In layman’s terms,…
If you are a business owner that didn’t quite get around to setting up a retirement plan for 2014, it may not be over yet. It’s not exactly one…
It was just a brief note on the Form 8-K filed on August 17, 2015 by U.S. Steel Corporation with the U.S. Securities and Exchange Commission.
As described above, on August 17, 2015, the Corporation enacted a hard freeze of…
