Retirement Plans
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Do Government Pension Plan Sponsors Know Their Risk?
It has been just over a year since the Actuarial Standards Board introduced Actuarial Standard of Practice No. 51 (ASOP 51) which requires actuaries to disclose certain risks to plan sponsors. ASOP 51 directs the actuary to assess and disclose […]
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Take Stock of Your ESOP Distribution Policy
It’s plain and simple: if your company’s Employee Stock Ownership Plan (ESOP) lacks a distribution policy, there may be no defined rules for when and how participants are paid from the plan. A distribution policy is a key component of […]
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E-Delivery Rule Brings Cost-Relief to Retirement Plan Administration
On May 27, 2020, the Federal Register published the Department of Labor’s final rule that permits employers to use electronic means to fulfill their retirement plan disclosure obligations. (Disclosures required by the Department of Labor as to health and welfare […]
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Finally! An Answer to Local Taxation of Non-Qualified SERP Benefits in Ohio
Qualified retirement plan benefits paid by pension or 401k plans have always been exempt from local taxes in Ohio. Non-qualified retirement plans (often referred to as “Supplemental Executive Retirement Plans” or “SERPs”) are often designed to enhance retirement benefits for […]
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Developing a Strategy for Moving from Pension to 401(k) Benefits
Budgeting for next year’s cost of employer-provided benefits can seem daunting, especially when an organization sponsors both a defined benefit pension plan and a 401(k) defined contribution plan. Is it time to consider moving away from the defined benefit pension […]
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Benefit Plans Get Disclosure and Filing Relief in COVID-19 Emergency
On April 29th, the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued EBSA Disaster Relief Notice 2020-01 (Notice) to provide employers with additional relief as they make their way through the national emergency due to the Novel Coronavirus […]
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Filing Extensions to July 15th for Approaching Form 5500 and PBGC Deadlines
A pair of government releases provides Form 5500 filing deadline relief for employee benefit plans, and PBGC filing relief for pension plans. On April 9th, the IRS released Notice 2020-23, in which the Secretary of the Treasury determined that any […]
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Coronavirus Crisis Workforce Reduction Can Adversely Affect Retirement Programs
The coronavirus pandemic continues to ripple across the country and many organizations face several unprecedented, difficult decisions surrounding their workforce and the use of cash. While payroll-reducing strategies may be necessary during this time of substandard revenue, they may also […]
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Breaking Down the SECURE Act – 401(k) and Other Defined Contribution Plans
Benefits experts are still poring through the SECURE Act’s various mandated provisions, optional provisions, and effective dates, some of which may be retroactive. This series of articles will break down the implications that the Act has for existing tax-qualified retirement […]
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The CARES Act and its Impact on Retirement Plans
After several days of intense negotiations between Senate leadership and the Executive branch, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “Act”) was passed by the House on Friday, March 27th. The CARES Act will provide […]
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